0001171843-18-005179.txt : 20180716 0001171843-18-005179.hdr.sgml : 20180716 20180716080200 ACCESSION NUMBER: 0001171843-18-005179 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 77 CONFORMED PERIOD OF REPORT: 20180531 FILED AS OF DATE: 20180716 DATE AS OF CHANGE: 20180716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN TECHNOLOGIES INTERNATIONAL CORP CENTRAL INDEX KEY: 0000875582 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 410857886 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11038 FILM NUMBER: 18953573 BUSINESS ADDRESS: STREET 1: 4201 WOODLAND ROAD STREET 2: PO BOX 69 CITY: CIRCLE PINES STATE: MN ZIP: 55014 BUSINESS PHONE: (763) 225-6601 MAIL ADDRESS: STREET 1: 4201 WOODLAND ROAD STREET 2: PO BOX 69 CITY: CIRCLE PINES STATE: MN ZIP: 55014 FORMER COMPANY: FORMER CONFORMED NAME: NORTHERN INSTRUMENTS CORP DATE OF NAME CHANGE: 19930328 10-Q 1 f10q_071618p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2018

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to __________________.

Commission File Number: 001-11038

____________________

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

41-0857886

(I.R.S. Employer Identification No.)

4201 Woodland Road

P.O. Box 69

Circle Pines, Minnesota 55014

(Address of principal executive offices) (Zip code)

(763) 225-6600
(Registrant’s telephone number including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer (Do not check if a smaller reporting company) ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of July 13, 2018, there were 4,541,304 shares of common stock of the registrant outstanding.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

FORM 10-Q

May 31, 2018

TABLE OF CONTENTS

Description		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of May 31, 2018 (unaudited) and August 31, 2017 (audited)	3

	Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended May 31, 2018 and 2017	4

	Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended May 31, 2018 and 2017	5

	Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended May 31, 2018 and 2017	6

	Notes to Consolidated Financial Statements (unaudited)	7-19

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20-33

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	33-34

Item 4.	Controls and Procedures	34

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	34

Item 1A.	Risk Factors	34

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35

Item 3.	Defaults Upon Senior Securities	35

Item 4.	Mine Safety Disclosures	35

Item 5.	Other Information	35

Item 6.	Exhibits	36

SIGNATURE PAGE		37

_________________

This quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. For more information, see “Part I. Financial Information – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward-Looking Statements.”

_________________

As used in this report, references to “NTIC,” the “Company,” “we,” “our” or “us,” unless the context otherwise requires, refer to Northern Technologies International Corporation and its wholly-owned and majority-owned subsidiaries, all of which are consolidated on NTIC’s consolidated financial statements.

As used in this report, references to: (1) “NTIC China” refer to NTIC’s wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd.; (2) “NTI Europe” refer to NTIC’s wholly-owned subsidiary in Germany, NTIC Europe GmbH; (3) “Zerust Mexico” refer to NTIC’s wholly-owned subsidiary in Mexico, ZERUST-EXCOR MEXICO, S. de R.L. de C.V; (4) “Zerust Brazil” refer to NTIC’s majority-owned Brazilian subsidiary, Zerust Prevenção de Corrosão S.A.; (5) “Natur-Tec India” refer to NTIC’s majority-owned subsidiary in India, Natur-Tec India Private Limited; and (6) “NTI Asean” refer to NTIC’s majority-owned holding company subsidiary, NTI Asean LLC, which is a holding company that holds investments in seven entities that operate in the Association of Southeast Asian Nations (ASEAN) region, including the following countries: Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.

NTIC’s consolidated financial statements do not include the accounts of any of its joint ventures. Except as otherwise indicated, references in this report to NTIC’s joint ventures do not include any of NTIC’s wholly-owned or majority-owned subsidiaries.

As used in this report, references to “EXCOR” refer to NTIC’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH.

As used in this report, references to “Tianjin Zerust” refer to NTIC’s former joint venture in China, Tianjin-Zerust Anticorrosion Co., Ltd.

All trademarks, trade names or service marks referred to in this report are the property of their respective owners.

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS AS OF MAY 31, 2018 (UNAUDITED)

AND AUGUST 31, 2017 (AUDITED)

	May 31, 2018			August 31, 2017
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	4,610,325		$	6,360,201
Available for sale securities		3,282,915			3,766,984
Receivables:
Trade excluding joint ventures, less allowance for doubtful accounts of $50,000 at May 31, 2018 and $40,000 at August 31, 2017		8,692,708			5,912,631
Trade joint ventures		597,805			691,752
Fees for services provided to joint ventures		1,352,249			1,302,944
Income taxes		369,136			137,256
Inventories		9,174,743			7,456,552
Prepaid expenses		1,081,190			439,298
Total current assets		29,161,071			26,067,618

PROPERTY AND EQUIPMENT, NET		7,233,307			7,359,662

OTHER ASSETS:
Investments in joint ventures		22,412,792			20,035,074
Deferred income taxes		1,056,565			1,756,565
Patents and trademarks, net		1,196,222			1,322,089
Other		153,846			71,685
Total other assets		24,819,425			23,185,413
Total assets	$	61,213,803		$	56,612,693

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	3,316,169		$	2,676,610
Income taxes payable		112,686			—
Accrued liabilities:
Payroll and related benefits		1,804,451			1,540,386
Other		1,115,595			677,621
Total current liabilities		6,348,901			4,894,617

COMMITMENTS AND CONTINGENCIES (Note 12)

EQUITY:
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding		—			—
Common stock, $0.02 par value per share; authorized 15,000,000 shares as of May 31, 2018 and 10,000,000 shares as of August 31, 2017; issued and outstanding 4,541,304 and 4,535,018, respectively		90,826			90,700
Additional paid-in capital		14,516,510			14,163,509
Retained earnings		40,275,326			37,077,483
Accumulated other comprehensive loss		(3,058,672	)		(2,471,064	)
Stockholders’ equity		51,823,990			48,860,628
Non-controlling interest		3,040,912			2,857,448
Total equity		54,864,902			51,718,076
Total liabilities and equity	$	61,213,803		$	56,612,693

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2018 AND 2017

	Three Months Ended						Nine Months Ended
	May 31, 2018			May 31, 2017			May 31, 2018			May 31, 2017
NET SALES:
Net sales, excluding joint ventures	$	12,044,513		$	9,360,883		$	34,479,773		$	26,552,434
Net sales, to joint ventures		879,324			862,136			2,201,077			2,115,511
Total net sales		12,923,837			10,223,019			36,680,850			28,667,945
Cost of goods sold		8,592,366			6,774,001			24,493,672			19,256,953
Gross profit		4,331,471			3,449,018			12,187,178			9,410,992

JOINT VENTURE OPERATIONS:
Equity in income from joint ventures		2,246,066			1,686,016			5,793,391			4,343,159
Fees for services provided to joint ventures		1,508,500			1,442,048			4,624,532			3,941,667
Total joint venture operations		3,754,566			3,128,064			10,417,923			8,284,826

OPERATING EXPENSES:
Selling expenses		2,784,694			2,430,824			8,028,279			6,716,390
General and administrative expenses		1,987,785			1,682,669			6,012,746			5,996,977
Research and development expenses		860,347			733,651			2,581,824			2,118,210
Total operating expenses		5,632,826			4,847,144			16,622,849			14,831,577

OPERATING INCOME		2,453,211			1,729,938			5,982,252			2,864,241

INTEREST INCOME		35,630			10,996			84,569			19,075
INTEREST EXPENSE		(3,139	)		(7,409	)		(14,007	)		(15,502	)

INCOME BEFORE INCOME TAX EXPENSE		2,485,702			1,733,525			6,052,814			2,867,814

INCOME TAX EXPENSE		181,683			237,801			1,128,583			480,423

NET INCOME		2,304,019			1,495,724			4,924,231			2,387,391

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		161,267			143,308			365,006			350,370

NET INCOME ATTRIBUTABLE TO NTIC	$	2,142,752		$	1,352,416		$	4,559,225		$	2,037,021

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic	$	0.47		$	0.30		$	1.00		$	0.45
Diluted	$	0.46		$	0.30		$	0.98		$	0.45

WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic		4,539,353			4,526,771			4,538,838			4,528,523
Diluted		4,707,032			4,591,527			4,663,847			4,571,395
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.10		$	0.00		$	0.30		$	0.00

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2018 AND 2017

	Three Months Ended					Nine Months Ended
	May 31, 2018			May 31, 2017		May 31, 2018			May 31, 2017
NET INCOME	$	2,304,019		$	1,495,724	$	4,924,231		$	2,387,391
Other comprehensive income (LOSS) – foreign currency translation adjustment		(1,011,686	)		780,726		(569,151	)		(239,095	)

COMPREHENSIVE INCOME		1,292,333			2,276,450		4,355,080			2,148,296
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		137,501			160,223		383,463			353,423
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$	1,154,832		$	2,116,227	$	3,971,617		$	1,794,873

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED MAY 31, 2018 AND 2017

	Nine Months Ended
	May 31, 2018			May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,924,231		$	2,387,391
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Stock-based compensation		309,743			293,748
Depreciation expense		631,399			580,962
Amortization expense		188,460			89,274
Gain on disposal of assets		(11,662	)		—
Equity in income from joint ventures		(5,793,391	)		(4,343,159	)
Dividends received from joint ventures		2,941,807			5,179,786
Deferred income taxes		700,000			24,939
Changes in current assets and liabilities:
Receivables:
Trade, excluding joint ventures		(2,827,606	)		(1,442,714	)
Trade, joint ventures		93,947			(503,863	)
Fees for services provided to joint ventures		(49,305	)		181,610
Income taxes		(267,131	)		(154,171	)
Inventories		(1,773,085	)		(155,011	)
Prepaid expenses and other		(718,839	)		19,197
Accounts payable		728,657			816,845
Income tax payable		104,643			(3,466	)
Accrued liabilities		676,138			(145,202	)
Net cash (used in) provided by operating activities		(141,994	)		2,826,166

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available for sale securities		(1,018,596	)		(3,013,572
Proceeds from the sale of available for sale securities		1,502,665			1,500,756
Additions to property and equipment		(500,924	)		(760,847	)
Additions to patents		(62,594	)		(124,780	)
Net cash used in investing activities		(79,449	)		(2,398,443	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest		(200,000	)		(200,000	)
Repurchase of common stock		—			(196,164	)
Dividends paid on NTIC common stock		(1,361,382	)		—
Proceeds from employee stock purchase plan		27,951			46,475
Proceeds from option exercises		15,433			41,000
Net cash used in financing activities		(1,517,998	)		(308,689	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS:		(10,435	)		(14,144	)


NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(1,749,876	)		104,890
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		6,360,201			3,395,274

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	4,610,325		$	3,500,164

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. INTERIM FINANCIAL INFORMATION

In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of May 31, 2018 and August 31, 2017 and the results of their operations for the three and nine months ended May 31, 2018 and 2017 and their cash flows for the nine months ended May 31, 2018 and 2017, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).

These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10-K for the fiscal year ended August 31, 2017. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report.

Operating results for the three and nine months ended May 31, 2018 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2018.

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

2. Accounting PronouncementS

Recently Issued Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (ASC) Section 606, Revenue from Contracts with Customers, which establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company has performed a review of the requirements of the new guidance and has identified which of its revenue streams will be within the scope of ASC 606. The Company has applied the five-step model of the new standard to a selection of contracts within each of its revenue streams and has compared the results to its current accounting practices. The Company is expecting to utilize the modified retrospective transition method of adoption. The Company is continuing to work through the remaining steps of the adoption plan to facilitate adoption effective September 1, 2018. As part of this, the Company is assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. The Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of ASC 606, which include disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and assets recognized from the costs to obtain or fulfill a contract. Based on its assessment to date, the Company does not expect the adoption of this standard to have a material impact on the way it recognizes revenue.

During February 2016, the FASB issued ASU No. 2016-02, Leases. ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The guidance will be effective for the Company’s first quarter of fiscal 2020. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016-15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of a zero-coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU No. 2016-15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU No. 2016-15 on its consolidated financial statements.

In February 2018, the FASB issued ASU No. 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, 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 No. 2018-02, however, does not 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 No. 2018-02 will be effective for the Company’s fiscal year 2020, with the option for early adoption at any time prior to the effective date. It must be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Reform Act is recognized. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements.

In December 2017, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 118 (as further clarified by FASB ASU No. 2018-05, Income Taxes (Topic 740): “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”) to provide guidance for companies that may not have completed their accounting for the income tax effects of the Tax Reform Act in the period of enactment, which is the period that includes December 22, 2017. SAB No. 118 provides for a provisional one-year measurement period for entities to finalize their accounting for certain income tax effects related to the Tax Reform Act. SAB No. 118 provides guidance where: (i) the accounting for the income tax effect of the Tax Reform Act is complete and reported in the Tax Reform Act’s enactment period, (ii) the accounting for the income tax effect of the Tax Reform Act is incomplete and reported as provisional amounts based on reasonable estimates (to the extent determinable) subject to adjustments during a limited measurement period until complete, and (iii) accounting for the income tax effect of the Tax Reform Act is not reasonably estimable (no related provisional amounts are reported in the enactment period) and entities would continue to apply accounting based on tax law provisions in effect prior to the Tax Reform Act enactment until provisional amounts are reasonably estimable. SAB No. 118 requires disclosure of the reasons for incomplete accounting additional information or analysis needed, among other relevant information (see Note 15 - Income Taxes).

Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

3. INVENTORIES

Inventories consisted of the following:

	May 31, 2018		August 31, 2017
Production materials	$	1,296,106	$	1,747,189
Finished goods		7,878,637		5,709,363
	$	9,174,743	$	7,456,552

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	May 31, 2018			August 31, 2017
Land	$	310,365		$	310,365
Buildings and improvements		6,903,231			6,847,177
Machinery and equipment		4,554,692			4,171,387
		11,768,288			11,328,929
Less accumulated depreciation		(4,534,981	)		(3,969,267	)
	$	7,233,307		$	7,359,662

5. PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

	May 31, 2018			August 31, 2017
Patents and trademarks	$	2,800,553		$	2,737,959
Less accumulated amortization		(1,604,331	)		(1,415,870	)
	$	1,196,222		$	1,322,089

Patent and trademark costs are amortized over seven 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 approximate $240,000 in each of the next five fiscal years.

6. INVESTMENTS IN JOINT VENTURES

The consolidated financial statements of the Company’s foreign joint ventures are initially prepared using the accounting principles accepted in the respective joint ventures’ countries of domicile. Amounts related to foreign joint ventures reported in the below tables and the accompanying consolidated financial statements have subsequently been adjusted to conform with U.S. GAAP in all material respects. All material profits recorded that remain on the consolidated balance sheet on sales from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes.

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

	As of May 31, 2018
	Total		EXCOR		All Other
Current assets	$	58,113,904	$	25,734,914	$	32,378,990
Total assets		62,004,849		27,838,358		34,166,491
Current liabilities		16,622,611		3,830,246		12,792,365
Noncurrent liabilities		110,926		-		110,926
Joint ventures’ equity		45,271,314		24,008,112		21,263,202
Northern Technologies International Corporation’s share of joint ventures’ equity		22,412,792		12,004,058		10,408,734
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,383,580		11,973,153		8,410,427

	Three Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	31,480,885	$	12,219,414	$	19,261,471
Gross profit		14,209,819		6,823,609		7,386,210
Net income		4,540,968		3,113,660		1,427,308
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	2,246,066	$	1,558,243	$	687,823

	Nine Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	90,200,146	$	35,450,664	$	54,749,482
Gross profit		40,529,217		19,315,099		21,214,118
Net income		11,753,467		8,272,237		3,481,230
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	5,793,391	$	4,138,814	$	1,654,577
Northern Technologies International Corporation’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

	As of August 31, 2017
	Total		EXCOR		All Other
Current assets	$	51,518,210	$	22,142,514	$	29,375,696
Total assets		55,633,891		24,301,194		31,332,697
Current liabilities		15,118,074		4,469,567		10,648,507
Noncurrent liabilities		181,210		—		181,210
Joint ventures’ equity		40,334,607		19,831,627		20,502,980
Northern Technologies International Corporation’s share of joint ventures’ equity		20,035,074		9,915,816		10,119,258
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		17,960,860		9,884,911		8,075,949
Northern Technologies International Corporation’s dividends received from joint ventures	$	6,377,054	$	5,379,062	$	997,992

	Three Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	25,935,169	$	9,884,546	$	16,050,623
Gross profit		11,517,711		5,271,028		6,246,683
Net income		3,379,883		2,166,435		1,213,448
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	1,686,016	$	1,083,494	$	602,522

	Nine Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	73,098,215	$	28,169,978	$	44,928,237
Gross profit		32,376,247		15,032,724		17,343,523
Net income		8,562,834		6,184,181		2,378,653
Northern Technologies International Corporation’s share of equity in income from joint ventures		4,343,159		3,089,935		1,253,224
Northern Technologies International Corporation’s dividends received from joint ventures	$	5,179,786	$	4,240,400	$	939,386

The Company did not make any joint venture investments during the three and nine months ended May 31, 2018 and 2017.

7. CORPORATE DEBT

The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2018 and August 31, 2017. 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 2.15% 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.

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 1.10:1.00. As of May 31, 2018, the Company was in compliance with all debt covenants.

The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to $1,200,000. The Company did not have any letters of credit reserved against the available letters of credit balance as of May 31, 2018 and August 31, 2017 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 not drawn) under the revolving credit facility.

As of May 31, 2018, and August 31, 2017, the Company had $88,831 and $89,543, respectively, of letters of credit with JP Morgan Chase Bank that are performance based and set to expire between 2020 and 2022.

On January 5, 2018, the Company and PNC Bank extended the maturity date of the line of credit to January 7, 2019. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

8. STOCKHOLDERS’ EQUITY

During the nine months ended May 31, 2018, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to the following holders of the Company’s common stock:

Declaration Date	Amount	Record Date	Payable Date
November 20, 2017	$0.10	December 8, 2017	December 21, 2017
January 24, 2018	$0.10	February 8, 2018	February 21, 2018
April 25, 2018	$0.10	May 9, 2018	May 23, 2018

During the nine months ended May 31, 2018, the Company repurchased and retired no shares of its common stock.

During the nine months ended May 31, 2018, stock options to purchase an aggregate of 4,410 shares of common stock were exercised at a weighted average exercise price of $11.59 per share.

The Company granted stock options under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (2007 Plan) to purchase an aggregate of 47,252 shares of its common stock to various employees and directors during the nine months ended May 31, 2018. The weighted average per share exercise price of the stock options is $18.35, which was equal to the fair market value of the Company’s common stock on the date of grant.

The Company issued 891 and 3,029 shares of common stock on September 1, 2017 and 2016, respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The Company issued 985 and 1098 shares of common stock on March 1, 2018 and 2017, respectively, under the ESPP.

The Company held its 2018 Annual Meeting of Stockholders (2018 Annual Meeting) on January 12, 2018. At the 2018 Annual Meeting, a proposal to approve an amendment to the Company’s Restated Certificate of Incorporation to increase the Company’s authorized shares of common stock from 10,000,000 to 15,000,000 (Share Increase Amendment) was approved by the Company’s stockholders by the required vote. The Share Increase Amendment was filed with the Office of the Secretary of State of the State of Delaware on January 16, 2018 and it became effective the same day. In determining that the Share Increase Amendment was approved by the required vote, votes cast by brokers, banks or other nominees without instruction from the beneficial owners of certain of our outstanding shares were counted in favor of the proposal in accordance with the rules of the New York Stock Exchange that govern how brokers may cast such votes. Because a disclosure in the definitive proxy statement for the 2018 Annual Meeting, which was filed on Schedule 14A with the Securities and Exchange Commission (SEC) on November 27, 2017 (2018 Proxy Statement), anticipated that brokers would not have discretion to vote for the proposal to approve the Share Increase Amendment, a question has been raised as to the validity of the vote taken on the proposal to approve the Share Increase Amendment. The Company believes that the Share Increase Amendment was properly approved and is effective. However, because the description of the authority of brokers to vote on proposals without instruction in the 2018 Proxy Statement may create some uncertainty as to the effect of the vote obtained at the 2018 Annual Meeting and out of an abundance of caution, the Company intends to ask its stockholders at either a special meeting or the next annual meeting of the Company’s stockholders to ratify the filing and effectiveness of the Share Increase Amendment pursuant to Delaware law in order to eliminate any uncertainty related to the effectiveness of the Share Increase Amendment. The Company has not issued, or reserved for issuance, and will not issue, or reserve for issuance, any of the additional 5,000,000 authorized shares as part of the Share Increase Amendment unless the vote at the special or annual meeting of the Company’s stockholders is in favor of the ratification of the Share Increase Amendment.

During the nine months ended May 31, 2017, the Company repurchased and retired 14,525 shares of its common stock at a price of $13.51 per share.

During the nine months ended May 31, 2017, stock options to purchase an aggregate of 4,000 shares of common stock were exercised at a weighted average exercise price of $10.25 per share.

During the nine months ended May 31, 2017, the Company granted stock options under the 2007 Plan to purchase an aggregate of 56,677 shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options was $13.40, which was equal to the fair market value of the Company’s common stock on the date of grant.

9. NET INCOME PER COMMON SHARE

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

The following is a reconciliation of the earnings per share computation:

	Three Months Ended				Nine Months Ended
Numerators:	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Net income attributable to NTIC	$	2,142,752	$	1,352,416	$	4,559,225	$	2,037,021
Denominators:
Basic – weighted shares outstanding		4,539,353		4,526,771		4,538,838		4,528,523
Weighted shares assumed upon exercise of stock options		167,679		64,756		125,009		42,872
Diluted – weighted shares outstanding		4,707,032		4,591,527		4,663,847		4,571,395
Basic income per share:	$	0.47	$	0.30	$	1.00	$	0.45
Diluted income per share:	$	0.46	$	0.30	$	0.98	$	0.45

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. Earnings per common share were based on the weighted average number of common shares outstanding during the periods when computing the basic earnings per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted earnings per share. There were no shares excluded from the computation of diluted income per share for the three and nine months ended May 31, 2018. Excluded from the computation of diluted earnings per share for the three and nine months ended May 31, 2017 were options outstanding to purchase 48,067 shares of common stock.

10. STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which stock options and other stock-based awards have been granted, the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan and the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The 2007 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 2007 Plan, up to a maximum of 800,000 shares of the Company’s common stock are issuable under the 2007 Plan. Options granted under the 2007 Plan generally have a term of ten years and become exercisable over a three- or four-year period beginning on the one-year anniversary of the date of grant. Options are granted at per share exercise prices equal to the market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of options. As of May 31, 2018, only stock options and stock bonuses had been granted under the 2007 Plan.

The maximum number of shares of common stock of the Company available for issuance under the ESPP is 100,000 shares, subject to adjustment as provided in the ESPP. The ESPP provides for six-month offering periods beginning on September 1 and March 1 of each year. The purchase price of the shares is 90% of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount may not exceed the maximum discount rate permitted for plans of this type under Section 423 of the Internal Revenue Code of 1986, as amended. The ESPP is compensatory for financial reporting purposes.

The Company granted options to purchase an aggregate of 47,252 and 56,677 shares of its common stock during the nine months ended May 31, 2018 and 2017, respectively. The fair value of option grants is determined at date of grant, using the Black-Scholes option pricing model with the assumptions listed below. The Company recognized compensation expense of $309,473 and $293,748 during the nine months ended May 31, 2018 and 2017, respectively, related to the options that vested during such time period. As of May 31, 2018, the total compensation cost for nonvested options not yet recognized in the Company’s consolidated statements of operations was $322,402. Stock-based compensation expense of $103,267 is expected through the remainder of fiscal year 2018, and $153,901 and $65,234 is expected to be recognized during fiscal 2019 and fiscal 2020, respectively, based on outstanding options as of May 31, 2018. Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions and results for the grants:

	Nine Months Ended
	May 31, 2018		May 31, 2017
Dividend yield		2.18%		0.00%
Expected volatility		45.9%		46.4%
Expected life of option		10 years		10 years
Average risk-free interest rate		1.87%		1.63%

The weighted average per share fair value of options granted during the nine months ended May 31, 2018 and 2017 was $7.75 and $7.69, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2018 and 2017 was 6.52 years and 6.73 years, respectively.

11. SEGMENT AND GEOGRAPHIC INFORMATION

Segment Information

The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company’s business is organized into two reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and more recently, has targeted and expanded into the oil and gas industry. The Company also sells a portfolio of bio-based and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand.

