0001171843-19-004479.txt : 20190709 0001171843-19-004479.hdr.sgml : 20190709 20190709170142 ACCESSION NUMBER: 0001171843-19-004479 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20190531 FILED AS OF DATE: 20190709 DATE AS OF CHANGE: 20190709 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: 19947692 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_071019p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

(Mark One)

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

For the quarterly period ended May 31, 2019

[_] 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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.02 per share	NTIC	Nasdaq Global Market

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 [X] No [_]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] 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 [X]

Non-accelerated filer [_]

Smaller reporting company [X]

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 [X]

As of July 8, 2019, there were 9,086,816 shares of common stock of the registrant outstanding.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

FORM 10-Q

May 31, 2019

TABLE OF CONTENTS

Description

Page

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements
	Consolidated Balance Sheets as of May 31, 2019 (unaudited) and August 31, 2018	3
	Consolidated Statements of Operations (unaudited) for the Three and Nine Months Ended May 31, 2019 and 2018	4
	Consolidated Statements of Comprehensive Income (unaudited) for the Three and Nine Months Ended May 31, 2019 and 2018	5
	Consolidated Statements of Equity (unaudited) for the Three and Nine Months Ended May 31, 2019 and 2018	6
	Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended May 31, 2019 and 2018	7
	Notes to Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	36

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	37
Item 1A.	Risk Factors	37
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	38
Item 4.	Mine Safety Disclosures	38
Item 5.	Other Information	38
Item 6.	Exhibits	38
SIGNATURES		39

_________________

This quarterly report on Form 10-Q contains certain forward-looking statements that are 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.

On June 3, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock effected in the form of a 100% share dividend distributed on June 28, 2019 to record holders as of June 17, 2019. All share and per share values in this report have been adjusted to retroactively reflect the effect of the two-for-one stock split.

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS AS OF MAY 31, 2019 (UNAUDITED)

AND AUGUST 31, 2018

		May 31, 2019			August 31, 2018
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,224,480		$	4,163,023
Available for sale securities		2,540,613			3,300,110
Receivables:
Trade excluding joint ventures, less allowance for doubtful accounts of $65,000 at May 31, 2019 and $50,000 at August 31, 2018		10,068,632			9,920,108
Trade joint ventures		935,685			761,506
Fees for services provided to joint ventures		1,242,928			1,357,255
Income taxes		628,360			273,333
Inventories		10,619,012			9,130,861
Prepaid expenses		1,105,319			1,661,577
Total current assets		32,365,029			30,567,773

PROPERTY AND EQUIPMENT, NET		7,293,137			7,168,826

OTHER ASSETS:
Investments in joint ventures		24,077,361			22,950,995
Deferred income taxes		1,371,664			1,551,536
Patents and trademarks, net		1,048,249			1,156,257
Other		—			153,849
Total other assets		26,497,274			25,812,637
Total assets	$	66,155,440		$	63,549,236

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	4,458,928		$	3,905,034
Income taxes payable		636			70,892
Accrued liabilities:
Payroll and related benefits		1,357,164			2,747,303
Other		856,578			1,006,953
Total current liabilities		6,673,306			7,730,182

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; issued and outstanding 9,086,816 and 9,082,606, respectively		181,736			181,652
Additional paid-in capital		15,655,353			14,528,951
Retained earnings		44,708,934			41,963,341
Accumulated other comprehensive loss		(4,206,472	)		(3,597,199	)
Stockholders’ equity		56,339,551			53,076,745
Non-controlling interest		3,142,583			2,742,309
Total equity		59,482,134			55,819,054
Total liabilities and equity	$	66,155,440		$	63,549,236

*Share and per share data have been adjusted for all periods presented to reflect the two-for-one stock split effective June 28, 2019.

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, 2019 AND 2018

	Three Months Ended						Nine Months Ended
		May 31, 2019			May 31, 2018			May 31, 2019			May 31, 2018
NET SALES:
Net sales, excluding joint ventures	$	13,780,804		$	12,044,513		$	39,998,118		$	34,479,773
Net sales, to joint ventures		1,112,313			879,324			2,304,455			2,201,077
Total net sales		14,893,117			12,923,837			42,302,573			36,680,850
Cost of goods sold		10,138,353			8,592,366			28,883,589			24,493,672
Gross profit		4,754,764			4,331,471			13,418,984			12,187,178