The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2018 and 2017 by segment:

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
ZERUST® net sales	$	10,382,884	$	8,368,487	$	30,102,080	$	23,681,192
Natur-Tec® net sales		2,540,953		1,854,532		6,578,770		4,986,753
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2018 and 2017 by segment:

	Three Months Ended										Nine Months Ended
	May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	6,139,699		59.1	%	$	4,834,355		57.8	%	$	17,948,941		59.6	%	$	13,788,416		58.2	%
Natur-Tec®		1,812,084		71.3	%		1,327,323		71.6	%		4,738,523		72.0	%		3,608,722		72.4	%
Indirect cost of goods sold		640,583		—			612,323		—			1,806,208		—			1,859,815		—
Total net cost of goods sold	$	8,592,366				$	6,774,001				$	24,493,672				$	19,256,953

______________________________________

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

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

Geographic Information

Net sales by geographic location for the three and nine months ended May 31, 2018 and 2017 were as follows:

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Inside the U.S.A. to unaffiliated customers	$	7,434,991	$	5,967,459	$	19,771,031	$	16,363,291
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		879,324		862,136		2,201,077		2,115,511
Unaffiliated customers		4,609,522		3,393,424		14,708,742		10,189,143
	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

Net sales by geographic location are based on the location of the customer. Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the three and nine months ended May 31, 2018 and 2017 were as follows:

	Three Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	224,366		14.9	%	$	212,257		14.7	%
Poland		185,107		12.3	%		180,969		12.6	%
Japan		183,335		12.2	%		153,903		10.7	%
Sweden		155,588		10.3	%		150,139		10.4	%
France		146,949		9.7	%		112,455		7.8	%
Thailand		110,894		7.4	%		104,771		7.3	%
Czech Republic		100,131		6.6	%		74,135		5.1	%
Korea		96,574		6.4	%		92,954		6.4	%
Finland		81,402		5.4	%		78,012		5.4	%
United Kingdom		80,931		5.4	%		87,768		6.1	%
India		49,778		3.3	%		90,469		6.3	%
Other		93,445		6.1	%		104,216		7.2	%
	$	1,508,500		100.0	%	$	1,442,048		100.0	%

	Nine Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	680,939		14.7	%	$	614,766		15.6	%
Poland		598,221		13.0	%		483,626		12.3	%
Japan		529,412		11.4	%		445,662		11.3	%
Sweden		448,707		9.7	%		314,664		8.0	%
France		416,913		9.0	%		293,240		7.4	%
Thailand		325,205		7.0	%		339,852		8.6	%
Czech Republic		283,193		6.1	%		218,249		5.5	%
Korea		279,524		6.0	%		284,435		7.2	%
United Kingdom		275,137		6.0	%		227,140		5.8	%
India		274,980		5.9	%		229,200		5.8	%
Finland		247,574		5.4	%		221,294		5.6	%
Other		264,727		5.8	%		269,539		6.9	%
	$	4,624,532		100.0	%	$	3,941,667		100.0	%

The geographical distribution of key financial statement data is as follows:

	At May 31, 2018		At August 31, 2017
China	$	251,848	$	228,458
Brazil		81,161		54,646
Germany		10,155		14,171
India		21,628		14,712
United States		6,868,515		7,047,675
Total property and equipment	$	7,233,307	$	7,359,662

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
China	$	3,069,232	$	1,695,508	$	9,176,174	$	4,991,807
Brazil		853,675		565,089		2,310,131		1,683,255
India		564,339		323,551		1,642,633		1,057,132
Germany		312,057		161,139		556,859		378,635
Other		955,418		583,752		2,318,569		2,115,511
United States		7,169,116		6,893,980		20,676,484		18,441,605
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

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.

Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are not included. The foregoing segment and geographic information represents only sales and cost of goods sold recognized directly by the Company.

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

12. COMMITMENTS AND CONTINGENCIES

On August 31, 2017, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2018. For fiscal 2018 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income (EBITOI), as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the Company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2018 compared to a pre-established target EBITOI for fiscal 2018 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be 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 2018. There was $1,380,000 accrued for management bonuses for the nine months ended May 31, 2018 compared to $600,000 accrued for management bonuses for the nine months ended May 31, 2017.

Three joint ventures (consisting of the Company’s joint ventures in South Korea, India and United States) accounted for 51.8% of the Company’s trade joint venture receivables at May 31, 2018, and three joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand and India) accounted for 60.7% of the Company’s trade joint venture receivables at August 31, 2017.

From time to time, the Company is subject to various other claims and legal actions in the ordinary course of its business. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the Company has assessed that a loss is probable and an amount could be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that material loss may have been incurred. In the opinion of management, as of May 31, 2018, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect the Company’s consolidated results of operations, financial position or cash flows.

13. Fair Value Measurements

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

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

			Fair Value Measurements Using Inputs Considered as
	Fair value as of May 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,282,915	$	3,282,915	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
	Fair value as of August 31, 2017		Level 1		Level 2		Level 3
Available for sale securities	$	3,766,984	$	3,766,984	$	—	$	—

There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended May 31, 2018 and 2017.

14. SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	3,139	$	7,409
Cash paid for income taxes		45,000		—

	Nine Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	14,007	$	15,502
Cash paid for income taxes		45,000		—

15. INCOME TAXES

On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, or Tax Reform Act. The Tax Reform Act makes broad and complex changes to the U.S. tax code that will affect the Company’s fiscal year ending August 31 2018, including, but not limited to, reducing the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, generally eliminating U.S. federal income taxes on dividends received from foreign subsidiaries and joint ventures after December 31, 2017, and imposing a one-time deemed repatriation tax on certain unremitted earnings of foreign subsidiaries and joint ventures. The Company will be subject to a blended U.S. federal tax rate of 25.7% for the fiscal year ending August 31, 2018 as a result of the reduction of the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018.

The Company recognized the income tax effects of the Tax Reform Act in its 2018 interim consolidated financial statements in accordance with SAB No. 118, which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes, in the reporting period in which the Tax Reform Act was signed into law. As such, the Company’s financial results reflect the income tax effects of the Tax Reform Act for which the accounting under ASC Topic 740 is complete and provisional amounts for those specific income tax effects of the Tax Reform Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined.

The Company recorded income tax expense during the three and nine months ended May 31, 2018 of $181,683 and $1,128,583, respectively, compared to $237,801 and $480,423 for the three and nine months ended May 31, 2017.

The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, the Company’s deferred tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, resulting in an increase of $700,000 in income tax expense for the nine months ended May 31, 2018 and a corresponding decrease of $700,000 in net deferred tax assets as of May 31, 2018 compared to August 31, 2017. The $700,000 income tax expense and corresponding decrease in net deferred tax assets represents a provisional estimate based on the Company’s current interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance. No changes were recorded during the three months ended May 31, 2018.

The one-time deemed repatriation tax is applicable to the unremitted earnings of the Company’s foreign subsidiaries and joint ventures. The Company calculated deemed repatriation tax of $489,000, which the Company expects to fully offset with foreign tax credit carryforwards for which the Company has not previously recognized a tax benefit. As a result, the transition tax resulted in zero increase in income tax expense and income taxes payable for the nine months ended May 31, 2018. The $489,000 transition tax on deemed repatriation of unremitted foreign earnings represents a provisional estimate and is subject to adjustment during the measurement period of up to one year following the December 2017 enactment date of the Tax Reform Act, as provided by recent SEC guidance. No adjustments were recorded during the three months ended May 31, 2018.

The Company continues to analyze the impact of other provisions of the Tax Reform Act on its financial statements and operations, including the impact of the global intangible low-taxed income (GILTI) rules, and the impact of the Tax Reform Act on the Company’s indefinite reinvestment assertion with respect to the undistributed earnings of certain foreign subsidiaries and joint ventures. Any additional impacts from the enactment of the Tax Reform Act will be recorded as they are identified during the measurement period as provided for in accordance with SAB No. 118.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis provides material historical and prospective disclosures intended to enable investors and other users to assess NTIC’s financial condition and results of operations. Statements that are not historical are forward-looking and involve risks and uncertainties discussed under the heading “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward-Looking Statements” in this report and under “Part 1. Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended August 31, 2017. The following discussion of the results of the operations and financial condition of NTIC should be read in conjunction with NTIC’s consolidated financial statements and the related notes thereto included under the heading “Part I. Item 1. Financial Statements.”

Business Overview

NTIC develops and markets proprietary environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents. NTIC’s primary business is corrosion prevention marketed mainly under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and in recent years, has targeted and expanded into the oil and gas industry. NTIC also markets and sells a portfolio of biobased and certified compostable (fully biodegradable) polymer resin compounds and finished products under the Natur-Tec® brand. These products are intended to reduce NTIC’s customers’ carbon footprint and provide environmentally sound waste disposal options.

NTIC’s ZERUST^® rust and corrosion inhibiting products include plastic and paper packaging, liquids, coatings, rust removers, cleaners, and diffusers as well as engineered solutions designed specifically for the oil and gas industry. NTIC also offers worldwide on-site technical consulting for rust and corrosion prevention issues. NTIC’s technical service consultants work directly with the end users of NTIC’s ZERUST^® rust and corrosion inhibiting products to analyze their specific needs and develop systems to meet their performance requirements. In North America, NTIC sells its ZERUST^® corrosion prevention solutions through a network of independent distributors and agents supported by a direct sales force. Internationally, NTIC sells its ZERUST^® corrosion prevention solutions through its wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd. (NTIC China), its majority-owned joint venture holding company for NTIC’s joint venture investments in the Association of Southeast Asian Nations (ASEAN) region, NTI Asean LLC (NTI Asean), its majority-owned subsidiary in Brazil, Zerust Prevenção de Corrosão S.A. (Zerust Brazil), and its wholly-owned subsidiary in Mexico, ZERUST-EXCOR MEXICO, S. de R.L. de C.V (Zerust Mexico), and joint venture arrangements in North America, Europe and Asia. NTIC also sells products directly to its joint venture partners through its wholly-owned subsidiary in Germany, NTIC Europe GmbH (NTI Europe).

One of NTIC’s strategic initiatives is to expand into and penetrate other markets for its ZERUST^® corrosion prevention technologies. Consequently, for the past several years, NTIC has focused significant sales and marketing efforts on the oil and gas industry, as the infrastructure that supports that industry is typically constructed using metals that are highly susceptible to corrosion. NTIC believes that its ZERUST^® corrosion prevention solutions will minimize maintenance downtime on critical oil and gas industry infrastructure, extend the life of such infrastructure and reduce the risk of environmental pollution due to corrosion leaks.

NTIC markets and sells its ZERUST® rust and corrosion prevention solutions to customers in the oil and gas industry across several countries either directly, through its subsidiaries or through its joint venture partners and other strategic partners. The sale of ZERUST® corrosion prevention solutions to customers in the oil and gas industry typically involves long sales cycles, often including multi-year trial periods with each customer and a slow integration process thereafter.

Natur-Tec^® biobased and compostable plastics are manufactured using NTIC’s patented and/or proprietary technologies and are intended to replace conventional petroleum-based plastics. The Natur-Tec^® biopolymer resin compound portfolio includes formulations that have been optimized for a variety of applications including blown-film extrusion, extrusion coating, injection molding, and engineered plastics. These resin compounds are certified to be fully biodegradable in a composting environment and are currently being used to produce finished products including can liners, shopping and grocery bags, lawn and leaf bags, pet waste collection bags, cutlery and coated paper products. In North America, NTIC markets its Natur-Tec^® resin compounds and finished products primarily through a network of regional and national distributors as well as independent agents. NTIC continues to see significant opportunities for finished bioplastic products and, therefore, continues to strengthen and expand its North American distribution network for finished Natur-Tec^® bioplastic products. Internationally, NTIC sells its Natur-Tec^® resin compounds and finished products both directly and through its majority-owned subsidiary in India, Natur-Tec India Private Limited (Natur-Tec India), and through distributors and certain joint ventures.

NTIC’s Subsidiaries and Joint Venture Network

NTIC has ownership interests in six subsidiaries in North America, South America, Europe and Asia. The following table sets forth a list of NTIC’s operating subsidiaries as of May 31, 2018, the country in which the subsidiary is organized and NTIC’s ownership percentage in each subsidiary:

Subsidiary Name	Country	NTIC Percent (%) Ownership
NTIC (Shanghai) Co., Ltd	China	100%
NTI Asean LLC	United States	60%
Zerust Prevenção de Corrosão S.A.	Brazil	85%
ZERUST-EXCOR MEXICO, S. de R.L. de C.V	Mexico	100%
Natur-Tec India Private Limited	India	90%
NTIC Europe GmbH	Germany	100%

The results of these subsidiaries are fully consolidated in NTIC’s consolidated financial statements.

NTIC participates in 20 active joint venture arrangements in North America, Europe and Asia. Each of these joint ventures generally manufactures and markets products in the geographic territory to which it is assigned. While most of NTIC’s joint ventures exclusively sell rust and corrosion inhibiting products, some of the joint ventures also sell NTIC’s Natur-Tec® resin compounds. NTIC has historically funded its investments in joint ventures with cash generated from operations.

NTIC’s receipt of funds from its joint ventures is dependent upon fees for services that NTIC provides to its joint ventures, based primarily on the net sales of the individual joint ventures, and NTIC’s receipt of dividend distributions from the joint ventures. The fees for services provided to joint ventures are determined based on either a flat fee or a percentage of sales depending on local laws and tax regulations. With respect to NTIC’s joint venture in Germany (EXCOR), NTIC recognizes an agreed upon quarterly fee for such services. NTIC recognizes equity income from each joint venture based on the overall profitability of the joint venture. Such profitability is subject to variability from quarter to quarter which, in turn, subjects NTIC’s earnings to variability from quarter to quarter. The profits of each joint venture are shared by the respective joint venture owners in accordance with their respective ownership percentages. NTIC typically directly or indirectly owns 50% or less of each of its joint venture entities and thus does not control the decisions of these entities regarding whether to pay dividends and, if paid, how much they should be in a given year. The payment of a dividend by an entity is determined by a joint vote of the owners and is not at the sole discretion of NTIC.

NTIC accounts for the investments and financial results of its joint ventures in its financial statements utilizing the equity method of accounting.

NTIC considers EXCOR to be individually significant to NTIC’s consolidated assets and income; and therefore, provides certain additional information regarding EXCOR in the notes to NTIC’s consolidated financial statements and in this section of this report.

Financial Overview

NTIC’s management, including its chief executive officer who is NTIC’s chief operating decision maker, reports and manages NTIC’s operations in two reportable business segments based on products sold, customer base and distribution center: ZERUST® products and services and Natur-Tec® products.

NTIC’s consolidated net sales increased 26.4% and 28.0% during the three and nine months ended May 31, 2018, respectively, compared to the three and nine months ended May 31, 2017. These increases were primarily a result of increased demand of ZERUST^® rust and corrosion inhibiting packaging products and services and the addition of new customers in North America and China and an increase in sales of Natur-Tec® products.

During the three and nine months ended May 31, 2018, 80.3% and 82.1% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST® products and services, which increased 24.1% and 27.1% to $10,382,884 and $30,102,080 during the three and nine months ended May 31, 2018, respectively, compared to $8,368,487 and $23,681,192 during the three and nine months ended May 31, 2017, respectively. These increases were due to increased demand of ZERUST^® rust and corrosion inhibiting packaging products and services and the addition of new customers in North America and China. NTIC has focused its sales efforts of ZERUST® products and services by strategically targeting customers with specific corrosion issues in new market areas, including the oil and gas industry and other industrial sectors that offer sizable growth opportunities. NTIC’s consolidated net sales for the nine months ended May 31, 2018 included $1,418,573 of sales made to customers in the oil and gas industry compared to $1,287,789 for the nine months ended May 31, 2017. Overall demand for ZERUST® products and services depends heavily on the overall health of the markets in which NTIC sells its products, including the automotive, oil and gas, agriculture, and mining markets in particular.

During the three and nine months ended May 31, 2018, 19.7% and 17.9%, of NTIC’s consolidated net sales, respectively, were derived from sales of Natur-Tec® products compared to 18.1% and 17.4% during the three and nine months ended May 31, 2017, respectively. Net sales of Natur-Tec® products increased 37.0% and 31.9% during the three and nine months ended May 31, 2018, respectively, compared to the three and nine months ended May 31, 2017, primarily due to an increase in finished product sales in North America and finished product sales at NTIC’s majority owned subsidiary in India, Natur-Tec India Private Limited (Natur-Tec India).

Cost of goods sold as a percentage of net sales increased slightly to 66.5% during the three months ended May 31, 2018 compared to 66.3% during the three months ended May 31, 2017 and decreased slightly to 66.8% during the nine months ended May 31, 2018 compared to 67.2% during the prior fiscal year period, primarily due to product mix and the different gross profits realized on different products.

NTIC’s equity in income from joint ventures increased 33.2% and 33.4% to $2,246,066 and $5,793,391, respectively, during the three and nine months ended May 31, 2018 compared to $1,686,016 and $4,343,159 during the three and nine months ended May 31, 2017, respectively. These increases were primarily due to corresponding increases in net sales at the joint ventures, which increased 21.4% and 23.4% to $31,480,885 and $90,200,146 during the three and nine months ended May 31, 2018, respectively, compared to $25,935,169 and $73,098,215 for the three and nine months ended May 31, 2017, respectively, as well as a strengthened Euro and other currencies compared to the U.S. Dollar. The increases in net sales of NTIC’s joint ventures were due primarily to higher sales from existing customers for new and existing products as a result of increased demand.

NTIC’s total operating expenses increased 16.2% and 12.1% to $5,632,826 and $16,622,849 during the three and nine months ended May 31, 2018, respectively, compared to $4,847,144 and $14,831,577 for the three and nine months ended May 31, 2017. These increases were primarily due to an increase in NTIC’s personnel expenses, including an increase in the management bonus accrual of $780,000. Operating expenses, as a percent of net sales, for the three months ended May 31, 2018 were 43.6%, compared to 47.4% for the same period last fiscal year and for the nine months ended May 31, 2018 were 45.3%, compared to 51.7% for the same period last fiscal year. These reductions in operating expenses, as a percent of net sales were primarily due to significantly higher net sales, partially offset by higher operating expenses.

NTIC spent $860,347 and $2,581,824 during the three and nine months ended May 31, 2018 compared to $733,651 and $2,118,210 during the three and nine months ended May 31, 2017, respectively, in connection with its research and development activities. NTIC anticipates that it will spend a total of between $3,200,000 and $3,600,000 in fiscal 2018 on research and development activities.

Net income attributable to NTIC increased to $2,142,752, or $0.46 per diluted common share, for the three months ended May 31, 2018 compared to $1,352,416, or $0.30 per diluted common share, for the three months ended May 31, 2017, an increase of $790,336 or $0.16 per diluted share. Net income attributable to NTIC increased 123.7%, to $4,559,225, or $0.98 per diluted common share, for the nine months ended May 31, 2018 compared to $2,039,021, or $0.45 per diluted common share, for the nine months ended May 31, 2017, an increase of $2,520,204 or $0.53 per diluted share. These increases were primarily the result of the increases in net sales and corresponding gross profit, as well as the increases in income from joint venture operations, partially offset by the increase in operating expenses, as previously described. The increase for the nine-month comparison was partially offset by the significant impact of the $700,000 one-time provisional adjustment related to the Tax Cuts and Jobs Act (Tax Reform Act), as described in more detail below.

NTIC anticipates that its quarterly net income will continue to remain subject to significant volatility primarily due to the financial performance of its subsidiaries and joint ventures and sales of its ZERUST® products and services into the oil and gas industry and Natur-Tec® bioplastics products, which sales fluctuate more on a quarterly basis than the traditional ZERUST® business. NTIC also anticipates that its operating results during the next few quarters will remain volatile primarily as a result of the changes in its Chinese operations.

NTIC’s working capital, as defined as current assets less current liabilities, was $22,812,170 at May 31, 2018, including $4,610,325 in cash and cash equivalents and $3,282,915 in available for sale securities, compared to $21,173,001 at August 31, 2017, including $6,360,201 in cash and cash equivalents and $3,766,984 in available for sale securities.

Declaration Date	Amount	Record Date	Payable Date
November 20, 2017	$0.10	December 8, 2017	December 21, 2017
January 24, 2018	$0.10	February 8, 2018	February 21, 2018
April 25, 2018	$0.10	May 9, 2018	May 23, 2018

No cash dividends were declared by NTIC’s Board of Directors during the fiscal year ended August 31, 2017. Although NTIC’s Board of Directors intends to continue to declare regular quarterly cash dividends, the declaration of future dividends is not guaranteed and will be determined by NTIC’s Board of Directors in light of conditions then existing, including NTIC’s earnings, financial condition, cash requirements, restrictions in financing agreements, business conditions and other factors.

Results of Operations

The following tables set forth NTIC’s results of operations for the three and nine months ended May 31, 2018 and 2017.

	Three Months Ended
	May 31, 2018		% of Net Sales			May 31, 2017		% of Net Sales			$ Change		% Change
Net sales, excluding joint ventures	$	12,044,513		93.2	%	$	9,360,883		91.6	%	$	2,683,630		28.7	%
Net sales, to joint ventures		879,324		6.8	%		862,136		8.4	%		17,188		2.0	%
Cost of goods sold		8,592,366		66.5	%		6,774,001		66.3	%		1,818,365		26.8	%
Equity in income from joint ventures		2,246,066		17.4	%		1,686,016		16.5	%		560,050		33.2	%
Fees for services provided to joint ventures		1,508,500		11.7	%		1,442,048		14.1	%		66,452		4.6	%
Selling expenses		2,784,694		21.5	%		2,430,824		23.8	%		353,870		14.6	%
General and administrative expenses		1,987,785		15.4	%		1,682,669		16.5	%		305,116		18.1	%
Research and development expenses		860,347		6.7	%		733,651		7.2	%		126,696		17.3	%

	Nine Months Ended
	May 31, 2018		% of Net Sales			May 31, 2017		% of Net Sales			$ Change		% Change
Net sales, excluding joint ventures	$	34,479,773		94.0	%	$	26,552,434		92.6	%	$	7,927,339		29.9	%
Net sales, to joint ventures		2,201,077		6.0	%		2,115,511		7.4	%		85,566		4.0	%
Cost of goods sold		24,493,672		66.8	%		19,256,953		67.2	%		5,236,719		27.2	%
Equity in income from joint ventures		5,793,391		15.8	%		4,343,159		15.1	%		1,450,232		33.4	%
Fees for services provided to joint ventures		4,624,532		12.6	%		3,941,667		13.7	%		682,865		17.3	%
Selling expenses		8,028,279		21.9	%		6,716,390		23.4	%		1,311,889		19.5	%
General and administrative expenses		6,012,746		16.4	%		5,996,977		20.9	%		15,769		0.3	%
Research and development expenses		2,581,824		7.0	%		2,118,210		7.4	%		463,614		21.9	%

Net Sales. NTIC’s consolidated net sales increased 26.4% and 28.0% to $12,923,837 and $36,680,850 during the three and nine months ended May 31, 2018, respectively, compared to the three and nine months ended May 31, 2017. NTIC’s consolidated net sales to unaffiliated customers excluding NTIC’s joint ventures increased 28.7% and 29.9% to $12,044,513 and $34,479,773, respectively, during the three and nine months ended May 31, 2018, respectively, compared to the same respective periods in fiscal 2017. These increases were primarily a result of increased demand from of ZERUST^® products and services and the addition of new customers in North America and China and an increase in sales of Natur-Tec® products. Net sales to joint ventures increased 2.0% and 4.0% to $879,324 and $2,201,077, respectively, during the three and nine months ended May 31, 2018 compared to the same respective periods in fiscal 2017. These increases were primarily a result of increased demand.

The following table sets forth NTIC’s net sales by product segment for the three and nine months ended May 31, 2018 and 2017 by segment:

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Total ZERUST® sales	$	10,382,884	$	8,368,487	$	30,102,080	$	23,681,192
Total Natur-Tec® sales		2,540,953		1,854,532		6,578,770		4,986,753
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

During the three and nine months ended May 31, 2018, 80.3% and 82.1% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST^® products and services, which increased 24.1% and 27.1% to $10,382,884 and $30,102,080 during the three and nine months ended May 31, 2018, respectively, compared to $8,368,487 and $23,681,192 during the three and nine months ended May 31, 2017, respectively. These increases were due to increased demand of ZERUST^® industrial products and services and the addition of new customers in North America and China and increased demand of ZERUST® oil and gas products and services. NTIC has strategically focused its sales efforts for ZERUST^® products and services on customers with sizeable corrosion problems in industry sectors that offer sizable growth opportunities, including the oil and gas sector. Overall demand for ZERUST^® products and services depends heavily on the overall health of the market segments to which NTIC sells its products, including the automotive, oil and gas, agriculture, and mining markets in particular.

The following table sets forth NTIC’s net sales of ZERUST^® products for the three and nine months ended May 31, 2018 and 2017:

	Three Months Ended
	May 31, 2018		May 31, 2017		$ Change		% Change
ZERUST® industrial net sales	$	8,947,847	$	7,170,802	$	1,777,045		24.8	%
ZERUST® joint venture net sales		879,324		862,136		17,188		2.0	%
ZERUST® oil & gas net sales		555,713		335,549		220,164		65.6	%
Total ZERUST® net sales	$	10,382,884	$	8,368,487	$	2,014,397		24.1	%

	Nine Months Ended
	May 31, 2018		May 31, 2017		$ Change		% Change
ZERUST® industrial net sales	$	26,482,430	$	20,277,892	$	6,204,538		30.6	%
ZERUST® joint venture net sales		2,201,077		2,115,511		85,566		4.0	%
ZERUST® oil & gas net sales		1,418,573		1,287,789		130,784		10.2	%
Total ZERUST® net sales	$	30,102,080	$	23,681,192	$	6,420,888		27.1	%

Demand for ZERUST® oil and gas products around the world depends primarily on market acceptance and the reach of NTIC’s distribution network. Because of the typical size of individual orders and overall size of NTIC’s net sales derived from sales of oil and gas products, the timing of one or more orders can materially affect NTIC’s quarterly sales compared to prior fiscal year quarters. NTIC anticipates that its sales of ZERUST® products and services into the oil and gas industry will continue to remain volatile from quarter to quarter as sales are recognized due to the average order size and the timing of sales, as well as oil prices.

During the three and nine months ended May 31, 2018, 19.7% and 17.9% of NTIC’s consolidated net sales, respectively, were derived from sales of Natur-Tec® products, which increased 37.0% and 31.9% to $2,540,953 and $6,578,770 during the three and nine months ended May 31, 2018, respectively, compared to the three and nine months ended May 31, 2017. These increases were primarily due to an increase in finished product sales in North America and finished product sales at NTIC’s majority-owned subsidiary in India, Natur-Tec India Private Limited (Natur-Tec India).

Cost of Goods Sold. Cost of goods sold increased 26.8% and 27.2% for the three and nine months ended May 31, 2018, respectively, compared to the three and nine months ended May 31, 2017. These increases were primarily a result of the corresponding increased sales levels. Cost of goods sold as a percentage of net sales increased slightly to 66.5% during the three months ended May 31, 2018 compared to 66.3% during the three months ended May 31, 2017 and decreased slightly to 66.8% during the nine months ended May 31, 2018 compared to 67.2% during the nine months ended May 31, 2017 primarily due to product mix and the different gross profits realized on different products.

Equity in Income from Joint Ventures. NTIC’s equity in income from joint ventures increased 33.2% and 33.4% to $2,246,066 and $5,793,391 during the three and nine months ended May 31, 2018, respectively, compared to $1,686,016 and $4,343,159 during the three and nine months ended May 31, 2017, respectively. These increases were primarily a result of improved profitability at the joint ventures. Of the total equity in income from joint ventures, NTIC had equity in income from joint ventures of $4,138,814 attributable to EXCOR during the nine months ended May 31, 2018 compared to $3,089,935 during the nine months ended May 31, 2017. NTIC had equity in income from all other joint ventures of $1,654,577 during the nine months ended May 31, 2018 compared to $1,253,224 during the nine months ended May 31, 2017.

Fees for Services Provided to Joint Ventures. NTIC recognized fee income for services provided to joint ventures of $1,508,500 and $4,624,532 during the three and nine months ended May 31, 2018, respectively, compared to $1,442,048 and $3,941,667 during the three and nine months ended May 31, 2017, respectively, representing increases of 4.6% and 17.3%, respectively. Fee income for services provided to joint ventures is traditionally a function of the sales made by NTIC’s joint ventures. Total net sales of NTIC’s joint ventures increased to $31,480,885 and $90,200,146 during the three and nine months ended May 31, 2018, respectively, compared to $25,935,169 and $73,098,215 during the three and nine months ended May 31, 2017, respectively, representing increases of $5,545,716 and $17,101,931, respectively. Net sales of NTIC’s joint ventures are not included in NTIC’s consolidated financial statements. Of the total fee income for services provided to joint ventures, fees of $680,939 were attributable to EXCOR during the nine months ended May 31, 2018 compared to $614,766 attributable to EXCOR during the nine months ended May 31, 2017.

Selling Expenses. NTIC’s selling expenses increased 14.6% and 19.5% for the three and nine months ended May 31, 2018, respectively, compared to the same respective periods in fiscal 2017 due primarily to increases in operating expenses associated with ZERUST® sales efforts, consisting primarily of selling and personnel expense. Selling expenses as a percentage of net sales decreased to 21.5% and 21.9% for the three and nine months ended May 31, 2018, respectively, from 23.8% and 23.4% and during the three and nine months ended May 31, 2017, respectively, primarily due to the significant increase in net sales, partially offset by the increase in selling expenses, as previously described.

General and Administrative Expenses. NTIC’s general and administrative expenses increased 18.1% and 0.3% for the three and nine months ended May 31, 2018, respectively, compared to the same respective periods in fiscal 2017. The increase in expenses during the three-month comparison was primarily due to an increase in compensation expense and an increase in operating expenses at NTIC China. As a percentage of net sales, general and administrative expenses decreased to 15.4% and 16.4% for the three and nine months ended May 31, 2018, respectively, from 16.5% and 20.9% for the same respective periods in fiscal 2017, respectively. These decreases were due primarily to the significant increase in net sales, partially offset by the increase in general and administrative expenses, as previously described.

Research and Development Expenses. NTIC’s research and development expenses increased 17.3% and 21.9% for the three and nine months ended May 31, 2018, respectively, compared to the same respective period in fiscal 2017 due primarily to increased research and development activities during the current fiscal year periods.

Interest Income. NTIC’s interest income increased to $35,630 and $84,569 during the three and nine months ended May 31, 2018, respectively, compared to $10,996 and $19,075 during the three and nine months ended May 31, 2017, respectively, due to increased levels of invested cash.

Interest Expense. NTIC’s interest expense decreased to $3,139 and $14,007 during the three and nine months ended May 31, 2018, respectively, compared to $7,409 and $15,502 during the three and nine months ended May 31, 2017, respectively.

Income Before Income Tax Expense. NTIC incurred income before income tax expense equal to $2,485,702 and $6,052,814 for the three and nine months ended May 31, 2018, respectively, compared to $1,733,525 and $2,867,814 for the three and nine months ended May 31, 2017, respectively.

Income Tax Expense. Income tax expense was $181,683 and $1,128,583 for the three and nine months ended May 31, 2018, respectively, compared to income tax expense of $237,801 and $480,423 during the three and nine months ended May 31, 2017, respectively. Income tax expense is calculated based on management’s estimate of NTIC’s annual effective income tax rate. The increase for the nine-month comparison was primarily due to one-time provisional adjustments related to the Tax Reform Act. The Tax Reform Act, among other things, reduced the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, generally eliminated U.S. federal income taxes on dividends received from foreign subsidiaries and joint ventures after December 31, 2017, and imposed a one-time deemed repatriation tax on certain unremitted earnings of foreign subsidiaries and joint ventures. As a result of the change in the tax law, a one-time non-cash tax provisional charge of $700,000 related to the re-measurement of deferred tax assets and liabilities was recorded in the nine months ended May 31, 2018. The impact of this non-cash tax charge increased NTIC’s effective rate by approximately 30.3% for the nine months ended May 31, 2018. The $700,000 income tax expense and corresponding decrease in net deferred tax assets represents a provisional estimate based on NTIC’s current interpretation of the Tax Reform Act and may change as NTIC receives additional clarification and implementation guidance. NTIC continues to analyze the impact of other provisions of the Tax Reform Act on its financial statements and operations, including the impact of the global intangible low-taxed income (GILTI) rules, and the impact of the Tax Reform Act on NTIC’s indefinite reinvestment assertion with respect to the undistributed earnings of certain foreign subsidiaries and joint ventures. Any additional impacts from the enactment of the Tax Reform Act will be recorded as they are identified during the measurement period as provided for in accordance with SAB No. 118. No changes or adjustments were made during the three months ended May 31, 2018.

Net Income Attributable to NTIC. Net income attributable to NTIC increased to $2,140,752, or $0.46, per diluted common share, for the three months ended May 31, 2018 compared to $1,352,416, or $0.30, per diluted common share, for the three months ended May 31, 2017, an increase of $790,336 or $0.16 per diluted share. Net income attributable to NTIC increased to $4,557,225, or $0.98 per diluted common share, for the nine months ended May 31, 2018 compared to $2,037,021, or $0.45 per diluted common share, for the nine months ended May 31, 2017, an increase of $2,522,204 or $0.53 per diluted share. These increases were primarily the result of the increases in net sales and corresponding gross profit, as well as the increases in income from joint venture operations, partially offset by the increase in operating expenses. The increase for the nine-month comparison was partially offset by the significant impact of the $700,000 one-time provisional adjustment related to the Tax Reform Act. As previously mentioned, the impact from the enactment of the Tax Reform Act was driven by the provisional re-measurement of deferred tax assets and liabilities, which resulted in a non-cash discrete tax charge of $700,000 during the nine months ended May 31, 2018.

Other Comprehensive Income - Foreign Currency Translations Adjustment. The changes in the foreign currency translations adjustment was due to the fluctuation of the U.S. dollar compared to the Euro and other foreign currencies during the three and nine months ended May 31, 2018 compared to the same period in fiscal 2017.

Liquidity and Capital Resources

Sources of Cash and Working Capital. As of May 31, 2018, NTIC’s working capital was $22,812,170, including $4,610,325 in cash and cash equivalents and $3,282,915 in available for sale securities, compared to $21,173,001 at August 31, 2017, including $6,360,201 in cash and cash equivalents and $3,766,984 in available for sale securities.

As of May 31, 2018, NTIC had a revolving line of credit with PNC Bank of $3,000,000, with no amounts outstanding. The line of credit is evidenced by an amended and restated committed line of credit note in the principal amount of up to $3,000,000. The line of credit has a $1,200,000 standby letter of credit sub-facility, with any standby letters of credit issued thereunder being at the sole discretion of PNC Bank. Any lines of credit issued by PNC Bank would decrease the availability under the revolving line of credit. The line of credit is subject to 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, NTIC is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2018, NTIC was in compliance with all debt covenants.

On January 5, 2018, NTIC and PNC Bank extended the maturity date of the line of credit from January 7, 2018 to January 7, 2019. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same. It is anticipated that, as historically has been the practice, the line of credit will be renewed each year for one additional year for the immediate foreseeable future.

NTIC believes that a combination of its existing cash and cash equivalents, available for sale securities, forecasted cash flows from future operations, anticipated distributions of earnings, anticipated fees to NTIC for services provided to its joint ventures, and funds available through existing or anticipated financing arrangements, will be adequate to fund its existing operations, investments in new or existing joint ventures or subsidiaries, capital expenditures, debt repayments, cash dividends and any stock repurchases for at least the next 12 months. During the remainder of fiscal 2018, NTIC expects to continue to invest in NTIC China, research and development and in marketing efforts and resources for the application of its corrosion prevention technology in the oil and gas industry and its Natur-Tec® bio-plastics business, although the amounts of these various investments are not known at this time. In order to take advantage of such new product and market opportunities to expand its business and increase its revenues, NTIC may decide to finance such opportunities by borrowing under its revolving line of credit or raising additional financing through the issuance of debt or equity securities. There is no assurance that any financing transaction will be available on terms acceptable to NTIC or at all, or that any financing transaction will not be dilutive to NTIC’s current stockholders.

NTIC traditionally has used the cash generated from its operations, distributions of earnings from joint ventures and fees for services provided to its joint ventures to fund NTIC’s new technology investments and capital contributions to new and existing subsidiaries and joint ventures. NTIC’s joint ventures traditionally have operated with little or no debt and have been self-financed with minimal initial capital investment and minimal additional capital investment from their respective owners. Therefore, NTIC believes there is limited exposure by NTIC’s joint ventures that could materially impact their respective operations and/or liquidity.

Uses of Cash and Cash Flows. Net cash used in operating activities during the nine months ended May 31, 2018 was $141,994, which resulted principally from NTIC’s equity in income from joint ventures, increases in trade receivables excluding joint ventures, inventories, and prepaid expenses and other, partially offset by NTIC’s net income, dividends received from joint ventures, and increases in accounts payable, accrued liabilities, depreciation and amortization. Net cash provided by operating activities during the nine months ended May 31, 2017 was $2,826,166, which resulted principally from dividends received from NTIC’s joint ventures, net income, an increase in accounts payable and depreciation and amortization, partially offset by NTIC’s equity in income from joint ventures and an increase in trade receivables.

NTIC’s cash flows from operations are impacted by significant changes in certain components of NTIC’s working capital, including inventory turnover and changes in receivables. NTIC considers internal and external factors when assessing the use of its available working capital, specifically when determining inventory levels and credit terms of customers. Key internal factors include existing inventory levels, stock reorder points, customer forecasts and customer requested payment terms, and key external factors include the availability of primary raw materials and sub-contractor production lead times. NTIC’s typical contractual terms for trade receivables excluding joint ventures are traditionally 30 days and for trade receivables from its joint ventures are 90 days. Before extending unsecured credit to customers, excluding NTIC’s joint ventures, NTIC reviews customers’ credit histories and will establish an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific customers and other information. Accounts receivable over 30 days are considered past due for most customers. NTIC does not accrue interest on past due accounts receivable. If accounts receivables in excess of the provided allowance are determined uncollectible, they are charged to selling expense in the period that determination is made. Accounts receivable are deemed uncollectible based on NTIC exhausting reasonable efforts to collect. NTIC’s typical contractual terms for receivables for services provided to its joint ventures are 90 days. NTIC records receivables for services provided to its joint ventures on an accrual basis, unless circumstances exist that make the collection of the balance uncertain in which case the fee income will be recorded on a cash basis until there is consistency in payments. This determination is handled on a case by case basis.

NTIC experienced an increase in trade receivables as of May 31, 2018 compared to August 31, 2017. Trade receivables excluding joint ventures as of May 31, 2018 increased $2,780,077 compared to August 31, 2017, primarily related to the timing of collections and the increase in sales. Outstanding trade receivables excluding joint ventures balances as of May 31, 2018 increased 11 days to an average of 66 days from balances outstanding from these customers as of August 31, 2017. Outstanding trade receivables from joint ventures as of May 31, 2018 decreased $93,947 compared to August 31, 2017 primarily due to the timing of payments. Outstanding balances from trade receivables from joint ventures increased as of May 31, 2018 by an average of 5 days from an average of 57 days from balances outstanding from these customers compared to August 31, 2017. The average days outstanding of trade receivables from joint ventures as of May 31, 2018 were primarily due to the receivables balances at NTIC’s joint ventures in South Korea and Thailand.

Outstanding receivables for services provided to joint ventures as of May 31, 2018 increased $49,305 compared to August 31, 2017, which resulted in an increase of 3 days of fees receivable outstanding as of May 31, 2018 to an average of 82 days compared to August 31, 2017.

Net cash used in investing activities for the nine months ended May 31, 2018 was $79,449, which was primarily the result of additions to property and equipment and additions to patents, partially offset by proceeds from the sale of available for sale securities. Net cash used in investing activities for the nine months ended May 31, 2017 was $2,398,443, which was primarily the result of cash used in the purchase of available for sale securities, additions to property and equipment, and additions to patents.

Net cash used in financing activities for the nine months ended May 31, 2018 was $1,517,998, which resulted from dividends paid on NTIC common stock and a dividend paid to a non-controlling interest, partially offset by proceeds from stock option exercises and purchases under NTIC’s employee stock purchase plan. Net cash used in financing activities for the nine months ended May 31, 2017 was $308,689, which resulted from a dividend paid to a non-controlling interest and the repurchase of common stock, partially offset by proceeds from NTIC’s employee stock purchase plan and stock option exercises.

Share Repurchase Plan. On January 15, 2015, NTIC’s Board of Directors authorized the repurchase of up to $3,000,000 in shares of NTIC common stock through open market purchases or unsolicited or solicited privately negotiated transactions. This program has no expiration date but may be terminated by NTIC’s Board of Directors at any time. No repurchases occurred during the nine months ended May 31, 2017. As of May 31, 2018, up to $2,640,548 in shares of NTIC common stock remained available for repurchase under NTIC’s stock repurchase program.

Cash Dividends. On April 25, 2018, NTIC’s Board of Directors declared a cash dividend of $0.10 per share of NTIC’s common stock, paid on May 23, 2018 to stockholders of record on May 9, 2018. During the nine months ended May 31, 2018, NTIC’s Board of Directors paid cash dividends totaling $0.30 per share of NTIC’s common stock. No cash dividends were declared during fiscal 2017. Although NTIC’s Board of Directors intends to declare regular quarterly cash dividends going forward, the declaration of future dividends is not guaranteed and will be determined by NTIC’s Board of Directors in light of conditions then existing, including NTIC’s earnings, financial condition, cash requirements, restrictions in financing agreements, business conditions and other factors.

Capital Expenditures and Commitments. NTIC spent $500,924 on capital expenditures during the nine months ended May 31, 2018, which related primarily to the purchase of new equipment. NTIC expects to spend an aggregate of approximately $500,000 to $600,000 on capital expenditures during fiscal 2018, which it expects will relate primarily to the purchase of new equipment.

Contractual Obligations

There has been no material change to NTIC’s contractual obligations as provided in “Part II. Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations,” included in NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2017.

Off-Balance Sheet Arrangements

NTIC does not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements. As such, NTIC is not materially exposed to any financing, liquidity, market or credit risk that could arise if NTIC had engaged in such arrangements.

Inflation and Seasonality

Inflation in the United States and abroad historically has had little effect on NTIC. Although NTIC’s business historically has not been seasonal, NTIC believes there is now some seasonality in its business. NTIC believes its net sales in second fiscal quarter were adversely affected by the long Chinese New Year, the North American holiday season and overall less corrosion taking place at lower winter temperatures worldwide.

Market Risk

NTIC is exposed to some market risk stemming from changes in foreign currency exchange rates, commodity prices and interest rates.

Because the functional currency of NTIC’s foreign operations and investments in its foreign joint ventures is the applicable local currency, NTIC is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business. NTIC’s principal exchange rate exposure is with the Euro, the Japanese Yen, Indian Rupee, Chinese Renminbi, South Korean Won and the English Pound against the U.S. Dollar. NTIC’s fees for services provided to joint ventures and dividend distributions from these foreign entities are paid in foreign currencies and thus fluctuations in foreign currency exchange rates could result in declines in NTIC’s reported net income. Since NTIC’s investments in its joint ventures are accounted for using the equity method, any changes in foreign currency exchange rates would be reflected as a foreign currency translation adjustment and would not change NTIC’s equity in income from joint ventures reflected in its consolidated statements of operations. NTIC does not hedge against its foreign currency exchange rate risk.

Some raw materials used in NTIC’s products are exposed to commodity price changes. The primary commodity price exposures are with a variety of plastic resins.

At the option of NTIC, outstanding advances under NTIC’s $3,000,000 revolving line of credit with PNC Bank bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by NTIC or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate, and thus may subject NTIC to some market risk on interest rates. As of May 31, 2018, NTIC had no borrowings under the line of credit.

Critical Accounting Policies and Estimates

There have been no material changes to NTIC’s critical accounting policies and estimates from the information provided in “Part II. Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies,” included in NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2017.

Accounting Pronouncements

See Note 2 to NTIC’s consolidated financial statements for a discussion of recent accounting pronouncements.

Forward-Looking Statements

This quarterly report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. In addition, NTIC or others on NTIC’s behalf may make forward-looking statements from time to time in oral presentations, including telephone conferences and/or web casts open to the public, in press releases or reports, on NTIC’s Internet web site or otherwise. All statements other than statements of historical facts included in this report or expressed by NTIC orally from time to time that address activities, events or developments that NTIC expects, believes or anticipates will or may occur in the future are forward-looking statements including, in particular, the statements about NTIC’s plans, objectives, strategies and prospects regarding, among other things, NTIC’s financial condition, results of operations and business, the outcome of contingencies such as legal proceedings and the effect of the liquidation of Tianjin Zerust and the operations of NTIC China. NTIC has identified some of these forward-looking statements in this report with words like “believe,” “can,” “may,” “could,” “would,” “might,” “forecast,” “possible,” “potential,” “project,” “will,” “should,” “expect,” “intend,” “plan,” “predict,” “anticipate,” “estimate,” “approximate,” “outlook” or “continue” or the negative of these words or other words and terms of similar meaning. The use of future dates is also an indication of a forward-looking statement. Forward-looking statements may be contained in the notes to NTIC’s consolidated financial statements and elsewhere in this report, including under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements are based on current expectations about future events affecting NTIC and are subject to uncertainties and factors that affect all businesses operating in a global market as well as matters specific to NTIC. These uncertainties and factors are difficult to predict and many of them are beyond NTIC’s control. The following are some of the uncertainties and factors known to us that could cause NTIC’s actual results to differ materially from what NTIC has anticipated in its forward-looking statements:

The effect of current worldwide economic conditions and any turmoil and disruption in the global credit and financial markets on NTIC’s business;

The variability in NTIC’s sales of ZERUST® products and services into oil and gas industry and Natur-Tec^® products and NTIC’s equity income of joint ventures, which variability in sales and equity in income from joint venture in turn, subject NTIC’s earnings to quarterly fluctuations;

Risks associated with NTIC’s international operations and exposure to fluctuations in foreign currency exchange rates, import duties and taxes and tariffs;

The effect of the United Kingdom’s process to exit the European Union on NTIC’s operating results, including in particular future net sales of NTIC’s European and other joint ventures;

The health of the U.S. automotive industry on NTIC’s business;

NTIC’s dependence on the success of its joint ventures and fees and dividend distributions that NTIC receives from them;

NTIC’s relationships with its joint ventures and its ability to maintain those relationships, especially in light of anticipated succession planning issues;

Fluctuations in the cost and availability of raw materials, including resins and other commodities;

The success of and risks associated with NTIC’s emerging new businesses and products and services, including in particular NTIC’s ability and the ability of NTIC’s joint ventures to sell ZERUST® products and services into oil and gas industry and Natur-Tec^® products and the often lengthy and extensive sales process involved in selling such products and services;

NTIC’s ability to introduce new products and services that respond to changing market conditions and customer demand;

Market acceptance of NTIC’s existing and new products, especially in light of existing and new competitive products;

Maturation of certain existing markets for NTIC’s ZERUST^® products and services and NTIC’s ability to grow market share and succeed in penetrating other existing and new markets;

Increased competition, especially with respect to NTIC’s ZERUST^® products and services, and the effect of such competition on NTIC’s and its joint ventures’ pricing, net sales and margins;

NTIC’s reliance upon and its relationships with its distributors, independent sales representatives and joint ventures;

NTIC’s reliance upon suppliers;

Oil prices, which may affect sales of NTIC’s ZERUST^® products and services into the oil and gas industry;

NTIC’s operations in China, the termination of the joint venture agreements with Tianjin Zerust, and the anticipated liquidation of Tianjin Zerust and the effect of all these events on NTIC’s business and future operating results;

The costs and effects of complying with laws and regulations and changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters;

Unforeseen product quality or other problems in the development, production and usage of new and existing products;

Unforeseen production expenses incurred in connection with new customers and new products;

Loss of or changes in executive management or key employees;

Ability of management to manage around unplanned events;

Pending and future litigation;

NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others;

NTIC’s ability to maintain effective internal control over financial reporting, especially in light of its joint venture arrangements;

Changes in applicable laws or regulations and NTIC’s failure to comply with applicable laws, rules and regulations;

Changes in generally accepted accounting principles and the effect of new accounting pronouncements;

Fluctuations in NTIC’s effective tax rate, including from the recently enacted Tax Cuts and Jobs Act;

Effect of extreme weather conditions on NTIC’s operating results; and

NTIC’s reliance upon its management information systems.

For more information regarding these and other uncertainties and factors that could cause NTIC’s actual results to differ materially from what NTIC has anticipated in its forward-looking statements or otherwise could materially adversely affect its business, financial condition or operating results, see NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2017 under the heading “Part I. Item 1A. Risk Factors.”

All forward-looking statements included in this report are expressly qualified in their entirety by the foregoing cautionary statements. NTIC wishes to caution readers not to place undue reliance on any forward-looking statement that speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the uncertainties and factors described above, as well as others that NTIC may consider immaterial or does not anticipate at this time. Although NTIC believes that the expectations reflected in its forward-looking statements are reasonable, NTIC does not know whether its expectations will prove correct. NTIC’s expectations reflected in its forward-looking statements can be affected by inaccurate assumptions NTIC might make or by known or unknown uncertainties and factors, including those described above. The risks and uncertainties described above are not exclusive and further information concerning NTIC and its business, including factors that potentially could materially affect its financial results or condition, may emerge from time to time. NTIC assumes no obligation to update, amend or clarify forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. NTIC advises you, however, to consult any further disclosures NTIC makes on related subjects in its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K NTIC files with or furnishes to the Securities and Exchange Commission.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

NTIC is exposed to some market risk stemming from changes in foreign currency exchange rates, commodity prices and interest rates.