JOINT VENTURE OPERATIONS:
Equity in income from joint ventures		1,877,410			2,246,066			5,596,788			5,793,391
Fees for services provided to joint ventures		1,433,823			1,508,500			4,299,032			4,624,532
Total joint venture operations		3,311,233			3,754,566			9,895,820			10,417,923

OPERATING EXPENSES:
Selling expenses		2,761,488			2,784,694			8,077,663			8,028,279
General and administrative expenses		2,527,192			1,987,785			6,986,526			6,012,746
Research and development expenses		1,005,045			860,347			2,804,739			2,581,824
Total operating expenses		6,293,725			5,632,826			17,868,928			16,622,849

OPERATING INCOME		1,772,272			2,453,211			5,445,876			5,982,252

INTEREST INCOME		24,114			35,630			52,023			84,569
INTEREST EXPENSE		(5,165	)		(3,139	)		(11,357	)		(14,007	)

INCOME BEFORE INCOME TAX EXPENSE		1,791,221			2,485,702			5,486,542			6,052,814

INCOME TAX EXPENSE		150,257			181,683			652,331			1,128,583

NET INCOME		1,640,964			2,304,019			4,834,211			4,924,231

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		158,815			161,267			453,435			365,006

NET INCOME ATTRIBUTABLE TO NTIC	$	1,482,149		$	2,142,752		$	4,380,776		$	4,559,225

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic	$	0.16		$	0.24		$	0.48		$	0.50
Diluted	$	0.16		$	0.23		$	0.46		$	0.49

WEIGHTED AVERAGE COMMON SHARES
ASSUMED OUTSTANDING:
Basic		9,084,354			9,078,706			9,085,584			9,077,676
Diluted		9,392,444			9,414,064			9,440,858			9,327,694
CASH DIVIDENDS DECLARED PER COMMON SHARE	$	0.06		$	0.05		$	0.18		$	0.15

*Share and per share data have been adjusted for all periods presented to reflect the two-for-one stock split effective June 28, 2019.

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, 2019 AND 2018

	Three Months Ended						Nine Months Ended
		May 31, 2019			May 31, 2018			May 31, 2019			May 31, 2018
NET INCOME	$	1,640,964		$	2,304,019		$	4,834,211		$	4,924,231
Other comprehensive LOSS – foreign currency translation adjustment		(493,488	)		(1,011,685	)		(596,468	)		(569,151	)

COMPREHENSIVE INCOME		1,147,476			1,292,334			4,237,743			4,355,081
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS		129,541			137,502			466,240			383,464
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$	1,017,935		$	1,154,832		$	3,771,503		$	3,971,617

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED MAY 31, 2019 AND 2018

.	STOCKHOLDERS’ EQUITY – THREE MONTHS ENDED MAY 31
											Accumulated
						Additional					Other			Non-
	Common Stock					Paid-in		Retained			Comprehensive			Controlling			Total
		Shares		Amount		Capital		Earnings			Income (Loss)			Interests			Equity

BALANCE AT FEBRUARY 28, 2019		9,084,354	$	181,688	$	15,262,556	$	43,771,843		$	(3,742,258	)	$	3,013,042		$	58,486,871
Stock issued for employee stock purchase plan		2,462		48		34,817		—			—			—			34,865
Stock option expense		—		—		357,980		—			—			—			357,980
Dividends paid to shareholders		—		—		—		(545,058	)		—			—			(545,058	)
Net income		—		—		—		1,482,149			—			158,815			1,640,964
Other comprehensive loss		—		—		—		—			(464,214	)		(29,274	)		(493,488	)
BALANCE AT MAY 31, 2019		9,086,816	$	181,736	$	15,655,353	$	44,708,934		$	(4,206,472	)	$	3,142,583		$	59,482,134

BALANCE AT FEBRUARY 28, 2018		9,074,816	$	181,496	$	14,307,103	$	38,586,704		$	(2,070,752	)	$	2,903,410		$	53,907,961
Stock options exercised		5,820		58		—		—			—			—			58
Stock issued for employee stock purchase plan		1,970		40		15,430		—			—			—			15,470
Stock option expense		—		—		103,209		—			—			—			103,209
Dividends paid to shareholders		—		—		—		(454,130	)		—			—			(454,130	)
Net income		—		—		—		2,142,752			—			161,267			2,304,019
Other comprehensive loss		—		—		—		—			(987,920	)		(23,765	)		(1,011,685	)
BALANCE AT MAY 31, 2018		9,082,606	$	181,652	$	14,425,684	$	40,275,326		$	(3,058,672	)	$	3,040,912		$	54,864,902