Some raw materials used in NTIC’s products are exposed to commodity price changes. The primary commodity price exposures are with a variety of plastic resins.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

NTIC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to provide reasonable assurance that information required to be disclosed by NTIC in the reports it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to NTIC’s management, including NTIC’s principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. NTIC’s management evaluated, with the participation of its Chief Executive Officer and its Chief Financial Officer, the effectiveness of the design and operation of NTIC’s disclosure controls and procedures as of the end of the period covered in this report. Based on that evaluation, NTIC’s Chief Executive Officer and Chief Financial Officer concluded that NTIC’s disclosure controls and procedures were effective as of the end of such period to provide reasonable assurance that information required to be disclosed in the reports that NTIC files or submits under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to NTIC’s management, including NTIC’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in NTIC’s internal control over financial reporting that occurred during the quarter ended May 31, 2018 that has materially affected, or is reasonably likely to materially affect NTIC’s internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

On March 23, 2015, NTIC and NTI Asean LLC (NTI Asean), a majority-owned subsidiary of NTIC, filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Tao Meng and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to NTIC’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd. (Tianjin Zerust). The lawsuit alleges, among other things, that Mr. Tao Meng and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. At this point it is too early in the lawsuit to reasonably estimate the amount of any recovery to NTI Asean, if any.

ITEM 1A.

RISK FACTORS

This Item 1A is inapplicable to NTIC as a smaller reporting company.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Equity Securities

During the three months ended May 31, 2018, NTIC did not issue any shares of its common stock or other equity securities of NTIC that were not registered under the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

The following table shows NTIC’s third quarter of fiscal 2018 stock repurchase activity.

Period	Total Number of Shares (or Units) Purchased	Average Price Paid Per Share (or Unit)	Total Number of Shares (or Units) Purchased As Part of Publicly Announced Plans or Programs	Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
March 1, 2018 through March 31, 2018	0	$0	0	(1)
April 1, 2018 through April 30, 2018	0	$0	0	(1)(2)
May 1, 2018 through May 31, 2018	0	$0	0	(1)(2)
Total	0	$0	0	(1)(2)

(1)

On January 15, 2015, NTIC’s Board of Directors authorized the repurchase of up to $3,000,000 in shares of NTIC common stock through open market purchases or unsolicited or solicited privately negotiated transactions. This program has no expiration date but may be terminated by NTIC’s Board of Directors at any time.

(2)

As of May 31, 2018, up to $2,640,548 in shares of NTIC common stock remained available for repurchase under NTIC’s stock repurchase program.

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.

OTHER INFORMATION

Not applicable.

ITEM 6.

EXHIBITS

The following exhibits are being filed or furnished with this quarterly report on Form 10-Q:

Exhibit No.	Item	Method of Filing
31.1	Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

31.2	Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith

32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith

101	The following materials from NTIC’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2018, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statements of Operations, (iii) the unaudited Consolidated Statements of Comprehensive Income, (iv) the unaudited Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements	Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION


Date: July 16, 2018	Matthew C. Wolsfeld, CPA
	Chief Financial Officer
	(Principal Financial and Accounting Officer and
	Duly Authorized to Sign on Behalf of the Registrant)

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, G. Patrick Lynch, certify that:

I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 16, 2018	G. Patrick Lynch
	President and Chief Executive Officer
	(principal executive officer)

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew C. Wolsfeld, certify that:

I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: July 16, 2018	Matthew C. Wolsfeld, CPA
	Chief Financial Officer and Corporate Secretary
	(principal financial officer)

EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Northern Technologies International Corporation (the “Company”) on Form 10-Q for the period ended May 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, G. Patrick Lynch, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


G. Patrick Lynch
President and Chief Executive Officer
(principal executive officer)

Circle Pines, Minnesota

July 16, 2018

EX-32.2 5 exh_322.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Northern Technologies International Corporation (the “Company”) on Form 10-Q for the period ended May 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew C. Wolsfeld, Chief Financial Officer and Corporate Secretary of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Matthew C. Wolsfeld, CPA
Chief Financial Officer and Corporate Secretary
(principal financial officer and principal accounting officer)

Circle Pines, Minnesota

July 16, 2018

EX-101.INS 6 ntic-20180531.xml XBRL INSTANCE FILE false --08-31 Q3 2018 2018-05-31 10-Q 0000875582 4541304 Yes Smaller Reporting Company Northern Technologies International Corporation No No ntic 65234 153901 103267 5000000 0.591 0.578 0.596 0.582 0.713 0.716 0.72 0.724 1.1 0.149 0.147 0.123 0.126 0.122 0.107 0.103 0.104 0.097 0.078 0.074 0.073 0.066 0.051 0.064 0.064 0.054 0.054 0.054 0.061 0.033 0.063 0.061 0.072 1 1 0.147 0.156 0.13 0.123 0.114 0.113 0.097 0.08 0.09 0.074 0.07 0.086 0.061 0.055 0.06 0.072 0.06 0.058 0.059 0.058 0.054 0.056 0.058 0.069 1 1 0.518 0.607 1508500 1442048 4624532 3941667 1352249 1302944 49305 -181610 2827606 1442714 -93947 503863 12044513 9360883 34479773 26552434 879324 862136 2201077 2115511 2 0.75 0.25 489000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Three Months Ended</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Nine Months Ended</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2018</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2017</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2018</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2017</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt">Direct cost of goods sold</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; padding-left: 10pt"><div style="display: inline; font-size: 8pt">ZERUST®</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">6,139,699</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">59.1</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">4,834,355</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">57.8</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">17,948,941</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">59.6</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">13,788,416</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">58.2</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt"><div style="display: inline; font-size: 8pt">Natur-Tec®</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,812,084</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">71.3</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,327,323</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">71.6</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">4,738,523</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">72.0</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">3,608,722</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">72.4</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt">Indirect cost of goods sold</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">640,583</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">612,323</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,806,208</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,859,815</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: -40pt"><div style="display: inline; font-size: 8pt">Total net cost of goods sold</div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">8,592,366</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">6,774,001</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">24,493,672</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">19,256,953</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> </tr> </table></div> 224366 212257 185107 180969 183335 153903 155588 150139 146949 112455 110894 104771 100131 74135 96574 92954 81402 78012 80931 87768 49778 90469 93445 104216 1508500 1442048 680939 614766 598221 483626 529412 445662 448707 314664 416913 293240 325205 339852 283193 218249 279524 284435 275137 227140 274980 229200 247574 221294 264727 269539 4624532 3941667 8692708 5912631 597805 691752 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of May 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 55%; font-size: 10pt; text-align: left">Current assets</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,113,904</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,734,914</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,378,990</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Total assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,004,849</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,838,358</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,166,491</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Current liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,622,611</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,830,246</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,792,365</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Noncurrent liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,926</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,926</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Joint ventures’ equity</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,271,314</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,008,112</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,263,202</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,412,792</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,004,058</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,408,734</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,383,580</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,973,153</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,410,427</div></td> <td style="font-size: 10pt; 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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left; padding-left: -10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of August 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left; padding-left: -10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-weight: bold;">All Other</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left; padding-left: 0pt">Current assets</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,518,210</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,142,514</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,375,696</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Total assets</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55,633,891</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,301,194</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,332,697</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Current liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,118,074</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,469,567</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,648,507</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Noncurrent liabilities</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,210</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,210</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Joint ventures’ equity</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,334,607</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,831,627</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,502,980</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of joint ventures’ equity</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,035,074</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,915,816</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,119,258</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,960,860</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,884,911</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,075,949</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,377,054</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,379,062</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">997,992</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,480,885</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,219,414</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,261,471</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,209,819</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,823,609</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,386,210</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,540,968</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,113,660</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,427,308</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,246,066</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,558,243</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">687,823</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">All Other</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; font-size: 10pt; text-align: left">Net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,200,146</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35,450,664</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,749,482</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,529,217</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,315,099</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,214,118</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,753,467</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,272,237</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,481,230</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,793,391</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,138,814</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,654,577</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,941,807</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,780,392</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,161,415</div></td> <td style="font-size: 10pt; 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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 55%; font-size: 10pt; text-align: left">Net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,935,169</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,884,546</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,050,623</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,517,711</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,271,028</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,246,683</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,379,883</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,166,435</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,213,448</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,686,016</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,083,494</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">602,522</div></td> <td style="font-size: 10pt; 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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2017</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">EXCOR</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 55%; font-size: 10pt; text-align: left">Net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">73,098,215</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,169,978</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,928,237</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Gross profit</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,376,247</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,032,724</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,343,523</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Net income</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,562,834</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,184,181</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,378,653</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s share of equity in income from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,343,159</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,089,935</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,253,224</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt; text-indent: -10pt">Northern Technologies International Corporation’s dividends received from joint ventures</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,179,786</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,240,400</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">939,386</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div>

3316169

2676610

1380000

600000

112686

4534981

3969267

-3058672

-2471064

14516510

14163509

188460

89274

50000

40000

48067

61213803

56612693

29161071

26067618

24819425

23185413

3282915

3766984

3282915

3766984

6903231

6847177

6360201

3395274

4610325

3500164

-1749876

104890

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div>       SUPPLEMENTAL CASH FLOW INFORMATION</div></div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0">Supplemental disclosures of cash flow information consisted of:</div> <div style=" font-size: 10pt; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-size: 10pt; padding-left: 0pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-size: 10pt; padding-left: 0pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 53%; font-size: 10pt; text-align: left; padding-left: 0pt">Cash paid for interest</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,139</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,409</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Cash paid for income taxes</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-size: 10pt; padding-left: 0pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="font-size: 10pt; padding-left: 0pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 5%; background-color: White"> </td> <td style="width: 53%; font-size: 10pt; text-align: left; padding-left: 0pt">Cash paid for interest</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,007</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,502</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-size: 10pt; text-align: left; padding-left: 0pt">Cash paid for income taxes</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45,000</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

0.10

0.30

10000000

15000000

90826

90700

1154832

2116227

3971617

1794873

137501

160223

383463

353423

1292333

2276450

4355080

2148296

8592366

6774001

24493672

19256953

6139699

4834355

17948941

13788416

1812084

1327323

4738523

3608722

640583

612323

1806208

1859815

0.0215

1056565

1756565

631399

580962

2017-12-21

2018-02-21

2018-05-23

2017-11-20

2018-01-24

2018-04-25

2017-12-08

2018-02-08

2018-05-09

0.47

0.30

0.45

0.46

0.30

0.98

0.45

-10435

-14144

0.257

1804451

1540386

322402

6377054

5379062

997992

2941807

1780392

1161415

5179786

4240400

939386

62004849

27838358

34166491

55633891

24301194

31332697

58113904

25734914

32378990

51518210

22142514

29375696

16622611

3830246

12792365

15118074

4469567

10648507

45271314

24008112

21263202

40334607

19831627

20502980

14209819

6823609

7386210

40529217

19315099

21214118

11517711

5271028

6246683

32376247

15032724

17343523

4540968

3113660

1427308

11753467

8272237

3481230

3379883

2166435

1213448

8562834

6184181

2378653

110926

181210

31480885

12219414

19261471

90200146

35450664

54749482

25935169

9884546

16050623

73098215

28169978

44928237

22412792

12004058

10408734

20035074

9915816

10119258

22412792

20035074

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div>       <div style="display: inline; text-transform: uppercase">Fair Value Measurements</div></div></div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">Assets and liabilities that are measured at fair value on a recurring basis primarily relate to marketable equity securities. These items are marked-to-market at each reporting period.</div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:</div> <div style=" font-size: 10pt; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements <br />Using Inputs Considered as</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value as of <br />May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; text-align: left">Available for sale securities</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,282,915</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,282,915</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements <br />Using Inputs Considered as</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value as of <br />August 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; text-align: left">Available for sale securities</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,766,984</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,766,984</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> transfers between Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,</div> or Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div>

P7Y

1604331

1415870

240000

2800553

2737959

1196222

1322089

1196222

1322089

11662

1987785

1682669

6012746

5996977

4331471

3449018

12187178

9410992

2246066

1686016

5793391

4343159

1558243

687823

4138814

1654577

1083494

602522

3089935

1253224

2485702

1733525

6052814

2867814

181683

1128583

237801

480423

700000

45000

369136

137256

728657

816845

104643

-3466

676138

-145202

-700000

-24939

267131

154171

1773085

155011

718839

-19197

167679

64756

125009

42872

3139

7409

14007

15502

3139

7409

14007

15502

7878637

5709363

9174743

7456552

9174743

7456552

1296106

1747189

35630

10996

84569

19075

310365

88831

89543

61213803

56612693

6348901

4894617

3000000

1200000

4554692

4171387

3040912

2857448

-1517998

-308689

-79449

-2398443

-141994

2826166

2142752

1352416

4559225

2037021

161267

143308

365006

350370

251848

228458

81161

54646

10155

14171

21628

14712

6868515

7047675

7233307

7359662

5632826

4847144

16622849

14831577

2453211

1729938

5982252

2864241

1115595

677621

153846

71685

-1011686

780726

-569151

-239095

3754566

3128064

10417923

8284826

196164

1361382

200000

1018596

3013572

62594

124780

500924

760847

10000

1081190

439298

2941807

5179786

1502665

1500756

15433

41000

27951

46475

2304019

1495724

4924231

2387391

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div>       PROPERTY AND EQUIPMENT, NET</div></div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0 0 12pt">Property and equipment, net consisted of the following:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; font-size: 10pt">Land</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">310,365</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">310,365</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Buildings and improvements</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,903,231</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,847,177</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Machinery and equipment</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,554,692</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,171,387</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,768,288</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,328,929</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,534,981</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,969,267</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,233,307</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,662</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div></div>

11768288

11328929

7233307

7359662

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; padding-left: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">224,366</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.9</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">212,257</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,107</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180,969</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,335</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.2</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">153,903</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,588</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,139</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">146,949</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,455</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,894</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,771</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,131</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,135</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,574</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,954</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,402</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,012</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,931</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,768</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,778</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,469</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,445</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,216</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,508,500</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,442,048</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; 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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; padding-left: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,939</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">614,766</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.6</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,221</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">483,626</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445,662</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">448,707</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">416,913</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">293,240</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,205</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">339,852</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">283,193</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">218,249</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.5</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">279,524</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">284,435</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.2</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,137</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">227,140</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,980</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,200</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">247,574</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221,294</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">264,727</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">269,539</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,624,532</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,941,667</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div>

860347

733651

2581824

2118210

4610325

6360201

40275326

37077483

20383580

11973153

8410427

17960860

9884911

8075949

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; padding-left: 10pt">China</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,069,232</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,695,508</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,176,174</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,991,807</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Brazil</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">853,675</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,089</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,310,131</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,683,255</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">564,339</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">323,551</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,642,633</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,057,132</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">Germany</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">312,057</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">161,139</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">556,859</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,635</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">Other</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">955,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">583,752</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,318,569</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,115,511</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt; padding-left: -10pt">United States</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,169,116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,893,980</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,676,484</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,441,605</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total net sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,223,019</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,667,945</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table></div>

12923837

10223019

36680850

28667945

7434991

5967459

19771031

16363291

879324

862136

2201077

2115511

4609522

3393424

14708742

10189143

10382884

8368487

30102080

23681192

2540953

1854532

6578770

4986753

3069232

1695508

9176174

4991807

853675

565089

2310131

1683255

564339

323551

1642633

1057132

312057

161139

556859

378635

955418

583752

2318569

2115511

7169116

6893980

20676484

18441605

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0 0 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div>       SEGMENT AND GEOGRAPHIC INFORMATION</div></div> <div style=" font-size: 10pt; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Segment Information</div></div> <div style=" font-size: 10pt; margin: 0pt">The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company’s business is organized into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">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® brand.</div> <div style=" font-size: 10pt; margin: 0"> </div><div style=" font-size: 10pt; margin: 0"></div> <div style=" font-size: 10pt; margin: 0 0 12pt">The following table sets forth the Company’s net sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> by segment:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">ZERUST® net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,382,884</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,368,487</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,102,080</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,681,192</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Natur-Tec® net sales</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,540,953</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,854,532</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,578,770</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,986,753</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: 0pt; text-indent: 0pt">Total net sales</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,223,019</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,667,945</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt"> </div> <div style=" font-size: 10pt; margin: 0 0 12pt">The following table sets forth the Company’s cost of goods sold for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> by segment:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Three Months Ended</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">Nine Months Ended</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2018</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2017</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2018</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">May 31, 2017</div></td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt">% of Segment Sales*</div></td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt">Direct cost of goods sold</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td colspan="3" style="font-size: 10pt; text-align: center"><div style="display: inline; font-size: 8pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; font-size: 10pt; padding-left: 10pt"><div style="display: inline; font-size: 8pt">ZERUST®</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">6,139,699</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">59.1</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">4,834,355</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">57.8</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">17,948,941</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">59.6</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">13,788,416</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">58.2</div></div></td> <td style="width: 1%; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt"><div style="display: inline; font-size: 8pt">Natur-Tec®</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,812,084</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">71.3</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,327,323</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">71.6</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">4,738,523</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">72.0</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">3,608,722</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">72.4</div></div></td> <td style="font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt">Indirect cost of goods sold</div></td> <td style="font-size: 10pt; padding-bottom: 1pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">640,583</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">612,323</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,806,208</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">1,859,815</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">—</div></div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; padding-left: -40pt"><div style="display: inline; font-size: 8pt">Total net cost of goods sold</div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">8,592,366</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">6,774,001</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">24,493,672</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt">$</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt">19,256,953</div></div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="font-size: 10pt; padding-bottom: 2.25pt"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-size: 8pt"> </div></div></td> <td style="padding-bottom: 2.25pt; font-size: 10pt; text-align: left"><div style="display: inline; font-size: 8pt"> </div></td> </tr> </table> </div> <div style=" font-size: 10pt; margin-top: 0; margin-bottom: 0; text-align: left">______________________________________</div> <div style=" font-size: 10pt; margin-top: 0; margin-bottom: 0; text-align: left"> </div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0; margin-bottom: 0; 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-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 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-weight: inherit; font-style: normal;">not</div> utilized in evaluating product performance, nor does such allocation occur for internal financial reporting.</div> <div style=" font-size: 10pt; margin: 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0 0 12pt"><div style="display: inline; font-style: italic;">Geographic Information</div></div> <div style=" font-size: 10pt; margin: 0 0 12pt">Net sales by geographic location for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> were as follows:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Inside the U.S.A. to unaffiliated customers</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,434,991</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,967,459</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,771,031</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,363,291</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Outside the U.S.A. to:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0pt; padding-left: 10pt">Joint ventures in which the Company is a shareholder directly and indirectly</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">879,324</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">862,136</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,201,077</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,115,511</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Unaffiliated customers</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,609,522</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,393,424</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,708,742</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,189,143</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,223,019</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,667,945</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0"></div>  <div style=" font-size: 10pt; margin: 0"></div> <div style=" font-size: 10pt; margin: 0 0 12pt">Net sales by geographic location are based on the location of the customer. Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> were as follows:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; padding-left: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">224,366</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.9</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">212,257</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,107</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">180,969</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,335</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.2</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">153,903</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,588</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">150,139</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">146,949</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,455</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,894</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,771</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,131</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">74,135</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,574</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92,954</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,402</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,012</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,931</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,768</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,778</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,469</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,445</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,216</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,508,500</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,442,048</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; 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: 40%; font-size: 10pt; padding-left: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,939</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">614,766</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.6</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,221</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">483,626</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529,412</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">445,662</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.3</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">448,707</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">314,664</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">416,913</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">293,240</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,205</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">339,852</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">283,193</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">218,249</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.5</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">279,524</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">284,435</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.2</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,137</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">227,140</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,980</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">229,200</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-left: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">247,574</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221,294</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.6</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">264,727</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">269,539</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right; padding-bottom: 2.5pt; padding-left: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,624,532</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,941,667</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0">The geographical distribution of key financial statement data is as follows:</div> <div style=" font-size: 10pt; margin: 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">At August 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 58%; font-size: 10pt; text-align: justify; padding-left: 10pt">China</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">251,848</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">228,458</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Brazil</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,161</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,646</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">Germany</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,155</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,171</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-left: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,628</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,712</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; padding-left: 10pt">United States</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,868,515</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,047,675</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total property and equipment</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,233,307</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,359,662</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div><div style=" font-size: 10pt; margin: 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; padding-left: 10pt">China</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,069,232</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,695,508</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,176,174</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,991,807</div></td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-left: 10pt">Brazil</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">853,675</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">565,089</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,310,131</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,683,255</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">564,339</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">323,551</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,642,633</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,057,132</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">Germany</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">312,057</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">161,139</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">556,859</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">378,635</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10pt; padding-left: 20pt">Other</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">955,418</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">583,752</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,318,569</div></td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,115,511</div></td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt; padding-left: -10pt">United States</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,169,116</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,893,980</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,676,484</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,441,605</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total net sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,223,019</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,667,945</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0"> </div> <div style=" font-size: 10pt; margin: 0 0 12pt">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.</div> <div style=" font-size: 10pt; margin: 0 0 12pt">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-weight: inherit; font-style: normal;">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-size: 10pt; margin: 0 0 12pt">All joint venture operations, including equity in income, fees for services and related dividends, are primarily related to ZERUST® products and services.</div></div>

2784694

2430824

8028279

6716390

309743

293748

P3Y

P4Y

0.0218

0.459

0.464

0.0187

0.0163

800000

100000

47252

56677

7.75

7.69

11.59

10.25

18.35

13.40

P10Y

P6Y189D

P6Y266D

0.9

891

3029

985

1098

4410

4000

309473

293748

14525

51823990

48860628

54864902

51718076

13.51

4707032

4591527

4663847

4571395

4539353

4526771

4538838

4528523

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. xbrli:shares xbrli:pure iso4217:USD iso4217:USD xbrli:shares 0000875582 2016-09-01 2016-09-01 0000875582 2016-09-01 2017-05-31 0000875582 us-gaap:EmployeeStockOptionMember 2016-09-01 2017-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:NaturTecMember 2016-09-01 2017-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:ZERUSTMember 2016-09-01 2017-05-31 0000875582 ntic:IndirectCostOfGoodsSoldMember 2016-09-01 2017-05-31 0000875582 ntic:InsideTheUSAToUnaffiliatedCustomersMember 2016-09-01 2017-05-31 0000875582 ntic:JointVenturesInWhichTheCompanyIsAShareholderDirectlyAndIndirectlyOutsideTheUSAMember 2016-09-01 2017-05-31 0000875582 ntic:UnaffiliatedCustomersOutsideTheUSAMember 2016-09-01 2017-05-31 0000875582 ntic:The2007PlanMember 2016-09-01 2017-05-31 0000875582 ntic:AllOtherMember 2016-09-01 2017-05-31 0000875582 ntic:EXCORMember 2016-09-01 2017-05-31 0000875582 ntic:NaturTecMember 2016-09-01 2017-05-31 0000875582 ntic:ZERUSTMember 2016-09-01 2017-05-31 0000875582 country:BR 2016-09-01 2017-05-31 0000875582 country:CN 2016-09-01 2017-05-31 0000875582 country:CZ 2016-09-01 2017-05-31 0000875582 country:DE 2016-09-01 2017-05-31 0000875582 country:FI 2016-09-01 2017-05-31 0000875582 country:FR 2016-09-01 2017-05-31 0000875582 country:GB 2016-09-01 2017-05-31 0000875582 country:IN 2016-09-01 2017-05-31 0000875582 country:JP 2016-09-01 2017-05-31 0000875582 country:KR 2016-09-01 2017-05-31 0000875582 ntic:OtherCountriesMember 2016-09-01 2017-05-31 0000875582 country:PL 2016-09-01 2017-05-31 0000875582 country:SE 2016-09-01 2017-05-31 0000875582 country:TH 2016-09-01 2017-05-31 0000875582 country:US 2016-09-01 2017-05-31 0000875582 2016-09-01 2017-08-31 0000875582 ntic:AllOtherMember 2016-09-01 2017-08-31 0000875582 ntic:EXCORMember 2016-09-01 2017-08-31 0000875582 2017-03-01 2017-03-01 0000875582 2017-03-01 2017-05-31 0000875582 us-gaap:EmployeeStockOptionMember 2017-03-01 2017-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:NaturTecMember 2017-03-01 2017-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:ZERUSTMember 2017-03-01 2017-05-31 0000875582 ntic:IndirectCostOfGoodsSoldMember 2017-03-01 2017-05-31 0000875582 ntic:InsideTheUSAToUnaffiliatedCustomersMember 2017-03-01 2017-05-31 0000875582 ntic:JointVenturesInWhichTheCompanyIsAShareholderDirectlyAndIndirectlyOutsideTheUSAMember 2017-03-01 2017-05-31 0000875582 ntic:UnaffiliatedCustomersOutsideTheUSAMember 2017-03-01 2017-05-31 0000875582 ntic:AllOtherMember 2017-03-01 2017-05-31 0000875582 ntic:EXCORMember 2017-03-01 2017-05-31 0000875582 ntic:NaturTecMember 2017-03-01 2017-05-31 0000875582 ntic:ZERUSTMember 2017-03-01 2017-05-31 0000875582 country:BR 2017-03-01 2017-05-31 0000875582 country:CN 2017-03-01 2017-05-31 0000875582 country:CZ 2017-03-01 2017-05-31 0000875582 country:DE 2017-03-01 2017-05-31 0000875582 country:FI 2017-03-01 2017-05-31 0000875582 country:FR 2017-03-01 2017-05-31 0000875582 country:GB 2017-03-01 2017-05-31 0000875582 country:IN 2017-03-01 2017-05-31 0000875582 country:JP 2017-03-01 2017-05-31 0000875582 country:KR 2017-03-01 2017-05-31 0000875582 ntic:OtherCountriesMember 2017-03-01 2017-05-31 0000875582 country:PL 2017-03-01 2017-05-31 0000875582 country:SE 2017-03-01 2017-05-31 0000875582 country:TH 2017-03-01 2017-05-31 0000875582 country:US 2017-03-01 2017-05-31 0000875582 2017-09-01 2017-09-01 0000875582 2017-09-01 2018-05-31 0000875582 us-gaap:EmployeeStockOptionMember 2017-09-01 2018-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:NaturTecMember 2017-09-01 2018-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:ZERUSTMember 2017-09-01 2018-05-31 0000875582 ntic:IndirectCostOfGoodsSoldMember 2017-09-01 2018-05-31 0000875582 us-gaap:RevolvingCreditFacilityMember ntic:PNCBankMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-09-01 2018-05-31 0000875582 ntic:TermLoanAndLineOfCreditAgreementsLoanAgreementsMember 2017-09-01 2018-05-31 0000875582 ntic:Fiscal2018BonusPlanMember us-gaap:ExecutiveOfficerMember 2017-09-01 2018-05-31 0000875582 ntic:PatentsAndTrademarksMember 2017-09-01 2018-05-31 0000875582 ntic:InsideTheUSAToUnaffiliatedCustomersMember 2017-09-01 2018-05-31 0000875582 ntic:JointVenturesInWhichTheCompanyIsAShareholderDirectlyAndIndirectlyOutsideTheUSAMember 2017-09-01 2018-05-31 0000875582 ntic:UnaffiliatedCustomersOutsideTheUSAMember 2017-09-01 2018-05-31 0000875582 ntic:FeesForServicesProvidedToJointVenturesMember 2017-09-01 2018-05-31 0000875582 ntic:ESPPMember 2017-09-01 2018-05-31 0000875582 ntic:The2007PlanMember 2017-09-01 2018-05-31 0000875582 ntic:The2007PlanMember srt:MaximumMember ntic:OneYearAfterDateOfGrantMember 2017-09-01 2018-05-31 0000875582 ntic:The2007PlanMember srt:MinimumMember ntic:OneYearAfterDateOfGrantMember 2017-09-01 2018-05-31 0000875582 ntic:AllOtherMember 2017-09-01 2018-05-31 0000875582 ntic:EXCORMember 2017-09-01 2018-05-31 0000875582 ntic:NaturTecMember 2017-09-01 2018-05-31 0000875582 ntic:ZERUSTMember 2017-09-01 2018-05-31 0000875582 country:BR 2017-09-01 2018-05-31 0000875582 country:CN 2017-09-01 2018-05-31 0000875582 country:CZ 2017-09-01 2018-05-31 0000875582 country:DE 2017-09-01 2018-05-31 0000875582 country:FI 2017-09-01 2018-05-31 0000875582 country:FR 2017-09-01 2018-05-31 0000875582 country:GB 2017-09-01 2018-05-31 0000875582 country:IN 2017-09-01 2018-05-31 0000875582 country:JP 2017-09-01 2018-05-31 0000875582 country:KR 2017-09-01 2018-05-31 0000875582 ntic:OtherCountriesMember 2017-09-01 2018-05-31 0000875582 country:PL 2017-09-01 2018-05-31 0000875582 country:SE 2017-09-01 2018-05-31 0000875582 country:TH 2017-09-01 2018-05-31 0000875582 country:US 2017-09-01 2018-05-31 0000875582 us-gaap:ScenarioForecastMember 2017-09-01 2018-08-31 0000875582 2017-11-20 2017-11-20 0000875582 2018-01-16 2018-05-31 0000875582 2018-01-24 2018-01-24 0000875582 2018-03-01 2018-03-01 0000875582 2018-03-01 2018-05-31 0000875582 us-gaap:EmployeeStockOptionMember 2018-03-01 2018-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:NaturTecMember 2018-03-01 2018-05-31 0000875582 ntic:DirectCostOfGoodsSoldMember ntic:ZERUSTMember 2018-03-01 2018-05-31 0000875582 ntic:IndirectCostOfGoodsSoldMember 2018-03-01 2018-05-31 0000875582 ntic:InsideTheUSAToUnaffiliatedCustomersMember 2018-03-01 2018-05-31 0000875582 ntic:JointVenturesInWhichTheCompanyIsAShareholderDirectlyAndIndirectlyOutsideTheUSAMember 2018-03-01 2018-05-31 0000875582 ntic:UnaffiliatedCustomersOutsideTheUSAMember 2018-03-01 2018-05-31 0000875582 ntic:AllOtherMember 2018-03-01 2018-05-31 0000875582 ntic:EXCORMember 2018-03-01 2018-05-31 0000875582 ntic:NaturTecMember 2018-03-01 2018-05-31 0000875582 ntic:ZERUSTMember 2018-03-01 2018-05-31 0000875582 country:BR 2018-03-01 2018-05-31 0000875582 country:CN 2018-03-01 2018-05-31 0000875582 country:CZ 2018-03-01 2018-05-31 0000875582 country:DE 2018-03-01 2018-05-31 0000875582 country:FI 2018-03-01 2018-05-31 0000875582 country:FR 2018-03-01 2018-05-31 0000875582 country:GB 2018-03-01 2018-05-31 0000875582 country:IN 2018-03-01 2018-05-31 0000875582 country:JP 2018-03-01 2018-05-31 0000875582 country:KR 2018-03-01 2018-05-31 0000875582 ntic:OtherCountriesMember 2018-03-01 2018-05-31 0000875582 country:PL 2018-03-01 2018-05-31 0000875582 country:SE 2018-03-01 2018-05-31 0000875582 country:TH 2018-03-01 2018-05-31 0000875582 country:US 2018-03-01 2018-05-31 0000875582 2018-04-25 2018-04-25 0000875582 2016-08-31 0000875582 2017-05-31 0000875582 2017-08-31 0000875582 us-gaap:RevolvingCreditFacilityMember ntic:PNCBankMember 2017-08-31 0000875582 us-gaap:FairValueInputsLevel1Member 2017-08-31 0000875582 us-gaap:FairValueInputsLevel2Member 2017-08-31 0000875582 us-gaap:FairValueInputsLevel3Member 2017-08-31 0000875582 ntic:PatentsAndTrademarksMember 2017-08-31 0000875582 ntic:JPMorganChaseBankMember 2017-08-31 0000875582 ntic:PNCBankMember 2017-08-31 0000875582 ntic:AllOtherMember 2017-08-31 0000875582 ntic:EXCORMember 2017-08-31 0000875582 country:BR 2017-08-31 0000875582 country:CN 2017-08-31 0000875582 country:DE 2017-08-31 0000875582 country:IN 2017-08-31 0000875582 country:US 2017-08-31 0000875582 2018-01-15 0000875582 2018-05-31 0000875582 us-gaap:LetterOfCreditMember ntic:PNCBankMember 2018-05-31 0000875582 us-gaap:RevolvingCreditFacilityMember ntic:PNCBankMember 2018-05-31 0000875582 us-gaap:FairValueInputsLevel1Member 2018-05-31 0000875582 us-gaap:FairValueInputsLevel2Member 2018-05-31 0000875582 us-gaap:FairValueInputsLevel3Member 2018-05-31 0000875582 ntic:PatentsAndTrademarksMember 2018-05-31 0000875582 ntic:JPMorganChaseBankMember 2018-05-31 0000875582 ntic:PNCBankMember 2018-05-31 0000875582 ntic:ESPPMember 2018-05-31 0000875582 ntic:The2007PlanMember 2018-05-31 0000875582 ntic:AllOtherMember 2018-05-31 0000875582 ntic:EXCORMember 2018-05-31 0000875582 country:BR 2018-05-31 0000875582 country:CN 2018-05-31 0000875582 country:DE 2018-05-31 0000875582 country:IN 2018-05-31 0000875582 country:US 2018-05-31 0000875582 2018-07-13

EX-101.SCH 7 ntic-20180531.xsd XBRL SCHEMA FILE 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink 001 - Statement - Consolidated Balance Sheets (Current Period Unaudited) link:calculationLink link:definitionLink link:presentationLink 002 - Statement - Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) link:calculationLink link:definitionLink link:presentationLink 003 - Statement - Consolidated Statements of Operations (Unaudited) link:calculationLink link:definitionLink link:presentationLink 004 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) link:calculationLink link:definitionLink link:presentationLink 005 - Statement - Consolidated Statements of Cash Flows (Unaudited) link:calculationLink link:definitionLink link:presentationLink 006 - Disclosure - Note 1 - Interim Financial Information link:calculationLink link:definitionLink link:presentationLink 007 - Disclosure - Note 2 - Accounting Pronouncements link:calculationLink link:definitionLink link:presentationLink 008 - Disclosure - Note 3 - Inventories link:calculationLink link:definitionLink link:presentationLink 009 - Disclosure - Note 4 - Property and Equipment, Net link:calculationLink link:definitionLink link:presentationLink 010 - Disclosure - Note 5 - Patents and Trademarks, Net link:calculationLink link:definitionLink link:presentationLink 011 - Disclosure - Note 6 - Investments in Joint Ventures link:calculationLink link:definitionLink link:presentationLink 012 - Disclosure - Note 7 - Corporate Debt link:calculationLink link:definitionLink link:presentationLink 013 - Disclosure - Note 8 - Stockholders' Equity link:calculationLink link:definitionLink link:presentationLink 015 - Disclosure - Note 10 - Stock-based Compensation link:calculationLink link:definitionLink link:presentationLink 016 - Disclosure - Note 11 - Segment and Geographic Information link:calculationLink link:definitionLink link:presentationLink 017 - Disclosure - Note 12 - Commitments and Contingencies link:calculationLink link:definitionLink link:presentationLink 018 - Disclosure - Note 13 - Fair Value Measurements link:calculationLink link:definitionLink link:presentationLink 019 - Document - Note 14 - Supplemental Cash Flow Information link:calculationLink link:definitionLink link:presentationLink 020 - Disclosure - Note 15 - Income Taxes link:calculationLink link:definitionLink link:presentationLink 021 - Disclosure - Note 3 - Inventories (Tables) link:calculationLink link:definitionLink link:presentationLink 022 - Disclosure - Note 4 - Property and Equipment, Net (Tables) link:calculationLink link:definitionLink link:presentationLink 023 - Disclosure - Note 5 - Patents and Trademarks, Net (Tables) link:calculationLink link:definitionLink link:presentationLink 024 - Disclosure - Note 6 - Investments in Joint Ventures (Tables) link:calculationLink link:definitionLink link:presentationLink 025 - Disclosure - Note 8 - Stockholders' Equity (Tables) link:calculationLink link:definitionLink link:presentationLink 027 - Disclosure - Note 10 - Stock-based Compensation (Tables) link:calculationLink link:definitionLink link:presentationLink 028 - Disclosure - Note 11 - Segment and Geographic Information (Tables) link:calculationLink link:definitionLink link:presentationLink 029 - Disclosure - Note 13 - Fair Value Measurements (Tables) link:calculationLink link:definitionLink link:presentationLink 030 - Disclosure - Note 14 - Supplemental Cash Flow Information (Tables) link:calculationLink link:definitionLink link:presentationLink 031 - Disclosure - Note 3 - Inventories - Inventories (Details) link:calculationLink link:definitionLink link:presentationLink 032 - Disclosure - Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) link:calculationLink link:definitionLink link:presentationLink 033 - Disclosure - Note 5 - Patents and Trademarks, Net (Details Textual) link:calculationLink link:definitionLink link:presentationLink 034 - Disclosure - Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) link:calculationLink link:definitionLink link:presentationLink 035 - Disclosure - Note 6 - Investments in Joint Ventures (Details Textual) link:calculationLink link:definitionLink link:presentationLink 036 - Disclosure - Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) link:calculationLink link:definitionLink link:presentationLink 037 - Disclosure - Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) link:calculationLink link:definitionLink link:presentationLink 038 - Disclosure - Note 7 - Corporate Debt (Details Textual) link:calculationLink link:definitionLink link:presentationLink 039 - Disclosure - Note 8 - Stockholders' Equity (Details Textual) link:calculationLink link:definitionLink link:presentationLink 040 - Disclosure - Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) link:calculationLink link:definitionLink link:presentationLink 043 - Disclosure - Note 10 - Stock-based Compensation (Details Textual) link:calculationLink link:definitionLink link:presentationLink 044 - Disclosure - Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details) link:calculationLink link:definitionLink link:presentationLink 045 - Disclosure - Note 11 - Segment and Geographic Information (Details Textual) link:calculationLink link:definitionLink link:presentationLink 046 - Disclosure - Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) link:calculationLink link:definitionLink link:presentationLink 047 - Disclosure - Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) link:calculationLink link:definitionLink link:presentationLink 048 - Disclosure - Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) link:calculationLink link:definitionLink link:presentationLink 049 - Disclosure - Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) link:calculationLink link:definitionLink link:presentationLink 050 - Disclosure - Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) link:calculationLink link:definitionLink link:presentationLink 051 - Disclosure - Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) link:calculationLink link:definitionLink link:presentationLink 052 - Disclosure - Note 12 - Commitments and Contingencies (Details Textual) link:calculationLink link:definitionLink link:presentationLink 053 - Disclosure - Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) link:calculationLink link:definitionLink link:presentationLink 054 - Disclosure - Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) link:calculationLink link:definitionLink link:presentationLink 055 - Disclosure - Note 15 - Income Taxes (Details Textual) link:calculationLink link:definitionLink link:presentationLink EX-101.CAL 8 ntic-20180531_cal.xml XBRL CALCULATION FILE EX-101.DEF 9 ntic-20180531_def.xml XBRL DEFINITION FILE EX-101.LAB 10 ntic-20180531_lab.xml XBRL LABEL FILE Document And Entity Information us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo Finite-Lived Intangible Assets, Amortization Expense, Year Two Dividend yield us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree Finite-Lived Intangible Assets, Amortization Expense, Year Three Note To Financial Statement Details Textual us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour Finite-Lived Intangible Assets, Amortization Expense, Year Four Note 3 - Inventories us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive Finite-Lived Intangible Assets, Amortization Expense, Year Five Note 4 - Property and Equipment, Net Note 5 - Patents and Trademarks, Net Average risk-free interest rate Note 6 - Investments in Joint Ventures Note 8 - Stockholders' Equity us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months Note 9 - Net Income Per Common Share ntic_AllocatedShareBasedCompensationExpenseEstimateRemainderOfFiscalYear Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year Estimated expense to be recognized for the remainder of the fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Note 10 - Stock-based Compensation Note 11 - Segment and Geographic Information ntic_AllocatedShareBasedCompensationExpenseEstimateNextFiscalYear Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year Estimated expense to be recognized for the next fiscal year following the most recent fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Note 13 - Fair Value Measurements Income Tax Disclosure [Text Block] Note 14 - Supplemental Cash Flow Information us-gaap_StockOptionPlanExpense Stock or Unit Option Plan Expense Note 3 - Inventories - Inventories (Details) ntic_AllocatedShareBasedCompensationExpenseEstimateFiscalYearTwo Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two Estimated expense to be recognized for the second fiscal year following the most recent fiscal year arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) us-gaap_OtherAssetsNoncurrent Other us-gaap_ShareBasedCompensation Stock-based compensation Expected volatility us-gaap_LiabilitiesCurrent Total current liabilities Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) Title of Individual [Axis] Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) us-gaap_FiniteLivedIntangibleAssetUsefulLife Finite-Lived Intangible Asset, Useful Life Relationship to Entity [Domain] Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details) Expected life of option (Year) Inside the USA to Unaffiliated Customers [Member] Inside the USA to Unaffiliated Customers. Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member] Joint ventures in which the company is a shareholder directly and indirectly outside the USA [member] Unaffiliated Customers Outside the USA [Member] Unaffiliated customers outside the USA [member] Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) us-gaap_Revenues Total net sales Total net sales us-gaap_AdjustmentForAmortization Amortization expense Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) OPERATING EXPENSES: Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) Notes To Financial Statements Notes To Financial Statements [Abstract] Fees for Services Provided to Joint Ventures [Member] Represents fees for services provided to joint ventures. ntic_TotalFeesForServicesProvidedToJointVenturesGeographicLocation Fees Total fees for services provided to joint ventures by geographic locations. Schedule of Finite-Lived Intangible Assets [Table Text Block] Deferred Bonus and Profit Sharing Arrangements, Individual Contracts, Type of Deferred Compensation [Axis] Deferred Bonus and Profit Sharing Arrangement, Individual Contract, Type of Deferred Compensation [Domain] OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT us-gaap_Depreciation Depreciation expense ntic_EntityWideFeesForServicesProvidedToJointVenturesGeographicPercentage Percentage of total fees Percentage of entity wide fees for services provided to joint ventures generated from geographic location. Intangible Assets Disclosure [Text Block] us-gaap_AssetsCurrent Total current assets Stockholders' Equity Note Disclosure [Text Block] us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Total equity us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value Income taxes Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] Common stock, $0.02 par value per share; authorized 15,000,000 shares as of May 31, 2018 and 10,000,000 shares as of August 31, 2017; issued and outstanding 4,541,304 and 4,535,018, respectively Adjustments to reconcile net income to net cash (used in) provided by operating activities: us-gaap_CommonStockSharesAuthorized Common Stock, Shares Authorized Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price Payroll and related benefits Income taxes payable Range [Domain] Maximum [Member] Minimum [Member] Accounts payable Revolving Credit Facility [Member] ZERUST [Member] Represents ZERUST. Product and Service [Axis] NaturTec [Member] Represents NaturTec segment. Product and Service [Domain] Range [Axis] Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block] Tabular disclosure of all significant reconciling items in the reconciliation of total cost of goods sold from reportable segments to the entity's consolidated revenues. Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] Investment, Name [Domain] Deferred income taxes Credit Facility [Axis] Credit Facility [Domain] Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding Cost of Goods Sold Type [Axis] Cost of goods sold type [axis] us-gaap_OtherAccruedLiabilitiesCurrent Other Cost of Goods Sold Type [Domain] Preferred stock, shares issued (in shares) Direct Cost of Goods Sold [Member] Direct cost of goods sold [member] Cash paid for interest Indirect Cost of Goods Sold [Member] Indirect cost of goods sold [member] us-gaap_PolicyTextBlockAbstract Accounting Policies Cash Flow, Supplemental Disclosures [Text Block] Prepaid expenses Investment, Name [Axis] ntic_CostOfGoodsSoldAsPercentageOfProductSales ZERUST® Represents cost of goods sold as percentage of product sales. Preferred stock, par value (in dollars per share) us-gaap_NoncurrentAssets Property and equipment Property, Plant and Equipment Disclosure [Text Block] Geographical [Axis] Property, Plant and Equipment [Table Text Block] Geographical [Domain] Preferred stock, shares authorized (in shares) ntic_PercentageOfIndividualBonusPayoutDeterminedByActualVersusTargetedEBITOIResults Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results Percentage of individual's bonus payout determined based upon the Company's actual EBITOI for the fiscal year compared to pre-established target EBITOI for the fiscal year. Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] us-gaap_InventoryNet Total inventory JOINT VENTURE OPERATIONS: Joint venture operations ntic_PercentageOfIndividualsPayoutDeterminedUponAchievementOfCertainPreEstablishedIndividualPerformanceObjectives Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives Percentage of individual's payout determined based upon achievement of certain pre-established individual performance objectives. ntic_EntityWideTradeJointVentureReceivablesThreeJointVenturesPercentage Entity Wide Trade Joint Venture Receivables, Three Joint Ventures,Percentage Percentage of total trade joint venture receivables accounted for by three joint ventures. WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING: Weighted average number of shares outstanding, basic and diluted[abstract] Other Countries [Member] Countries identified as "Other". us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent us-gaap_PaymentsToAcquireIntangibleAssets Additions to patents Fair Value, Inputs, Level 3 [Member] us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Additions to property and equipment us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements Weighted shares assumed upon exercise of stock options (in shares) Accrued liabilities: Fair Value Hierarchy and NAV [Domain] us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized Inventories Fair Value, Inputs, Level 1 [Member] Fair Value, Inputs, Level 2 [Member] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Cash paid for income taxes Fair Value Hierarchy and NAV [Axis] us-gaap_ProceedsFromDividendsReceived Dividends received from joint ventures Reconciliation of Revenue from Segments to Consolidated [Table Text Block] CURRENT LIABILITIES: Vesting [Axis] Vesting [Domain] us-gaap_Assets Total assets PNC Bank [Member] Represents PNC bank. Plan Name [Axis] Plan Name [Domain] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options Non-controlling interest CASH FLOWS FROM OPERATING ACTIVITIES: One Year after Date of Grant [Member] The vesting term that options become exercisable. Statement [Line Items] Trade allowance us-gaap_NumberOfReportableSegments Number of Reportable Segments Receivables: NET SALES: Finite-Lived Intangible Assets by Major Class [Axis] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Finite-Lived Intangible Assets, Major Class Name [Domain] Additional paid-in capital ntic_NumberOfStockBasedCompensationPlans Number of Stock-based Compensation Plans The number of stock-based compensation plans administered by the Compensation Committee of the Board of Directors and the Board of Directors, during the period. Segment Reporting Disclosure [Text Block] CURRENT ASSETS: Cash and cash equivalents us-gaap_NetIncomeLoss NET INCOME ATTRIBUTABLE TO NTIC Net income attributable to NTIC us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization Less accumulated amortization Patents and trademarks, net Patents and trademarkes, net us-gaap_EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss Net income INTEREST INCOME us-gaap_FiniteLivedIntangibleAssetsGross Patents and trademarks OTHER ASSETS: NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash used in financing activities us-gaap_EquityMethodInvestmentSummarizedFinancialInformationRevenue Net sales COMMITMENTS AND CONTINGENCIES (Note 12) us-gaap_EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss Gross profit us-gaap_OtherOperatingIncome Total joint venture operations Joint ventures’ equity OPERATING INCOME Employee Stock Option [Member] us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash (used in) provided by operating activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash used in investing activities us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] us-gaap_GrossProfit Gross profit Cost of goods sold Cost of goods sold EX-101.PRE 11 ntic-20180531_pre.xml XBRL PRESENTATION FILE GRAPHIC 12 sig.jpg GRAPHIC begin 644 sig.jpg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end GRAPHIC 13 sig_311.jpg GRAPHIC begin 644 sig_311.jpg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end GRAPHIC 14 sig_312.jpg GRAPHIC begin 644 sig_312.jpg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end GRAPHIC 15 sig_321.jpg GRAPHIC begin 644 sig_321.jpg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sig_322.jpg GRAPHIC begin 644 sig_322.jpg M_]C_X 02D9)1@ ! 0$ > !X #_VP!# ," @," @,# P,$ P,$!0@%!00$ M!0H'!P8(# H,# L*"PL-#A(0#0X1#@L+$!80$1,4%145# \7&!84&!(4%13_ MVP!# 0,$! 4$!0D%!0D4#0L-%!04%!04%!04%!04%!04%!04%!04%!04%!04 M%!04%!04%!04%!04%!04%!04%!04%!3_P 1" !G + # 2( A$! Q$!_\0 M'P 04! 0$! 0$ $" P0%!@<("0H+_\0 M1 @$# P($ P4% M! 0 %] 0(# 01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D* M%A<8&1HE)B7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$ P$! 0$! M 0$! 0 $" P0%!@<("0H+_\0 M1$ @$"! 0#! <%! 0 0)W $" M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,! (1 Q$ /P#]4Z*** "B MBB@ HHHH ***X3XH_&30?A/'I2ZJ9[B\U2[CL[6SM(S)*[.VW=@=%'"[R>TS)K,T3+9Q* Q#8^^1Z#( M_$B@#T2BO$?AOXHU?P)8> /!&M:I)XG\8ZU'+?WTUV0LD$ &]F('3&X*!Z@U M[=0 4444 %%%% !1110 4R25(5W2.J+TW,<"J/B#Q!I_A71KK5=4N4M+&U0R M2RR'@ ?S/M7PCJGQ2\7?M7?$F>UL9_\ A'?".BRM/:VY9E=%C^_>76#T ^Y' M_>Z]* /6_P!J[]HCQ'X>L4\-?#3R[C7IKV&PNK\#>8'D; BA'\4N.O91R:ZK MX:^%;CQ)XR6ZUVX&JZGI$<3:E=E0R&["_);JW0B(9)(_B/->4^#=+-OILWQ% MM[*::ZDE;1_ VF7'#RR/\KW\BGK(YR^[LJ^]>N:!XZTWX->*?!?PK@L+C6=8 MU4//J6I0L-L4S#26;/T&* /:M4U*WT?3;J_NW\JUMHFFE?&<*HR3^0K MF_A=\3=)^+GA.+Q%HB7"6$DLD*BZB,;Y0X)P>QKYC\7?M!^(_'?Q6U;1-&N+ M7_A"87^PS030D._E9EN)B_\ ="+@8]Z]_P#@C96/@GX*Z/++)]FLQ ][+)-Q M@.[/GZ8(Q^% 'H]Q<16L,DTTBQ0QJ6>1R J@=23V%>97'[0&BS&]?1=*U?Q% M8V(WW.H6%J3;*@^\RR$@/@9)QV%94T,OQ2MY=>\7W']A^ 8&,EKILS^2;Q!_ MRUN3D?*>T?YUF3-?_'&./P]X8MY?#7PTM66.YU!8O)?44'6"W3 VQ=BW<'B@ M#VO0]:L_$6D6FIZ=.MS8W<8EAF7HZGH:I^+_ !CH_@/P_=:UKU_#IVG6R[GF MF8*/91ZD] !UKE_$/Q'T?P/';^&O#U@VMZW'#Y=IHFF 'RPH D;I$HXY;\J M\?\ $7PNU3XP?%30=-\=7B:DMCMU>\TNR;_0K%%(\F$@\O(S\C=0.P->Q3>-+*+QM; M^%U6274);1KQB@RL48.!N/;)Z4OC;Q=I_P /?".H:YJ!V65A#OV1C+,>BHH[ MDG ]Z\;M=4USP;X+?5[I?.^)?CNX\NRM7ZVH8?(GLD*'>(=593H M&AHMU*ARIAC7+PPMZEO]8W_ 16-XPL4\#:#9_#/PW')JMTTZS:K=$GS+_492 M& 8_Q*#EW]% %=UK'A^R\"^%-*^&]E=*VIZQOOM;OSP5MU^:YG8]@<;5![<4 M 9OP7COO&'QRUCQ??Q%)I-*5O+DP3;(\A\B,=US&-Q]+/'7BR:=-+\,+X;L02L=]KD@,K\<,(5Y'_ (UH6_P MYNK^YM;OQ!XBU#5)H3N-M _V>U8^\:]0.W- '<4444 %8GC+QEI'@'P_=:UK M=VMG8VZY+-RSMV15ZLQ/ ZUS/C'XRZ=X7U"XTFVTO5-:U]2$AT^SM6/FL5W M#]X1M"XZDGBN-D\*3Z;]M^)/Q(9M-,4#(.#_K)NV[UZ4 > M)_M'?$#Q)JEGH#8W_>1*_WKZY'31IJ?C;6(.#Y ^[;!NQ<\?3)[U9\'QGP_'K/Q^\?6K7'BG6 M+3PUH[_?L[5SB""-3TDDR&8]>?:NGD\/:SX%\#IH\-TDGQ#\6OT MKY_\3^,=6D/B?QXYB'B.Z@.GZ)TC9))U!D/KF*(JF>Q>NL_:UT^X\,^$?"?A M3P7XEO+.RU94L+71=.BCDBE",&$A.+6_A#2?#GCQ[WQ1XFU3Q+ MI7AE_M=Q'/%K[7/#GA^98KHJPM[.XN$ MQMB:4\&-."5 Y(KF?AOX1U+X&_#+4?$>J3F_^*'Q"U0(A;YC;23L?+A4=EC7 MEL=Q7TWX+\+6W@SPS8Z3; $0)^\D[R2'EW/N6R: //M-^"^H^+KZUU3XE:K' MKLEN0]OH-DIBTVW8'()3K*P]6X]J];CC2&-8XT5$4855& !Z 4ZDS0!S7B*^ MT7X:WK,4<7B+7)?M MVH,N?DX_=Q9/9%P/KFN#^)'C"QUSQ9J=UJ+22>"_ J+>WRPIO%[?8S'$,==G M&1ZD9KBOAS\7_&7[17@V#14B31;S5I9[K4[A1AM+TTOMC@X_Y;NH/7H"30!Z M+<72?%[QHNIS2JOPZ\,DW"SL<1:A>)G+Y[QQ8/U:N USXMV.@Z+KOQRUYO,L M0K:9X1L'P,H3M\\ _P 4A&3_ +(QWKYW^+W[:/\ PDUY/\&?AYX*U)_#=A)] MAN[S349C/''G=$N -@8CYF)Z9]:\K\:?#GXX_&*]\!GQ':R6^CZX'TSP_H\$ M>W[ D0R)G3.U<^ISA1[T >A_"7]J1/"7Q>U+Q'XZ\3V-M86UF]S:Z.(?M%_> MSR@_)%MSAF(!)'08%>L_"_Q/\3/CM<7FK)X$O;+2]>??>W>KOY DB4_NX%/4 M0@8RH&6)-=?^SC_P3I\%_!/Q9#XTUF^N/%_C#RLF>^11;P2L/G:.,#'7H3TK MZW50J@ 8 X % 'G-C\,=4UC3;:W\5:])-;1\?V7I"_9;4)C B)'S.H]R*ZSP MYX*T'PC#Y>C:1::<,8+0Q .WU;J?Q-;=% !1110 4444 %>">()6^/?Q8;P] ML67X>^$Y%GU28M^[O[\8=,X%=I\;O'%_P"&]!MM&\/8E\6Z]+]B MTV($;H\_ZR#VDBT5'_ -7<7*@B:[(_NI@JOXFO M,O&GB35/B1XSM=!T6XD7Q/XX1E$Q4J='\/HV'?'\,DO.#WW5[SXQ\(E/#OAW MX?:#:M::1.5BNY44[([.( NI8='? 'OS7E=S\ =7\'_&+QEKNCW$>F:7XFMX M([OQ+>7@$FFVL8 :V@0_=R0,'H 3WH \\\=R>&]%\1>+OB5%,R>'/A3I'_"- MZ#$A+!+YP!),/[Q7(Q[YKP;X0^&=7_:.^+%EX7L99!H^@J-6UG4!"?W\[+^[ M49[@9VD]V)[5]"ZQ\%;;Q=>:KX,T\W?BCX;W&J-J9TG25:W,]P=NY+FZ?Y?+ M!7(VYR2:]R^%?P"3X=:;J4&D&/PQ'J=Q]IN5LF\ZX8X ">:W0* ,4 >+? 6 M'5=-^(W@CPMX@TF]T'3_ Y9ZAJ/FZXX7[7-+,8XVCW,22HQS7UO:^+M/U)K MM-/:2_DM9#%*L,9PK#MD@#\1FO.O'7[-ND>,-0TW6K?6=3TOQ3IQ;[/K1<7$ MFT]4='&UE]L=:S;SX2W5C8S3?$'XJZE>Z/DL]LABTR KC[K%.2/8&@#H=8^, M;76JG0?"UDNO:^PVR1V[;X;'/\<\H^4 '^$<]JW?!_@N[T&235]?UNXUC69% M)DDDDVVUN".5B3HJ_6O//"/Q.TE+&/0/A#X,GU.RCRHU$PFUT^-O[S2.-TAS MUQR?6M*U^#?B7QO)]H^)/BE]1MW&'\/Z+NMK#';7> MD7FF/XDNK>_N;\Z%HLJW'VNXDD;_ $BYN!^[1=NT!,DCN*]2\-? _7M8TR6U MU"XA^'N@W$S32Z'X5?;--NZ^?!/#2ZQ\.O" M&AP_\*W\*V<'AS31#]OU^^MU*R+:YR5:8\[Y".GXKZSXSUNZANV$"V.C6\:G_1(.LA)/\;MU(["N@UR\\.^"S>^( M]4DM-,>1%CGOIL!G5?NKGJ?8"N@KP[XD>"?&G_"UHO%FGZ+IWC72(+18K72; MZ[^SM9R#[[H&!1BW')&10!TG_":^+/';QCPCI2:5I+-A]8UN-E9E_O0P]6^K M8%;6F_#&RW+<:]=W'B6]W;O,OSF)21@A8A\H'L$?BOXJM(UU#QIIOA1BVYTT&Q\]L?W0\QX^M 'J3-;: M79EB8;2UA7))PB(H_0"O.->_:.\#Z3?/IMAJ3>)=9&0NFZ%&;N5F],K\H_$U M1C_9I\/ZLL+>+=5UOQK/&2W_ !-KY_*R>O[M"HQ['->CZ#X3T3PO"(M'TBQT MN/&-MI;I'GZX'/XT >:6FL_%?XAX-MI5I\.]*D#*9M0(NM0''!6,?(OXU?T; M]GO0%U*UU;Q/=7OC;6[?E+O6I/,1#_L0CY%'X&O4J* (X8([:)8H8UBC485$ M4 >@ J2BB@!KNL:,[L%11DLQP /6OG/Q%XVU/QGXNM-0T2V6]NIG>T\,V\G M^K0 XGU&5?[J\A?6NE_:/\;K9VND>"H+AH;OQ&SK<&)L2K:(,R!/]M^$'U-; M_P 'OAH?"=K)K&J0H-?O(DA*J25M+9!B*! >FT8R>YS0!UG@SPC:^#=%2S@) MEN'/FW5T_P#K+B8_>=CW)/Y#BMZBB@ HHHH **** "BBB@ HHHH **** "BB MB@ HHHH **** "BBB@#G-1^'?AW5_&6G^*[W2X;K7M/@:WM+R0$M"C')VCH# MGO71T44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% 8 !1110 4444 %%%% !1110 4444 ?__9 end XML 17 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	May 31, 2018	Jul. 13, 2018
Document Information [Line Items]
Entity Registrant Name	Northern Technologies International Corporation
Entity Central Index Key	0000875582
Trading Symbol	ntic
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,541,304
Document Type	10-Q
Document Period End Date	May 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q3
Amendment Flag	false