.	STOCKHOLDERS’ EQUITY – NINE MONTHS ENDED MAY 31
											Accumulated
						Additional					Other			Non-
	Common Stock					Paid-in		Retained			Comprehensive			Controlling			Total
		Shares		Amount		Capital		Earnings			Income (Loss)			Interests			Equity

BALANCE AT AUGUST 31, 2018		9,082,606	$	181,652	$	14,528,951	$	41,963,341		$	(3,597,199	)	$	2,742,309		$	55,819,054
Stock issued for employee stock purchase plan		4,210		84		52,462		—			—			—			52,546
Stock option expense		—		—		1,073,940		—			—			—			1,073,940
Investment by non-controlling interest		—		—		—		—			—			134,034			134,034
Dividends paid to shareholders		—		—		—		(1,635,183	)		—			—			(1,635,183	)
Dividend received by non-controlling interest		—		—		—		—			—			(200,000	)		(200,000	)
Net income		—		—		—		4,380,776			—			453,435			4,834,211
Other comprehensive income (loss)		—		—		—		—			(609,273	)		12,805			(596,468	)
BALANCE AT MAY 31, 2019		9,086,816	$	181,736	$	15,655,353	$	44,708,934		$	(4,206,472	)	$	3,142,583		$	59,482,134

BALANCE AT AUGUST 31, 2017		9,070,036	$	181,400	$	14,072,809	$	37,077,483		$	(2,471,064	)	$	2,857,448		$	51,718,076
Stock options exercised		8,820		176		15,257		—			—			—			15,433
Stock issued for employee stock purchase plan		3,750		76		27,875		—			—			—			27,951
Stock option expense		—		—		309,743		—			—			—			309,743
Dividends paid to shareholders		—		—		—		(1,361,382	)		—			—			(1,361,382	)
Dividend received by non-controlling interest		—		—		—		—			—			(200,000	)		(200,000	)
Net income		—		—		—		4,559,225			—			365,006			4,924,231
Other comprehensive income (loss)		—		—		—		—			(587,608	)		18,458			(569,150	)
BALANCE AT MAY 31, 2018		9,082,606	$	181,652	$	14,425,684	$	40,275,326		$	(3,058,672	)	$	3,040,912		$	54,864,902

*Share and per share data have been adjusted for all periods presented to reflect the two-for-one stock split effective June 28, 2019.

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, 2019 AND 2018

	Nine Months Ended
		May 31, 2019			May 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	4,834,211		$	4,924,231
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation		1,073,940			309,743
Depreciation expense		627,853			631,399
Amortization expense		195,230			188,460
Gain on disposal of assets		(36,210	)		(11,662	)
Equity in income from joint ventures		(5,596,788	)		(5,793,391	)
Dividends received from joint ventures		3,822,785			2,941,807
Deferred income taxes		177,916			700,000
Changes in current assets and liabilities:
Receivables:
Trade, excluding joint ventures		(132,122	)		(2,827,606	)
Trade, joint ventures		(174,179	)		93,947
Fees for services provided to joint ventures		114,327			(49,305	)
Income taxes		(343,377	)		(267,131	)
Inventories		(1,465,663	)		(1,773,085	)
Prepaid expenses and other		709,049			(718,839	)
Accounts payable		495,251			728,657
Income tax payable		(93,169	)		104,643
Accrued liabilities		(1,491,663	)		676,138
Net cash provided by (used in) operating activities		2,717,391			(141,994	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available for sale securities		(2,340,503	)		(1,018,596	)
Proceeds from the sale of available for sale securities		3,100,000			1,502,665
Purchases of property and equipment		(716,212	)		(500,924	)
Investments in patents		(87,222	)		(62,594	)
Net cash used in investing activities		(43,937	)		(79,449	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest		(200,000	)		(200,000	)
Investment by non-controlling interest		134,034			—
Dividends paid on NTIC common stock		(1,635,183	)		(1,361,382	)
Proceeds from employee stock purchase plan		52,547			27,951
Proceeds from option exercises		—			15,433
Net cash used in financing activities		(1,648,602	)		(1,517,998	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		36,605			(10,435	)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,061,457			(1,749,876	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		4,163,023			6,360,201

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	5,224,480		$	4,610,325


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, 2019 and August 31, 2018, the results of their operations for the three and nine months ended May 31, 2019 and 2018, the changes in stockholders’ equity for the three and nine months ended May 31, 2019 and their cash flows for the nine months ended May 31, 2019 and 2018, 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, 2018. 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, 2019 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2019.