XML 18 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	May 31, 2018	Aug. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 4,610,325	$ 6,360,201
Available for sale securities	3,282,915	3,766,984
Receivables:
Trade excluding joint ventures, less allowance for doubtful accounts of $50,000 at May 31, 2018 and $40,000 at August 31, 2017	8,692,708	5,912,631
Trade joint ventures	597,805	691,752
Fees for services provided to joint ventures	1,352,249	1,302,944
Income taxes	369,136	137,256
Inventories	9,174,743	7,456,552
Prepaid expenses	1,081,190	439,298
Total current assets	29,161,071	26,067,618
PROPERTY AND EQUIPMENT, NET	7,233,307	7,359,662
OTHER ASSETS:
Investments in joint ventures	22,412,792	20,035,074
Deferred income taxes	1,056,565	1,756,565
Patents and trademarks, net	1,196,222	1,322,089
Other	153,846	71,685
Total other assets	24,819,425	23,185,413
Total assets	61,213,803	56,612,693
CURRENT LIABILITIES:
Accounts payable	3,316,169	2,676,610
Income taxes payable	112,686
Accrued liabilities:
Payroll and related benefits	1,804,451	1,540,386
Other	1,115,595	677,621
Total current liabilities	6,348,901	4,894,617
COMMITMENTS AND CONTINGENCIES (Note 12)
EQUITY:
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding
Common stock, $0.02 par value per share; authorized 15,000,000 shares as of May 31, 2018 and 10,000,000 shares as of August 31, 2017; issued and outstanding 4,541,304 and 4,535,018, respectively	90,826	90,700
Additional paid-in capital	14,516,510	14,163,509
Retained earnings	40,275,326	37,077,483
Accumulated other comprehensive loss	(3,058,672)	(2,471,064)
Stockholders’ equity	51,823,990	48,860,628
Non-controlling interest	3,040,912	2,857,448
Total equity	54,864,902	51,718,076
Total liabilities and equity	$ 61,213,803	$ 56,612,693

XML 19 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	May 31, 2018	Aug. 31, 2017
Trade allowance	$ 50,000	$ 40,000
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

XML 20 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
NET SALES:
Net sales, excluding joint ventures	$ 12,044,513	$ 9,360,883	$ 34,479,773	$ 26,552,434
Net sales, to joint ventures	879,324	862,136	2,201,077	2,115,511
Total net sales	12,923,837	10,223,019	36,680,850	28,667,945
Cost of goods sold	8,592,366	6,774,001	24,493,672	19,256,953
Gross profit	4,331,471	3,449,018	12,187,178	9,410,992
JOINT VENTURE OPERATIONS:
Equity in income from joint ventures	2,246,066	1,686,016	5,793,391	4,343,159
Fees for services provided to joint ventures	1,508,500	1,442,048	4,624,532	3,941,667
Total joint venture operations	3,754,566	3,128,064	10,417,923	8,284,826
OPERATING EXPENSES:
Selling expenses	2,784,694	2,430,824	8,028,279	6,716,390
General and administrative expenses	1,987,785	1,682,669	6,012,746	5,996,977
Research and development expenses	860,347	733,651	2,581,824	2,118,210
Total operating expenses	5,632,826	4,847,144	16,622,849	14,831,577
OPERATING INCOME	2,453,211	1,729,938	5,982,252	2,864,241
INTEREST INCOME	35,630	10,996	84,569	19,075
INTEREST EXPENSE	(3,139)	(7,409)	(14,007)	(15,502)
INCOME BEFORE INCOME TAX EXPENSE	2,485,702	1,733,525	6,052,814	2,867,814
INCOME TAX EXPENSE	181,683	237,801	1,128,583	480,423
NET INCOME	2,304,019	1,495,724	4,924,231	2,387,391
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	161,267	143,308	365,006	350,370
NET INCOME ATTRIBUTABLE TO NTIC	$ 2,142,752	$ 1,352,416	$ 4,559,225	$ 2,037,021
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic (in dollars per share)	$ 0.47	$ 0.30	$ 1	$ 0.45
Diluted (in dollars per share)	$ 0.46	$ 0.30	$ 0.98	$ 0.45
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic (in shares)	4,539,353	4,526,771	4,538,838	4,528,523
Diluted (in shares)	4,707,032	4,591,527	4,663,847	4,571,395
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.10	$ 0	$ 0.30	$ 0

XML 21 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
NET INCOME	$ 2,304,019	$ 1,495,724	$ 4,924,231	$ 2,387,391
OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT	(1,011,686)	780,726	(569,151)	(239,095)
COMPREHENSIVE INCOME	1,292,333	2,276,450	4,355,080	2,148,296
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	137,501	160,223	383,463	353,423
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ 1,154,832	$ 2,116,227	$ 3,971,617	$ 1,794,873

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

XML 22 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2018	May 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,924,231	$ 2,387,391
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Stock-based compensation	309,743	293,748
Depreciation expense	631,399	580,962
Amortization expense	188,460	89,274
Gain on disposal of assets	(11,662)
Equity in income from joint ventures	(5,793,391)	(4,343,159)
Dividends received from joint ventures	2,941,807	5,179,786
Deferred income taxes	700,000	24,939
Changes in current assets and liabilities:
Trade, excluding joint ventures	(2,827,606)	(1,442,714)
Trade, joint ventures	93,947	(503,863)
Fees for services provided to joint ventures	(49,305)	181,610
Income taxes	(267,131)	(154,171)
Inventories	(1,773,085)	(155,011)
Prepaid expenses and other	(718,839)	19,197
Accounts payable	728,657	816,845
Income tax payable	104,643	(3,466)
Accrued liabilities	676,138	(145,202)
Net cash (used in) provided by operating activities	(141,994)	2,826,166
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available for sale securities	(1,018,596)	(3,013,572)
Proceeds from the sale of available for sale securities	1,502,665	1,500,756
Additions to property and equipment	(500,924)	(760,847)
Additions to patents	(62,594)	(124,780)
Net cash used in investing activities	(79,449)	(2,398,443)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest	(200,000)	(200,000)
Repurchase of common stock		(196,164)
Dividends paid on NTIC common stock	(1,361,382)
Proceeds from employee stock purchase plan	27,951	46,475
Proceeds from option exercises	15,433	41,000
Net cash used in financing activities	(1,517,998)	(308,689)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS:	(10,435)	(14,144)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,749,876)	104,890
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	6,360,201	3,395,274
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 4,610,325	$ 3,500,164

XML 23 R7.htm IDEA: XBRL DOCUMENT

Note 1 - Interim Financial Information	9 Months Ended
Note 1 - Interim Financial Information	May 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. INTERIM FINANCIAL INFORMATION In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of May 31, 2018 and August 31, 2017 and the results of their operations for the three and nine months ended May 31, 2018 and 2017 and their cash flows for the nine months ended May 31, 2018 and 2017, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10 -K for the fiscal year ended August 31, 2017. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report. Operating results for the three and nine months ended May 31, 2018 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2018. The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.

XML 24 R8.htm IDEA: XBRL DOCUMENT

Note 2 - Accounting Pronouncements	9 Months Ended
Note 2 - Accounting Pronouncements	May 31, 2018
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	2. Accounting PronouncementS Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (ASC) Section 606, Revenue from Contracts with Customers , which establishes a comprehensive new model for the recognition of revenue from contracts with customers. This model is based on the core principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company has performed a review of the requirements of the new guidance and has identified which of its revenue streams will be within the scope of ASC 606. The Company has applied the five -step model of the new standard to a selection of contracts within each of its revenue streams and has compared the results to its current accounting practices. The Company is expecting to utilize the modified retrospective transition method of adoption. The Company is continuing to work through the remaining steps of the adoption plan to facilitate adoption effective September 1, 2018. As part of this, the Company is assessing changes that might be necessary to information technology systems, processes, and internal controls to capture new data and address changes in financial reporting. The Company will be revising its revenue recognition accounting policy and expanding revenue disclosures to reflect the requirements of ASC 606, which include disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and assets recognized from the costs to obtain or fulfill a contract. Based on its assessment to date, the Company does not expect the adoption of this standard to have a material impact on the way it recognizes revenue. During February 2016, the FASB issued ASU No. 2016 - 02, Leases . ASU No. 2016 - 02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016 - 02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The guidance will be effective for the Company’s first quarter of fiscal 2020. The Company is currently assessing the effect that ASU No. 2016 - 02 will have on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016 - 15, Statement of Cash Flows, Classification of Certain Cash Receipts and Cash Payments. ASU No. 2016 - 15 eliminates the diversity in practice related to the classification of certain cash receipts and payments for debt prepayments or extinguishment costs, the maturing of a zero -coupon bond, the settlement of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions from certain equity method investees and beneficial interests obtained in a financial asset securitization. ASU No. 2016 - 15 designates the appropriate cash flow classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. The guidance is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the effects of adopting ASU No. 2016 - 15 on its consolidated financial statements. In February 2018, the FASB issued ASU No. 2018 - 02, Income Statement – Reporting Comprehensive Income (Topic 220 ) Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , 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 No. 2018 - 02, however, does not 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 No. 2018 - 02 will be effective for the Company’s fiscal year 2020, with the option for early adoption at any time prior to the effective date. It must be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Reform Act is recognized. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements. In December 2017, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 118 (as further clarified by FASB ASU No. 2018 - 05, Income Taxes (Topic 740 ): “Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118” ) to provide guidance for companies that may not have completed their accounting for the income tax effects of the Tax Reform Act in the period of enactment, which is the period that includes December 22, 2017. SAB No. 118 provides for a provisional one -year measurement period for entities to finalize their accounting for certain income tax effects related to the Tax Reform Act. SAB No. 118 provides guidance where: (i) the accounting for the income tax effect of the Tax Reform Act is complete and reported in the Tax Reform Act’s enactment period, (ii) the accounting for the income tax effect of the Tax Reform Act is incomplete and reported as provisional amounts based on reasonable estimates (to the extent determinable) subject to adjustments during a limited measurement period until complete, and (iii) accounting for the income tax effect of the Tax Reform Act is not reasonably estimable ( no related provisional amounts are reported in the enactment period) and entities would continue to apply accounting based on tax law provisions in effect prior to the Tax Reform Act enactment until provisional amounts are reasonably estimable. SAB No. 118 requires disclosure of the reasons for incomplete accounting additional information or analysis needed, among other relevant information (see Note 15 - Income Taxes). Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

XML 25 R9.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories

9 Months Ended

May 31, 2018

Notes to Financial Statements

Inventory Disclosure [Text Block]

INVENTORIES

Inventories consisted of the following:

	May 31, 2018		August 31, 2017
Production materials	$	1,296,106	$	1,747,189
Finished goods		7,878,637		5,709,363
	$	9,174,743	$	7,456,552

XML 26 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net

9 Months Ended

May 31, 2018

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	May 31, 2018			August 31, 2017
Land	$	310,365		$	310,365
Buildings and improvements		6,903,231			6,847,177
Machinery and equipment		4,554,692			4,171,387
		11,768,288			11,328,929
Less accumulated depreciation		(4,534,981	)		(3,969,267	)
	$	7,233,307		$	7,359,662

XML 27 R11.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net

9 Months Ended

May 31, 2018

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

	May 31, 2018			August 31, 2017
Patents and trademarks	$	2,800,553		$	2,737,959
Less accumulated amortization		(1,604,331	)		(1,415,870	)
	$	1,196,222		$	1,322,089

Patent and trademark costs are amortized over

seven

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 approximate

XML 28 R12.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures

9 Months Ended

May 31, 2018

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

INVESTMENTS IN JOINT VENTURES

	As of May 31, 2018
	Total		EXCOR		All Other
Current assets	$	58,113,904	$	25,734,914	$	32,378,990
Total assets		62,004,849		27,838,358		34,166,491
Current liabilities		16,622,611		3,830,246		12,792,365
Noncurrent liabilities		110,926		-		110,926
Joint ventures’ equity		45,271,314		24,008,112		21,263,202
Northern Technologies International Corporation’s share of joint ventures’ equity		22,412,792		12,004,058		10,408,734
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,383,580		11,973,153		8,410,427

	Three Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	31,480,885	$	12,219,414	$	19,261,471
Gross profit		14,209,819		6,823,609		7,386,210
Net income		4,540,968		3,113,660		1,427,308
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	2,246,066	$	1,558,243	$	687,823

	Nine Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	90,200,146	$	35,450,664	$	54,749,482
Gross profit		40,529,217		19,315,099		21,214,118
Net income		11,753,467		8,272,237		3,481,230
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	5,793,391	$	4,138,814	$	1,654,577
Northern Technologies International Corporation’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

	As of August 31, 2017
	Total		EXCOR		All Other
Current assets	$	51,518,210	$	22,142,514	$	29,375,696
Total assets		55,633,891		24,301,194		31,332,697
Current liabilities		15,118,074		4,469,567		10,648,507
Noncurrent liabilities		181,210		—		181,210
Joint ventures’ equity		40,334,607		19,831,627		20,502,980
Northern Technologies International Corporation’s share of joint ventures’ equity		20,035,074		9,915,816		10,119,258
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		17,960,860		9,884,911		8,075,949
Northern Technologies International Corporation’s dividends received from joint ventures	$	6,377,054	$	5,379,062	$	997,992

	Three Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	25,935,169	$	9,884,546	$	16,050,623
Gross profit		11,517,711		5,271,028		6,246,683
Net income		3,379,883		2,166,435		1,213,448
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	1,686,016	$	1,083,494	$	602,522

	Nine Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	73,098,215	$	28,169,978	$	44,928,237
Gross profit		32,376,247		15,032,724		17,343,523
Net income		8,562,834		6,184,181		2,378,653
Northern Technologies International Corporation’s share of equity in income from joint ventures		4,343,159		3,089,935		1,253,224
Northern Technologies International Corporation’s dividends received from joint ventures	$	5,179,786	$	4,240,400	$	939,386

The Company did

not

make any joint venture investments during the

XML 29 R13.htm IDEA: XBRL DOCUMENT

Note 7 - Corporate Debt	9 Months Ended
Note 7 - Corporate Debt	May 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	7. CORPORATE DEBT The Company has a revolving line of credit with PNC Bank, National Association (PNC Bank) of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2018 and August 31, 2017. 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 2.15% 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. 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 1.10:1.00. As of May 31, 2018, the Company was in compliance with all debt covenants. The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to $1,200,000. The Company did not have any letters of credit reserved against the available letters of credit balance as of May 31, 2018 and August 31, 2017 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 not drawn) under the revolving credit facility. As of May 31, 2018, and August 31, 2017, the Company had $88,831 and $89,543, respectively, of letters of credit with JP Morgan Chase Bank that are performance based and set to expire between 2020 and 2022. On January 5, 2018, the Company and PNC Bank extended the maturity date of the line of credit to January 7, 2019. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

XML 30 R14.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity

9 Months Ended

May 31, 2018

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to the following holders of the Company’s common stock:

Declaration Date	Amount	Record Date	Payable Date
November 20, 2017	$0.10	December 8, 2017	December 21, 2017
January 24, 2018	$0.10	February 8, 2018	February 21, 2018
April 25, 2018	$0.10	May 9, 2018	May 23, 2018

the Company repurchased and retired

shares of its common stock.

stock options to purchase an aggregate of

4,410

shares of common stock were exercised at a weighted average exercise price of

$11.59

per share.

The Company granted stock options under the Northern Technologies International Corporation Amended and Restated

2007

Stock Incentive Plan (

2007

Plan) to purchase an aggregate of

47,252

shares of its common stock to various employees and directors during the

nine

months ended

May 31, 2018.

The weighted average per share exercise price of the stock options is

$18.35,

which was equal to the fair market value of the Company’s common stock on the date of grant.

shares of common stock on

September 1, 2017

and

2016,

respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The Company issued

985

and

1098

shares of common stock on

March 1, 2018

and

2017,

respectively, under the ESPP.

The Company held its

2018

Annual Meeting of Stockholders (

Annual Meeting, a proposal to approve an amendment to the Company’s Restated Certificate of Incorporation to increase the Company’s authorized shares of common stock from

10,000,000

15,000,000

(Share Increase Amendment) was approved by the Company’s stockholders by the required vote. The Share Increase Amendment was filed with the Office of the Secretary of State of the State of Delaware on

January 16, 2018

and it became effective the same day. In determining that the Share Increase Amendment was approved by the required vote, votes cast by brokers, banks or other nominees without instruction from the beneficial owners of certain of our outstanding shares were counted in favor of the proposal in accordance with the rules of the New York Stock Exchange that govern how brokers

may

cast such votes. Because a disclosure in the definitive proxy statement for the

2018

Annual Meeting, which was filed on Schedule

14A

with the Securities and Exchange Commission (SEC) on

November 27, 2017 (

2018

Proxy Statement), anticipated that brokers would

not

have discretion to vote for the proposal to approve the Share Increase Amendment, a question has been raised as to the validity of the vote taken on the proposal to approve the Share Increase Amendment. The Company believes that the Share Increase Amendment was properly approved and is effective. However, because the description of the authority of brokers to vote on proposals without instruction in the

2018

Proxy Statement

may

create some uncertainty as to the effect of the vote obtained at the

2018

Annual Meeting and out of an abundance of caution, the Company intends to ask its stockholders at either a special meeting or the next annual meeting of the Company’s stockholders to ratify the filing and effectiveness of the Share Increase Amendment pursuant to Delaware law in order to eliminate any uncertainty related to the effectiveness of the Share Increase Amendment. The Company has

not

issued, or reserved for issuance, and will

not

issue, or reserve for issuance, any of the additional

5,000,000

authorized shares as part of the Share Increase Amendment unless the vote at the special or annual meeting of the Company’s stockholders is in favor of the ratification of the Share Increase Amendment.

the Company repurchased and retired

14,525

shares of its common stock at a price of

stock options to purchase an aggregate of

4,000

shares of common stock were exercised at a weighted average exercise price of

the Company granted stock options under the

2007

Plan to purchase an aggregate of

56,677

shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options was

$13.40,

which was equal to the fair market value of the Company’s common stock on the date of grant.

XML 31 R15.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share

9 Months Ended

May 31, 2018

Notes to Financial Statements

Earnings Per Share [Text Block]

NET INCOME PER COMMON SHARE

The following is a reconciliation of the earnings per share computation:

	Three Months Ended				Nine Months Ended
Numerators:	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Net income attributable to NTIC	$	2,142,752	$	1,352,416	$	4,559,225	$	2,037,021
Denominators:
Basic – weighted shares outstanding		4,539,353		4,526,771		4,538,838		4,528,523
Weighted shares assumed upon exercise of stock options		167,679		64,756		125,009		42,872
Diluted – weighted shares outstanding		4,707,032		4,591,527		4,663,847		4,571,395
Basic income per share:	$	0.47	$	0.30	$	1.00	$	0.45
Diluted income per share:	$	0.46	$	0.30	$	0.98	$	0.45

shares excluded from the computation of diluted income per share for the

Excluded from the computation of diluted earnings per share for the

were options outstanding to purchase

48,067

shares of common stock.

XML 32 R16.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation

9 Months Ended

May 31, 2018

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10.

STOCK-BASED COMPENSATION

The Company has

two

stock-based compensation plans under which stock options and other stock-based awards have been granted, the Northern Technologies International Corporation Amended and Restated

2007

Stock Incentive Plan and the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The

2007

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

2007

Plan, up to a maximum of

800,000

shares of the Company’s common stock are issuable under the

2007

Plan. Options granted under the

2007

Plan generally have a term of

ten

years and become exercisable over a

three

- or

four

-year period beginning on the

one

-year anniversary of the date of grant. Options are granted at per share exercise prices equal to the market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of options. As of

May 31, 2018,

only stock options and stock bonuses had been granted under the

2007

Plan.

The maximum number of shares of common stock of the Company available for issuance under the ESPP is

100,000

shares, subject to adjustment as provided in the ESPP. The ESPP provides for

six

-month offering periods beginning on

September 1

and

March 1

of each year. The purchase price of the shares is

90%

of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount

may

not

exceed the maximum discount rate permitted for plans of this type under Section

423

of the Internal Revenue Code of

1986,

as amended. The ESPP is compensatory for financial reporting purposes.

The Company granted options to purchase an aggregate of

47,252

and

56,677

shares of its common stock during the

respectively. The fair value of option grants is determined at date of grant, using the Black-Scholes option pricing model with the assumptions listed below. The Company recognized compensation expense of

respectively, related to the options that vested during such time period. As of

May 31, 2018,

the total compensation cost for nonvested options

not

yet recognized in the Company’s consolidated statements of operations was

$322,402.

Stock-based compensation expense of

$103,267

is expected through the remainder of fiscal year

is expected to be recognized during fiscal

2019

and fiscal

2020,

respectively, based on outstanding options as of

May 31, 2018.

Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions and results for the grants:

	Nine Months Ended
	May 31, 2018		May 31, 2017
Dividend yield		2.18%		0.00%
Expected volatility		45.9%		46.4%
Expected life of option		10 years		10 years
Average risk-free interest rate		1.87%		1.63%

The weighted average per share fair value of options granted during the

respectively. The weighted average remaining contractual life of the options outstanding as of

XML 33 R17.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information

9 Months Ended

May 31, 2018

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

11.

SEGMENT AND GEOGRAPHIC INFORMATION

Segment Information

The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company’s business is organized into

two

reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over

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

The following table sets forth the Company’s net sales for the

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
ZERUST® net sales	$	10,382,884	$	8,368,487	$	30,102,080	$	23,681,192
Natur-Tec® net sales		2,540,953		1,854,532		6,578,770		4,986,753
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

The following table sets forth the Company’s cost of goods sold for the

	Three Months Ended										Nine Months Ended
	May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	6,139,699		59.1	%	$	4,834,355		57.8	%	$	17,948,941		59.6	%	$	13,788,416		58.2	%
Natur-Tec®		1,812,084		71.3	%		1,327,323		71.6	%		4,738,523		72.0	%		3,608,722		72.4	%
Indirect cost of goods sold		640,583		—			612,323		—			1,806,208		—			1,859,815		—
Total net cost of goods sold	$	8,592,366				$	6,774,001				$	24,493,672				$	19,256,953

______________________________________

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.

not

utilized in evaluating product performance, nor does such allocation occur for internal financial reporting.

Geographic Information

Net sales by geographic location for the

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Inside the U.S.A. to unaffiliated customers	$	7,434,991	$	5,967,459	$	19,771,031	$	16,363,291
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		879,324		862,136		2,201,077		2,115,511
Unaffiliated customers		4,609,522		3,393,424		14,708,742		10,189,143
	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

	Three Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	224,366		14.9	%	$	212,257		14.7	%
Poland		185,107		12.3	%		180,969		12.6	%
Japan		183,335		12.2	%		153,903		10.7	%
Sweden		155,588		10.3	%		150,139		10.4	%
France		146,949		9.7	%		112,455		7.8	%
Thailand		110,894		7.4	%		104,771		7.3	%
Czech Republic		100,131		6.6	%		74,135		5.1	%
Korea		96,574		6.4	%		92,954		6.4	%
Finland		81,402		5.4	%		78,012		5.4	%
United Kingdom		80,931		5.4	%		87,768		6.1	%
India		49,778		3.3	%		90,469		6.3	%
Other		93,445		6.1	%		104,216		7.2	%
	$	1,508,500		100.0	%	$	1,442,048		100.0	%

	Nine Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	680,939		14.7	%	$	614,766		15.6	%
Poland		598,221		13.0	%		483,626		12.3	%
Japan		529,412		11.4	%		445,662		11.3	%
Sweden		448,707		9.7	%		314,664		8.0	%
France		416,913		9.0	%		293,240		7.4	%
Thailand		325,205		7.0	%		339,852		8.6	%
Czech Republic		283,193		6.1	%		218,249		5.5	%
Korea		279,524		6.0	%		284,435		7.2	%
United Kingdom		275,137		6.0	%		227,140		5.8	%
India		274,980		5.9	%		229,200		5.8	%
Finland		247,574		5.4	%		221,294		5.6	%
Other		264,727		5.8	%		269,539		6.9	%
	$	4,624,532		100.0	%	$	3,941,667		100.0	%

The geographical distribution of key financial statement data is as follows:

	At May 31, 2018		At August 31, 2017
China	$	251,848	$	228,458
Brazil		81,161		54,646
Germany		10,155		14,171
India		21,628		14,712
United States		6,868,515		7,047,675
Total property and equipment	$	7,233,307	$	7,359,662

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
China	$	3,069,232	$	1,695,508	$	9,176,174	$	4,991,807
Brazil		853,675		565,089		2,310,131		1,683,255
India		564,339		323,551		1,642,633		1,057,132
Germany		312,057		161,139		556,859		378,635
Other		955,418		583,752		2,318,569		2,115,511
United States		7,169,116		6,893,980		20,676,484		18,441,605
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

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.

Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are

not

included. The foregoing segment and geographic information represents only sales and cost of goods sold recognized directly by the Company.

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

XML 34 R18.htm IDEA: XBRL DOCUMENT

Note 12 - Commitments and Contingencies	9 Months Ended
Note 12 - Commitments and Contingencies	May 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. COMMITMENTS AND CONTINGENCIES On August 31, 2017, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2018. For fiscal 2018 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income (EBITOI), as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the Company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2018 compared to a pre-established target EBITOI for fiscal 2018 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be 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 2018. There was $1,380,000 accrued for management bonuses for the nine months ended May 31, 2018 compared to $600,000 accrued for management bonuses for the nine months ended May 31, 2017. Three joint ventures (consisting of the Company’s joint ventures in South Korea, India and United States) accounted for 51.8% of the Company’s trade joint venture receivables at May 31, 2018, and three joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand and India) accounted for 60.7% of the Company’s trade joint venture receivables at August 31, 2017. From time to time, the Company is subject to various other claims and legal actions in the ordinary course of its business. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the Company has assessed that a loss is probable and an amount could be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that material loss may have been incurred. In the opinion of management, as of May 31, 2018, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect the Company’s consolidated results of operations, financial position or cash flows.

XML 35 R19.htm IDEA: XBRL DOCUMENT

Note 13 - Fair Value Measurements

9 Months Ended

May 31, 2018

Notes to Financial Statements

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

13.

Fair Value Measurements

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

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

			Fair Value Measurements Using Inputs Considered as
	Fair value as of May 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,282,915	$	3,282,915	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
	Fair value as of August 31, 2017		Level 1		Level 2		Level 3
Available for sale securities	$	3,766,984	$	3,766,984	$	—	$	—

There were

transfers between Level

XML 36 R20.htm IDEA: XBRL DOCUMENT

Note 14 - Supplemental Cash Flow Information

9 Months Ended

May 31, 2018

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

14.

SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	3,139	$	7,409
Cash paid for income taxes		45,000		—

	Nine Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	14,007	$	15,502
Cash paid for income taxes		45,000		—

XML 37 R21.htm IDEA: XBRL DOCUMENT

Note 15 - Income Taxes	9 Months Ended
Note 15 - Income Taxes	May 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. INCOME TAXES On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act, or Tax Reform Act. The Tax Reform Act makes broad and complex changes to the U.S. tax code that will affect the Company’s fiscal year ending August 31 2018, including, but not limited to, reducing the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, generally eliminating U.S. federal income taxes on dividends received from foreign subsidiaries and joint ventures after December 31, 2017, and imposing a one -time deemed repatriation tax on certain unremitted earnings of foreign subsidiaries and joint ventures. The Company will be subject to a blended U.S. federal tax rate of 25.7% for the fiscal year ending August 31, 2018 as a result of the reduction of the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. The Company recognized the income tax effects of the Tax Reform Act in its 2018 interim consolidated financial statements in accordance with SAB No. 118, which provides SEC staff guidance for the application of ASC Topic 740, Income Taxes , in the reporting period in which the Tax Reform Act was signed into law. As such, the Company’s financial results reflect the income tax effects of the Tax Reform Act for which the accounting under ASC Topic 740 is complete and provisional amounts for those specific income tax effects of the Tax Reform Act for which the accounting under ASC Topic 740 is incomplete but a reasonable estimate could be determined. The Company recorded income tax expense during the three and nine months ended May 31, 2018 of $181,683 and $1,128,583, respectively, compared to $237,801 and $480,423 for the three and nine months ended May 31, 2017. The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Accordingly, the Company’s deferred tax assets and liabilities were re-measured to reflect the reduction in the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, resulting in an increase of $700,000 in income tax expense for the nine months ended May 31, 2018 and a corresponding decrease of $700,000 in net deferred tax assets as of May 31, 2018 compared to August 31, 2017. The $700,000 income tax expense and corresponding decrease in net deferred tax assets represents a provisional estimate based on the Company’s current interpretation of the Tax Reform Act and may change as the Company receives additional clarification and implementation guidance. No changes were recorded during the three months ended May 31, 2018. The one -time deemed repatriation tax is applicable to the unremitted earnings of the Company’s foreign subsidiaries and joint ventures. The Company calculated deemed repatriation tax of $489,000, which the Company expects to fully offset with foreign tax credit carryforwards for which the Company has not previously recognized a tax benefit. As a result, the transition tax resulted in zero increase in income tax expense and income taxes payable for the nine months ended May 31, 2018. The $489,000 transition tax on deemed repatriation of unremitted foreign earnings represents a provisional estimate and is subject to adjustment during the measurement period of up to one year following the December 2017 enactment date of the Tax Reform Act, as provided by recent SEC guidance. No adjustments were recorded during the three months ended May 31, 2018. The Company continues to analyze the impact of other provisions of the Tax Reform Act on its financial statements and operations, including the impact of the global intangible low-taxed income (GILTI) rules, and the impact of the Tax Reform Act on the Company’s indefinite reinvestment assertion with respect to the undistributed earnings of certain foreign subsidiaries and joint ventures. Any additional impacts from the enactment of the Tax Reform Act will be recorded as they are identified during the measurement period as provided for in accordance with SAB No. 118.

XML 38 R22.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories (Tables)

9 Months Ended

May 31, 2018

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	May 31, 2018		August 31, 2017
Production materials	$	1,296,106	$	1,747,189
Finished goods		7,878,637		5,709,363
	$	9,174,743	$	7,456,552

XML 39 R23.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net (Tables)

9 Months Ended

May 31, 2018

Notes Tables

Property, Plant and Equipment [Table Text Block]

	May 31, 2018			August 31, 2017
Land	$	310,365		$	310,365
Buildings and improvements		6,903,231			6,847,177
Machinery and equipment		4,554,692			4,171,387
		11,768,288			11,328,929
Less accumulated depreciation		(4,534,981	)		(3,969,267	)
	$	7,233,307		$	7,359,662

XML 40 R24.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

	May 31, 2018			August 31, 2017
Patents and trademarks	$	2,800,553		$	2,737,959
Less accumulated amortization		(1,604,331	)		(1,415,870	)
	$	1,196,222		$	1,322,089

XML 41 R25.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures (Tables)

9 Months Ended

May 31, 2018

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of May 31, 2018
	Total		EXCOR		All Other
Current assets	$	58,113,904	$	25,734,914	$	32,378,990
Total assets		62,004,849		27,838,358		34,166,491
Current liabilities		16,622,611		3,830,246		12,792,365
Noncurrent liabilities		110,926		-		110,926
Joint ventures’ equity		45,271,314		24,008,112		21,263,202
Northern Technologies International Corporation’s share of joint ventures’ equity		22,412,792		12,004,058		10,408,734
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		20,383,580		11,973,153		8,410,427

	As of August 31, 2017
	Total		EXCOR		All Other
Current assets	$	51,518,210	$	22,142,514	$	29,375,696
Total assets		55,633,891		24,301,194		31,332,697
Current liabilities		15,118,074		4,469,567		10,648,507
Noncurrent liabilities		181,210		—		181,210
Joint ventures’ equity		40,334,607		19,831,627		20,502,980
Northern Technologies International Corporation’s share of joint ventures’ equity		20,035,074		9,915,816		10,119,258
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings		17,960,860		9,884,911		8,075,949
Northern Technologies International Corporation’s dividends received from joint ventures	$	6,377,054	$	5,379,062	$	997,992

Condensed Income Statement [Table Text Block]

	Three Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	31,480,885	$	12,219,414	$	19,261,471
Gross profit		14,209,819		6,823,609		7,386,210
Net income		4,540,968		3,113,660		1,427,308
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	2,246,066	$	1,558,243	$	687,823

	Nine Months Ended May 31, 2018
	Total		EXCOR		All Other
Net sales	$	90,200,146	$	35,450,664	$	54,749,482
Gross profit		40,529,217		19,315,099		21,214,118
Net income		11,753,467		8,272,237		3,481,230
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	5,793,391	$	4,138,814	$	1,654,577
Northern Technologies International Corporation’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

	Three Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	25,935,169	$	9,884,546	$	16,050,623
Gross profit		11,517,711		5,271,028		6,246,683
Net income		3,379,883		2,166,435		1,213,448
Northern Technologies International Corporation’s share of equity in income from joint ventures	$	1,686,016	$	1,083,494	$	602,522

	Nine Months Ended May 31, 2017
	Total		EXCOR		All Other
Net sales	$	73,098,215	$	28,169,978	$	44,928,237
Gross profit		32,376,247		15,032,724		17,343,523
Net income		8,562,834		6,184,181		2,378,653
Northern Technologies International Corporation’s share of equity in income from joint ventures		4,343,159		3,089,935		1,253,224
Northern Technologies International Corporation’s dividends received from joint ventures	$	5,179,786	$	4,240,400	$	939,386

XML 42 R26.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity (Tables)

9 Months Ended

May 31, 2018

Notes Tables

Dividends Declared [Table Text Block]

Declaration Date	Amount	Record Date	Payable Date
November 20, 2017	$0.10	December 8, 2017	December 21, 2017
January 24, 2018	$0.10	February 8, 2018	February 21, 2018
April 25, 2018	$0.10	May 9, 2018	May 23, 2018

XML 43 R27.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

	Three Months Ended				Nine Months Ended
Numerators:	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Net income attributable to NTIC	$	2,142,752	$	1,352,416	$	4,559,225	$	2,037,021
Denominators:
Basic – weighted shares outstanding		4,539,353		4,526,771		4,538,838		4,528,523
Weighted shares assumed upon exercise of stock options		167,679		64,756		125,009		42,872
Diluted – weighted shares outstanding		4,707,032		4,591,527		4,663,847		4,571,395
Basic income per share:	$	0.47	$	0.30	$	1.00	$	0.45
Diluted income per share:	$	0.46	$	0.30	$	0.98	$	0.45

XML 44 R28.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

	Nine Months Ended
	May 31, 2018		May 31, 2017
Dividend yield		2.18%		0.00%
Expected volatility		45.9%		46.4%
Expected life of option		10 years		10 years
Average risk-free interest rate		1.87%		1.63%

XML 45 R29.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
ZERUST® net sales	$	10,382,884	$	8,368,487	$	30,102,080	$	23,681,192
Natur-Tec® net sales		2,540,953		1,854,532		6,578,770		4,986,753
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

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

	Three Months Ended										Nine Months Ended
	May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2017		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	6,139,699		59.1	%	$	4,834,355		57.8	%	$	17,948,941		59.6	%	$	13,788,416		58.2	%
Natur-Tec®		1,812,084		71.3	%		1,327,323		71.6	%		4,738,523		72.0	%		3,608,722		72.4	%
Indirect cost of goods sold		640,583		—			612,323		—			1,806,208		—			1,859,815		—
Total net cost of goods sold	$	8,592,366				$	6,774,001				$	24,493,672				$	19,256,953

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

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
Inside the U.S.A. to unaffiliated customers	$	7,434,991	$	5,967,459	$	19,771,031	$	16,363,291
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		879,324		862,136		2,201,077		2,115,511
Unaffiliated customers		4,609,522		3,393,424		14,708,742		10,189,143
	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

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

	At May 31, 2018		At August 31, 2017
China	$	251,848	$	228,458
Brazil		81,161		54,646
Germany		10,155		14,171
India		21,628		14,712
United States		6,868,515		7,047,675
Total property and equipment	$	7,233,307	$	7,359,662

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

	Three Months Ended				Nine Months Ended
	May 31, 2018		May 31, 2017		May 31, 2018		May 31, 2017
China	$	3,069,232	$	1,695,508	$	9,176,174	$	4,991,807
Brazil		853,675		565,089		2,310,131		1,683,255
India		564,339		323,551		1,642,633		1,057,132
Germany		312,057		161,139		556,859		378,635
Other		955,418		583,752		2,318,569		2,115,511
United States		7,169,116		6,893,980		20,676,484		18,441,605
Total net sales	$	12,923,837	$	10,223,019	$	36,680,850	$	28,667,945

Fees for Services Provided to Joint Ventures [Member]

Notes Tables

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

	Three Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	224,366		14.9	%	$	212,257		14.7	%
Poland		185,107		12.3	%		180,969		12.6	%
Japan		183,335		12.2	%		153,903		10.7	%
Sweden		155,588		10.3	%		150,139		10.4	%
France		146,949		9.7	%		112,455		7.8	%
Thailand		110,894		7.4	%		104,771		7.3	%
Czech Republic		100,131		6.6	%		74,135		5.1	%
Korea		96,574		6.4	%		92,954		6.4	%
Finland		81,402		5.4	%		78,012		5.4	%
United Kingdom		80,931		5.4	%		87,768		6.1	%
India		49,778		3.3	%		90,469		6.3	%
Other		93,445		6.1	%		104,216		7.2	%
	$	1,508,500		100.0	%	$	1,442,048		100.0	%

	Nine Months Ended
	May 31, 2018		% of Total Fees for Services Provided to Joint Ventures			May 31, 2017		% of Total Fees for Services Provided to Joint Ventures
Germany	$	680,939		14.7	%	$	614,766		15.6	%
Poland		598,221		13.0	%		483,626		12.3	%
Japan		529,412		11.4	%		445,662		11.3	%
Sweden		448,707		9.7	%		314,664		8.0	%
France		416,913		9.0	%		293,240		7.4	%
Thailand		325,205		7.0	%		339,852		8.6	%
Czech Republic		283,193		6.1	%		218,249		5.5	%
Korea		279,524		6.0	%		284,435		7.2	%
United Kingdom		275,137		6.0	%		227,140		5.8	%
India		274,980		5.9	%		229,200		5.8	%
Finland		247,574		5.4	%		221,294		5.6	%
Other		264,727		5.8	%		269,539		6.9	%
	$	4,624,532		100.0	%	$	3,941,667		100.0	%

XML 46 R30.htm IDEA: XBRL DOCUMENT

Note 13 - Fair Value Measurements (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

			Fair Value Measurements Using Inputs Considered as
	Fair value as of May 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,282,915	$	3,282,915	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
	Fair value as of August 31, 2017		Level 1		Level 2		Level 3
Available for sale securities	$	3,766,984	$	3,766,984	$	—	$	—

XML 47 R31.htm IDEA: XBRL DOCUMENT

Note 14 - Supplemental Cash Flow Information (Tables)

9 Months Ended

May 31, 2018

Notes Tables

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

	Three Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	3,139	$	7,409
Cash paid for income taxes		45,000		—

	Nine Months Ended
	May 31, 2018		May 31, 2017
Cash paid for interest	$	14,007	$	15,502
Cash paid for income taxes		45,000		—

XML 48 R32.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories - Inventories (Details) - USD ($)	May 31, 2018	Aug. 31, 2017
Production materials	$ 1,296,106	$ 1,747,189
Finished goods	7,878,637	5,709,363
Total inventory	$ 9,174,743	$ 7,456,552

XML 49 R33.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	May 31, 2018	Aug. 31, 2017
Land	$ 310,365	$ 310,365
Buildings and improvements	6,903,231	6,847,177
Machinery and equipment	4,554,692	4,171,387
Gross	11,768,288	11,328,929
Less accumulated depreciation	(4,534,981)	(3,969,267)
Net	$ 7,233,307	$ 7,359,662

XML 50 R34.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net (Details Textual) - Patents and Trademarks [Member]	9 Months Ended
	May 31, 2018 USD ($)
Finite-Lived Intangible Asset, Useful Life	7 years
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 240,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	240,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	240,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	240,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 240,000

XML 51 R35.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - USD ($)	May 31, 2018	Aug. 31, 2017
Patents and trademarkes, net	$ 1,196,222	$ 1,322,089
Patents and Trademarks [Member]
Patents and trademarks	2,800,553	2,737,959
Less accumulated amortization	(1,604,331)	(1,415,870)
Patents and trademarkes, net	$ 1,196,222	$ 1,322,089

XML 52 R36.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Payments to Acquire Interest in Joint Venture	$ 0	$ 0	$ 0	$ 0

XML 53 R37.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)	9 Months Ended		12 Months Ended
	May 31, 2018	May 31, 2017	Aug. 31, 2017
Current assets	$ 58,113,904		$ 51,518,210
Total assets	62,004,849		55,633,891
Current liabilities	16,622,611		15,118,074
Noncurrent liabilities	110,926		181,210
Joint ventures’ equity	45,271,314		40,334,607
Northern Technologies International Corporation’s share of joint ventures’ equity	22,412,792		20,035,074
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	20,383,580		17,960,860
Northern Technologies International Corporation’s dividends received from joint ventures	2,941,807	$ 5,179,786	6,377,054
EXCOR [Member]
Current assets	25,734,914		22,142,514
Total assets	27,838,358		24,301,194
Current liabilities	3,830,246		4,469,567
Noncurrent liabilities
Joint ventures’ equity	24,008,112		19,831,627
Northern Technologies International Corporation’s share of joint ventures’ equity	12,004,058		9,915,816
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	11,973,153		9,884,911
Northern Technologies International Corporation’s dividends received from joint ventures	1,780,392	4,240,400	5,379,062
All Other [Member]
Current assets	32,378,990		29,375,696
Total assets	34,166,491		31,332,697
Current liabilities	12,792,365		10,648,507
Noncurrent liabilities	110,926		181,210
Joint ventures’ equity	21,263,202		20,502,980
Northern Technologies International Corporation’s share of joint ventures’ equity	10,408,734		10,119,258
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	8,410,427		8,075,949
Northern Technologies International Corporation’s dividends received from joint ventures	$ 1,161,415	$ 939,386	$ 997,992

XML 54 R38.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Aug. 31, 2017
Net sales	$ 31,480,885	$ 25,935,169	$ 90,200,146	$ 73,098,215
Gross profit	14,209,819	11,517,711	40,529,217	32,376,247
Net income	4,540,968	3,379,883	11,753,467	8,562,834
Northern Technologies International Corporation’s share of equity in income from joint ventures	2,246,066	1,686,016	5,793,391	4,343,159
Northern Technologies International Corporation’s dividends received from joint ventures			2,941,807	5,179,786	$ 6,377,054
EXCOR [Member]
Net sales	12,219,414	9,884,546	35,450,664	28,169,978
Gross profit	6,823,609	5,271,028	19,315,099	15,032,724
Net income	3,113,660	2,166,435	8,272,237	6,184,181
Northern Technologies International Corporation’s share of equity in income from joint ventures	1,558,243	1,083,494	4,138,814	3,089,935
Northern Technologies International Corporation’s dividends received from joint ventures			1,780,392	4,240,400	5,379,062
All Other [Member]
Net sales	19,261,471	16,050,623	54,749,482	44,928,237
Gross profit	7,386,210	6,246,683	21,214,118	17,343,523
Net income	1,427,308	1,213,448	3,481,230	2,378,653
Northern Technologies International Corporation’s share of equity in income from joint ventures	$ 687,823	$ 602,522	1,654,577	1,253,224
Northern Technologies International Corporation’s dividends received from joint ventures			$ 1,161,415	$ 939,386	$ 997,992

- Definition

This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.