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

New Accounting Pronouncements Adopted

The Company’s significant accounting policies are detailed in “Note 1. Nature of Business and Significant Accounting Policies” of the Company’s Annual Report on Form 10-K for the year ended August 31, 2018. In May 2014, the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (ASC) Section 606, Revenue from Contracts with Customers (ASC 606), 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.

On September 1, 2018, the Company adopted ASC 606 for all customer contracts using the modified retrospective method. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when or as the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods it transfers to, or services it performs for, the customer.

The adoption of ASC 606 neither impacted the previously reported financial statements in any prior period nor did it result in a cumulative effect adjustment to retained earnings. Therefore, the adoption of the standard did not impact the Company’s revenue recognition process. Generally, the Company’s performance obligations are satisfied when the customers take possession of the products, which normally occurs at the shipping point or destination depending on the terms of the contracts. The Company’s services are generally sold based upon quotes or contracts with customers that include a fixed or determinable price, and sales arrangements do not contain any significant financing component for its customers. The Company does not recognize revenue related to product warranties, nor does the Company incur significant contract costs. Customer arrangements do not generate contract assets or liabilities.

Changes to the Company’s significant accounting policies as a result of adopting ASC 606 are discussed below.

Revenue Recognition - Revenue is measured based on consideration specified in the contract with a customer, adjusted for any applicable estimates of variable consideration and other factors affecting the transaction price, including noncash consideration, consideration paid or payable to customers, and significant financing components. While most of the Company’s revenue is contracted with customers through one-time purchase orders and short-term contracts, the Company does have long-term arrangements with certain customers. Revenue from all customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer.

Individually promised goods and services in a contract are considered a distinct performance obligation and accounted for separately if the customer can benefit from the individual good or service on its own or with other resources that are readily available to the customer and the good or service is separately identifiable from other promises in the arrangement. When an arrangement includes multiple performance obligations, the consideration is allocated between the performance obligations in proportion to their estimated standalone selling price. Costs related to products delivered are recognized in the period incurred, unless criteria for capitalization of costs are met. Costs of revenues consist primarily of direct labor, manufacturing overhead, materials, and components. The Company does not incur significant upfront costs to obtain a contract. If costs to obtain a contract were to become material, the costs would be recorded as an asset and amortized to expense in a manner consistent with the related recognition of revenue.

The Company excludes government assessed and imposed taxes on revenue generating transactions that are invoiced to customers from revenue. The Company includes freight billed to customers in revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of goods sold.

The timing of revenue recognition, billing, and cash collections results in accounts receivable on the balance sheet.

Performance Obligations - A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation in proportion to its standalone selling price and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s various performance obligations and the timing or method of revenue recognition are discussed below.

The Company sells its products to both distributors and end-users. Each unit of product delivered under a customer order represents a distinct and separate performance obligation, as the customer can benefit from each unit on its own or with other resources that are readily available to the customer, and each unit of product is separately identifiable from other products in the arrangement.

The transaction price for the Company’s products is the invoiced amount. The Company does not have variable consideration in the form of refunds, credits, rebates, price concessions, pricing incentives, or other items impacting transaction price. The purchase order pricing in arrangements with customers is deemed to approximate standalone selling price; therefore, the Company does not need to allocate proceeds on a relative standalone selling price allocation between performance obligations. The Company applies the practical expedient in paragraph 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less. There are no material obligations that extend beyond one year.

Revenue is recognized when transfer of control occurs as defined by the terms in the customer agreement. The Company immediately recognizes incidental items that are immaterial in the context of the contract. The Company has applied the practical expedient in paragraph 606-10-25-16A and does not assess if immaterial items are promised goods or services. The Company has also applied the practical expedient in paragraph 606-10-32-18 regarding the adjustment of the promised amount of consideration for the effects of a significant financing component when the customer pays for that good or service within one year or less, as the Company does not have any significant financing components in its customer arrangements since payment is received at or shortly after the point of sale, generally thirty to ninety days.

The Company estimates returns based on an analysis of historical experience if the right to return products is granted to its customers. The Company does not record a return asset, as non-conforming products are generally not returned. The Company’s return policy does not vary by geography. The customer has no rotation or price protection rights, and the Company is not under a warranty obligation.