+ References + Details

XML 55 R39.htm IDEA: XBRL DOCUMENT

Note 7 - Corporate Debt (Details Textual)	9 Months Ended
Note 7 - Corporate Debt (Details Textual)	May 31, 2018 USD ($)	Aug. 31, 2017 USD ($)
Term Loan and Line of Credit, Agreements, Loan Agreements [Member]
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.1
PNC Bank [Member]
Letters of Credit Outstanding, Amount	$ 0	$ 0
PNC Bank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	3,000,000
Long-term Line of Credit, Total	$ 0	0
PNC Bank [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
PNC Bank [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,200,000
JP Morgan Chase Bank [Member]
Letters of Credit Outstanding, Amount	$ 88,831	$ 89,543

XML 56 R40.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity (Details Textual) - $ / shares					5 Months Ended	9 Months Ended
	Mar. 01, 2018	Sep. 01, 2017	Mar. 01, 2017	Sep. 01, 2016	May 31, 2018	May 31, 2018	May 31, 2017	Jan. 15, 2018
Stock Repurchased and Retired During Period, Shares						0	14,525
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						4,410	4,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price						$ 11.59	$ 10.25
Stock Issued During Period, Shares, Employee Stock Purchase Plans	985	891	1,098	3,029
Common Stock, Shares Authorized					15,000,000	15,000,000		10,000,000
Common Stock, Additional Shares Authorized					5,000,000
Treasury Stock Acquired, Average Cost Per Share							$ 13.51
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						47,252	56,677
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 18.35	$ 13.40

XML 57 R41.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) - $ / shares				3 Months Ended		9 Months Ended
	Apr. 25, 2018	Jan. 24, 2018	Nov. 20, 2017	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Declaration date	Apr. 25, 2018	Jan. 24, 2018	Nov. 20, 2017
Amount (in dollars per share)	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0	$ 0.30	$ 0
Record date	May 09, 2018	Feb. 08, 2018	Dec. 08, 2017
Payable date	May 23, 2018	Feb. 21, 2018	Dec. 21, 2017

XML 58 R42.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	48,067	0	48,067

XML 59 R43.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Net income attributable to NTIC	$ 2,142,752	$ 1,352,416	$ 4,559,225	$ 2,037,021
Basic – weighted shares outstanding (in shares)	4,539,353	4,526,771	4,538,838	4,528,523
Weighted shares assumed upon exercise of stock options (in shares)	167,679	64,756	125,009	42,872
Diluted – weighted shares outstanding (in shares)	4,707,032	4,591,527	4,663,847	4,571,395
Basic income per share: (in dollars per share)	$ 0.47	$ 0.30	$ 1	$ 0.45
Diluted income per share: (in dollars per share)	$ 0.46	$ 0.30	$ 0.98	$ 0.45

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=109256448&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=114873765&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109260490&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109260490&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=114873790&loc=SL114874131-224263

+ Details

- Definition

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

+ References + Details

XML 60 R44.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation (Details Textual)	9 Months Ended
Note 10 - Stock-based Compensation (Details Textual)	May 31, 2018 USD ($) $ / shares shares	May 31, 2017 USD ($) $ / shares shares
Number of Stock-based Compensation Plans	2
Stock or Unit Option Plan Expense	$ 309,473	$ 293,748
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	322,402
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year	103,267
Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year	153,901
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two	$ 65,234
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 7.75	$ 7.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 189 days	6 years 266 days
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares	800,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares	47,252	56,677
The 2007 Plan [Member] \| One Year after Date of Grant [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
The 2007 Plan [Member] \| One Year after Date of Grant [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares	100,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	90.00%

XML 61 R45.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details)	9 Months Ended
	May 31, 2018	May 31, 2017
Dividend yield	2.18%	0.00%
Expected volatility	45.90%	46.40%
Expected life of option (Year)	10 years	10 years
Average risk-free interest rate	1.87%	1.63%

XML 62 R46.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information (Details Textual)	9 Months Ended
	May 31, 2018
Number of Reportable Segments	2

XML 63 R47.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Total net sales	$ 12,923,837	$ 10,223,019	$ 36,680,850	$ 28,667,945
ZERUST [Member]
Total net sales	10,382,884	8,368,487	30,102,080	23,681,192
NaturTec [Member]
Total net sales	$ 2,540,953	$ 1,854,532	$ 6,578,770	$ 4,986,753

XML 64 R48.htm IDEA: XBRL DOCUMENT

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

^[1]

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

^[1]

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

^[1]

Indirect Cost of Goods Sold [Member]

^[1]

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

XML 65 R49.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Total net sales	$ 12,923,837	$ 10,223,019	$ 36,680,850	$ 28,667,945
Inside the USA to Unaffiliated Customers [Member]
Total net sales	7,434,991	5,967,459	19,771,031	16,363,291
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Total net sales	879,324	862,136	2,201,077	2,115,511
Unaffiliated Customers Outside the USA [Member]
Total net sales	$ 4,609,522	$ 3,393,424	$ 14,708,742	$ 10,189,143

XML 66 R50.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Fees	$ 1,508,500	$ 1,442,048	$ 4,624,532	$ 3,941,667
Percentage of total fees	100.00%	100.00%	100.00%	100.00%
GERMANY
Fees	$ 224,366	$ 212,257	$ 680,939	$ 614,766
Percentage of total fees	14.90%	14.70%	14.70%	15.60%
POLAND
Fees	$ 185,107	$ 180,969	$ 598,221	$ 483,626
Percentage of total fees	12.30%	12.60%	13.00%	12.30%
JAPAN
Fees	$ 183,335	$ 153,903	$ 529,412	$ 445,662
Percentage of total fees	12.20%	10.70%	11.40%	11.30%
SWEDEN
Fees	$ 155,588	$ 150,139	$ 448,707	$ 314,664
Percentage of total fees	10.30%	10.40%	9.70%	8.00%
FRANCE
Fees	$ 146,949	$ 112,455	$ 416,913	$ 293,240
Percentage of total fees	9.70%	7.80%	9.00%	7.40%
THAILAND
Fees	$ 110,894	$ 104,771	$ 325,205	$ 339,852
Percentage of total fees	7.40%	7.30%	7.00%	8.60%
CZECH REPUBLIC
Fees	$ 100,131	$ 74,135	$ 283,193	$ 218,249
Percentage of total fees	6.60%	5.10%	6.10%	5.50%
KOREA, REPUBLIC OF
Fees	$ 96,574	$ 92,954	$ 279,524	$ 284,435
Percentage of total fees	6.40%	6.40%	6.00%	7.20%
FINLAND
Fees	$ 81,402	$ 78,012	$ 247,574	$ 221,294
Percentage of total fees	5.40%	5.40%	5.40%	5.60%
UNITED KINGDOM
Fees	$ 80,931	$ 87,768	$ 275,137	$ 227,140
Percentage of total fees	5.40%	6.10%	6.00%	5.80%
INDIA
Fees	$ 49,778	$ 90,469	$ 274,980	$ 229,200
Percentage of total fees	3.30%	6.30%	5.90%	5.80%
Other Countries [Member]
Fees	$ 93,445	$ 104,216	$ 264,727	$ 269,539
Percentage of total fees	6.10%	7.20%	5.80%	6.90%

XML 67 R51.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($)	May 31, 2018	Aug. 31, 2017
Property and equipment	$ 7,233,307	$ 7,359,662
CHINA
Property and equipment	251,848	228,458
BRAZIL
Property and equipment	81,161	54,646
GERMANY
Property and equipment	10,155	14,171
INDIA
Property and equipment	21,628	14,712
UNITED STATES
Property and equipment	$ 6,868,515	$ 7,047,675

XML 68 R52.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Total net sales	$ 12,923,837	$ 10,223,019	$ 36,680,850	$ 28,667,945
CHINA
Total net sales	3,069,232	1,695,508	9,176,174	4,991,807
BRAZIL
Total net sales	853,675	565,089	2,310,131	1,683,255
INDIA
Total net sales	564,339	323,551	1,642,633	1,057,132
GERMANY
Total net sales	312,057	161,139	556,859	378,635
Other Countries [Member]
Total net sales	955,418	583,752	2,318,569	2,115,511
UNITED STATES
Total net sales	$ 7,169,116	$ 6,893,980	$ 20,676,484	$ 18,441,605

XML 69 R53.htm IDEA: XBRL DOCUMENT

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	9 Months Ended
	May 31, 2018	Aug. 31, 2017	May 31, 2017
Accrued Bonuses	$ 1,380,000		$ 600,000
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures,Percentage	51.80%	60.70%
Fiscal 2018 Bonus Plan [Member] \| Executive Officer [Member]
Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results	75.00%
Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives	25.00%

XML 70 R54.htm IDEA: XBRL DOCUMENT

Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($)	May 31, 2018	Aug. 31, 2017
Available for sale securities	$ 3,282,915	$ 3,766,984
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	3,282,915	3,766,984
Fair Value, Inputs, Level 2 [Member]
Available for sale securities
Fair Value, Inputs, Level 3 [Member]
Available for sale securities

XML 71 R55.htm IDEA: XBRL DOCUMENT

Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017
Cash paid for interest	$ 3,139	$ 7,409	$ 14,007	$ 15,502
Cash paid for income taxes	$ 45,000		$ 45,000

XML 72 R56.htm IDEA: XBRL DOCUMENT

Note 15 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Note 15 - Income Taxes (Details Textual) - USD ($)	May 31, 2018	May 31, 2017	May 31, 2018	May 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Income Tax Expense (Benefit), Total	$ 181,683	$ 237,801	$ 1,128,583	$ 480,423
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			700,000			$ 700,000
Provisional Adjustments Related to Transition of Tax on Deemed Repatriation of Accumulated Foreign Income			$ 489,000
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					25.70%

EXCEL 73 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * / var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 75 report.css IDEA: XBRL DOCUMENT / Updated 2009-11-04 / / v2.2.0.24 / / DefRef Styles / ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } / Report Styles / ..pl a, .pl a:visited { color: black; text-decoration: none; } / table / ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } / Top labels / ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; / word-wrap: break-word; / } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } / Header rows... / ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } / Calendars... / ..report .rc { background-color: #f0f0f0; } / Even rows... / ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } / Odd rows... / ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } / styles for footnote marker / ..report .fn { white-space: nowrap; } / styles for numeric types / ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } / styles for text types / ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 77 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 167 217 1 true 46 0 false 4 false false R1.htm 000 - Document - Document And Entity Information Sheet http://ntic.com/20180531/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false R2.htm 001 - Statement - Consolidated Balance Sheets (Current Period Unaudited) Sheet http://ntic.com/20180531/role/statement-consolidated-balance-sheets-current-period-unaudited Consolidated Balance Sheets (Current Period Unaudited) Statements 2 false false R3.htm 002 - Statement - Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Sheet http://ntic.com/20180531/role/statement-consolidated-balance-sheets-current-period-unaudited-parentheticals Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) Statements 3 false false R4.htm 003 - Statement - Consolidated Statements of Operations (Unaudited) Sheet http://ntic.com/20180531/role/statement-consolidated-statements-of-operations-unaudited Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 004 - Statement - Consolidated Statements of Comprehensive Income (Unaudited) Sheet http://ntic.com/20180531/role/statement-consolidated-statements-of-comprehensive-income-unaudited Consolidated Statements of Comprehensive Income (Unaudited) Statements 5 false false R6.htm 005 - Statement - Consolidated Statements of Cash Flows (Unaudited) Sheet http://ntic.com/20180531/role/statement-consolidated-statements-of-cash-flows-unaudited Consolidated Statements of Cash Flows (Unaudited) Statements 6 false false R7.htm 006 - Disclosure - Note 1 - Interim Financial Information Sheet http://ntic.com/20180531/role/statement-note-1-interim-financial-information Note 1 - Interim Financial Information Notes 7 false false R8.htm 007 - Disclosure - Note 2 - Accounting Pronouncements Sheet http://ntic.com/20180531/role/statement-note-2-accounting-pronouncements Note 2 - Accounting Pronouncements Notes 8 false false R9.htm 008 - Disclosure - Note 3 - Inventories Sheet http://ntic.com/20180531/role/statement-note-3-inventories Note 3 - Inventories Notes 9 false false R10.htm 009 - Disclosure - Note 4 - Property and Equipment, Net Sheet http://ntic.com/20180531/role/statement-note-4-property-and-equipment-net Note 4 - Property and Equipment, Net Notes 10 false false R11.htm 010 - Disclosure - Note 5 - Patents and Trademarks, Net Sheet http://ntic.com/20180531/role/statement-note-5-patents-and-trademarks-net Note 5 - Patents and Trademarks, Net Notes 11 false false R12.htm 011 - Disclosure - Note 6 - Investments in Joint Ventures Sheet http://ntic.com/20180531/role/statement-note-6-investments-in-joint-ventures Note 6 - Investments in Joint Ventures Notes 12 false false R13.htm 012 - Disclosure - Note 7 - Corporate Debt Sheet http://ntic.com/20180531/role/statement-note-7-corporate-debt Note 7 - Corporate Debt Notes 13 false false R14.htm 013 - Disclosure - Note 8 - Stockholders' Equity Sheet http://ntic.com/20180531/role/statement-note-8-stockholders-equity Note 8 - Stockholders' Equity Notes 14 false false R15.htm 014 - Disclosure - Note 9 - Net Income Per Common Share Sheet http://ntic.com/20180531/role/statement-note-9-net-income-per-common-share Note 9 - Net Income Per Common Share Notes 15 false false R16.htm 015 - Disclosure - Note 10 - Stock-based Compensation Sheet http://ntic.com/20180531/role/statement-note-10-stockbased-compensation Note 10 - Stock-based Compensation Notes 16 false false R17.htm 016 - Disclosure - Note 11 - Segment and Geographic Information Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information Note 11 - Segment and Geographic Information Notes 17 false false R18.htm 017 - Disclosure - Note 12 - Commitments and Contingencies Sheet http://ntic.com/20180531/role/statement-note-12-commitments-and-contingencies Note 12 - Commitments and Contingencies Notes 18 false false R19.htm 018 - Disclosure - Note 13 - Fair Value Measurements Sheet http://ntic.com/20180531/role/statement-note-13-fair-value-measurements Note 13 - Fair Value Measurements Notes 19 false false R20.htm 019 - Document - Note 14 - Supplemental Cash Flow Information Sheet http://ntic.com/20180531/role/statement-note-14-supplemental-cash-flow-information Note 14 - Supplemental Cash Flow Information Uncategorized 20 false false R21.htm 020 - Disclosure - Note 15 - Income Taxes Sheet http://ntic.com/20180531/role/statement-note-15-income-taxes Note 15 - Income Taxes Uncategorized 21 false false R22.htm 021 - Disclosure - Note 3 - Inventories (Tables) Sheet http://ntic.com/20180531/role/statement-note-3-inventories-tables Note 3 - Inventories (Tables) Uncategorized 22 false false R23.htm 022 - Disclosure - Note 4 - Property and Equipment, Net (Tables) Sheet http://ntic.com/20180531/role/statement-note-4-property-and-equipment-net-tables Note 4 - Property and Equipment, Net (Tables) Uncategorized 23 false false R24.htm 023 - Disclosure - Note 5 - Patents and Trademarks, Net (Tables) Sheet http://ntic.com/20180531/role/statement-note-5-patents-and-trademarks-net-tables Note 5 - Patents and Trademarks, Net (Tables) Uncategorized 24 false false R25.htm 024 - Disclosure - Note 6 - Investments in Joint Ventures (Tables) Sheet http://ntic.com/20180531/role/statement-note-6-investments-in-joint-ventures-tables Note 6 - Investments in Joint Ventures (Tables) Uncategorized 25 false false R26.htm 025 - Disclosure - Note 8 - Stockholders' Equity (Tables) Sheet http://ntic.com/20180531/role/statement-note-8-stockholders-equity-tables Note 8 - Stockholders' Equity (Tables) Uncategorized 26 false false R27.htm 026 - Disclosure - Note 9 - Net Income Per Common Share (Tables) Sheet http://ntic.com/20180531/role/statement-note-9-net-income-per-common-share-tables Note 9 - Net Income Per Common Share (Tables) Uncategorized 27 false false R28.htm 027 - Disclosure - Note 10 - Stock-based Compensation (Tables) Sheet http://ntic.com/20180531/role/statement-note-10-stockbased-compensation-tables Note 10 - Stock-based Compensation (Tables) Uncategorized 28 false false R29.htm 028 - Disclosure - Note 11 - Segment and Geographic Information (Tables) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-tables Note 11 - Segment and Geographic Information (Tables) Uncategorized 29 false false R30.htm 029 - Disclosure - Note 13 - Fair Value Measurements (Tables) Sheet http://ntic.com/20180531/role/statement-note-13-fair-value-measurements-tables Note 13 - Fair Value Measurements (Tables) Uncategorized 30 false false R31.htm 030 - Disclosure - Note 14 - Supplemental Cash Flow Information (Tables) Sheet http://ntic.com/20180531/role/statement-note-14-supplemental-cash-flow-information-tables Note 14 - Supplemental Cash Flow Information (Tables) Uncategorized 31 false false R32.htm 031 - Disclosure - Note 3 - Inventories - Inventories (Details) Sheet http://ntic.com/20180531/role/statement-note-3-inventories-inventories-details Note 3 - Inventories - Inventories (Details) Uncategorized 32 false false R33.htm 032 - Disclosure - Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) Sheet http://ntic.com/20180531/role/statement-note-4-property-and-equipment-net-components-of-property-and-equipment-net-details Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) Uncategorized 33 false false R34.htm 033 - Disclosure - Note 5 - Patents and Trademarks, Net (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-5-patents-and-trademarks-net-details-textual Note 5 - Patents and Trademarks, Net (Details Textual) Uncategorized 34 false false R35.htm 034 - Disclosure - Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) Sheet http://ntic.com/20180531/role/statement-note-5-patents-and-trademarks-net-patents-and-trademarks-net-details Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) Uncategorized 35 false false R36.htm 035 - Disclosure - Note 6 - Investments in Joint Ventures (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-6-investments-in-joint-ventures-details-textual Note 6 - Investments in Joint Ventures (Details Textual) Uncategorized 36 false false R37.htm 036 - Disclosure - Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) Sheet http://ntic.com/20180531/role/statement-note-6-investments-in-joint-ventures-condensed-balance-sheet-of-excor-and-all-other-joint-ventures-details Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) Uncategorized 37 false false R38.htm 037 - Disclosure - Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) Sheet http://ntic.com/20180531/role/statement-note-6-investments-in-joint-ventures-condensed-income-statement-of-excor-and-all-other-joint-ventures-details Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) Uncategorized 38 false false R39.htm 038 - Disclosure - Note 7 - Corporate Debt (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-7-corporate-debt-details-textual Note 7 - Corporate Debt (Details Textual) Uncategorized 39 false false R40.htm 039 - Disclosure - Note 8 - Stockholders' Equity (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-8-stockholders-equity-details-textual Note 8 - Stockholders' Equity (Details Textual) Uncategorized 40 false false R41.htm 040 - Disclosure - Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) Sheet http://ntic.com/20180531/role/statement-note-8-stockholders-equity-schedule-of-dividends-payable-details Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) Uncategorized 41 false false R42.htm 041 - Disclosure - Note 9 - Net Income Per Common Share (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-9-net-income-per-common-share-details-textual Note 9 - Net Income Per Common Share (Details Textual) Uncategorized 42 false false R43.htm 042 - Disclosure - Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) Sheet http://ntic.com/20180531/role/statement-note-9-net-income-per-common-share-reconciliation-of-the-earnings-per-share-computations-details Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) Uncategorized 43 false false R44.htm 043 - Disclosure - Note 10 - Stock-based Compensation (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-10-stockbased-compensation-details-textual Note 10 - Stock-based Compensation (Details Textual) Uncategorized 44 false false R45.htm 044 - Disclosure - Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details) Sheet http://ntic.com/20180531/role/statement-note-10-stockbased-compensation-blackscholes-optionpricing-model-assumptions-details Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details) Uncategorized 45 false false R46.htm 045 - Disclosure - Note 11 - Segment and Geographic Information (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-details-textual Note 11 - Segment and Geographic Information (Details Textual) Uncategorized 46 false false R47.htm 046 - Disclosure - Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-net-sales-by-segment-details Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) Uncategorized 47 false false R48.htm 047 - Disclosure - Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-cost-of-goods-sold-by-segment-details Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) Uncategorized 48 false false R49.htm 048 - Disclosure - Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-net-sales-by-geographic-location-details Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) Uncategorized 49 false false R50.htm 049 - Disclosure - Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-fees-for-services-provided-to-joint-ventures-by-geographic-location-as-a-percentage-of-total-fees-details Note 11 - Segment and Geographic Information - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees (Details) Uncategorized 50 false false R51.htm 050 - Disclosure - Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-total-longlived-assets-by-geographic-distribution-details Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) Uncategorized 51 false false R52.htm 051 - Disclosure - Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) Sheet http://ntic.com/20180531/role/statement-note-11-segment-and-geographic-information-total-net-sales-by-geographic-distribution-details Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) Uncategorized 52 false false R53.htm 052 - Disclosure - Note 12 - Commitments and Contingencies (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-12-commitments-and-contingencies-details-textual Note 12 - Commitments and Contingencies (Details Textual) Uncategorized 53 false false R54.htm 053 - Disclosure - Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) Sheet http://ntic.com/20180531/role/statement-note-13-fair-value-measurements-assets-and-liabilities-measured-at-fair-value-recurring-basis-details Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) Uncategorized 54 false false R55.htm 054 - Disclosure - Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) Sheet http://ntic.com/20180531/role/statement-note-14-supplemental-cash-flow-information-supplemental-disclosures-of-cash-flow-information-details Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) Uncategorized 55 false false R56.htm 055 - Disclosure - Note 15 - Income Taxes (Details Textual) Sheet http://ntic.com/20180531/role/statement-note-15-income-taxes-details-textual Note 15 - Income Taxes (Details Textual) Uncategorized 56 false false All Reports Book All Reports ntic-20180531.xml ntic-20180531.xsd ntic-20180531_cal.xml ntic-20180531_def.xml ntic-20180531_lab.xml ntic-20180531_pre.xml http://fasb.org/srt/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/country/2017-01-31 true true ZIP 79 0001171843-18-005179-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001171843-18-005179-xbrl.zip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end