Trade Receivables - Trade receivables include amounts invoiced and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company records an allowance for doubtful accounts to provide for the estimated amount of receivables that will not be collected. The allowance is based on a review of all outstanding amounts on an on-going basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considers a customer’s financial condition, credit history, and current economic conditions. Trade receivables are written off when deemed uncollectible and have been historically insignificant. Recoveries of trade receivables previously written off are recorded when received. Accounts are considered past due if payment is not received according to agreed-upon terms.

Sales Commissions - Sales commissions paid to sales representatives are eligible for capitalization, as they are incremental costs that would not have been incurred without entering into a specific sales arrangement and are recoverable through the expected margin on the transaction. The Company has elected to apply the practical expedient provided by ASC 340-40-25-4 and recognize the incremental costs of obtaining contracts as an expense when incurred, as the amortization period of the assets that would have otherwise been recognized is one year or less. The Company records these costs as a selling expense.

Product Warranty - The Company offers warranties on various products and services. These warranties are assurance type warranties that are not sold on a standalone basis; therefore, they are not considered distinct performance obligations. The Company estimates the costs that may be incurred under its warranties and records a liability in the amount of such costs at the time the revenue is recognized for the product sale.

International Revenue - The Company markets its products to numerous countries in North America, Europe, Latin America, Asia, and other parts of the world. See Note 11, Segment and Geographical Information, for information regarding revenue disaggregation by geography.

Recently Issued Accounting Pronouncements

During February 2016, the FASB issued Accounting Standards Update (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 year 2020. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements but does not expect it will have a material impact on its consolidated balance sheet.

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.

3.	INVENTORIES

Inventories consisted of the following:

		May 31, 2019		August 31, 2018
Production materials	$	2,135,972	$	1,824,489
Finished goods		8,483,040		7,306,372
	$	10,619,012	$	9,130,861

4.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consisted of the following:

		May 31, 2019			August 31, 2018
Land	$	310,365		$	310,365
Buildings and improvements		7,553,462			6,927,484
Machinery and equipment		4,787,247			4,680,072
		12,651,074			11,917,921
Less accumulated depreciation		(5,357,937	)		(4,749,095	)
	$	7,293,137		$	7,168,826

5.	PATENTS AND TRADEMARKS, NET

Patents and trademarks, net, consisted of the following:

		May 31, 2019			August 31, 2018
Patents and trademarks	$	2,911,662		$	2,824,440
Less accumulated amortization		(1,863,413	)		(1,668,183	)
	$	1,048,249		$	1,156,257

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 of approximately $260,000 is estimated for 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 of 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, 2019
		Total		EXCOR		All Other
Current assets	$	60,397,874	$	29,698,867	$	30,699,007
Total assets		64,887,307		32,137,535		32,749,772
Current liabilities		15,628,449		4,606,287		11,022,162
Noncurrent liabilities		467,330		-		467,330
Joint ventures’ equity		48,791,528		27,531,248		21,260,280
NTIC’s share of joint ventures’ equity		24,077,361		13,765,626		10,311,735
NTIC’s share of joint ventures’ undistributed earnings		22,048,149		13,734,721		8,313,428

	As of August 31, 2018
		Total		EXCOR		All Other
Current assets	$	58,086,747	$	27,354,788	$	30,731,959
Total assets		62,803,261		30,033,750		32,769,511
Current liabilities		15,991,886		4,535,954		11,455,932
Noncurrent liabilities		403,653		—		403,653
Joint ventures’ equity		46,407,722		25,497,796		20,909,926
NTIC’s share of joint ventures’ equity		22,950,995		12,748,899		10,195,263
NTIC’s share of joint ventures’ undistributed earnings		20,921,783		12,717,994		8,203,789

	Three Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	27,774,112	$	10,933,386	$	16,840,726
Gross profit		12,557,580		6,129,046		6,428,534
Net income		3,797,785		2,707,342		1,090,443
NTIC’s share of equity in income from joint ventures		1,877,410		1,353,856		523,554
NTIC’s dividends received from joint ventures	$	1,795,542	$	1,673,700	$	121,842

	Nine Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	86,003,918	$	34,895,042	$	51,108,876
Gross profit		38,547,018		19,118,704		19,428,314
Net income		11,412,552		8,187,467		3,225,085
NTIC’s share of equity in income from joint ventures		5,596,788		4,094,763		1,502,025
NTIC’s dividends received from joint ventures	$	3,822,785	$	2,517,450	$	1,305,335

	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
NTIC’s share of equity in income from joint ventures		2,246,066		1,558,243		687,823
NTIC’s dividends received from joint ventures	$	1,168,420	$	581,250	$	587,170

	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
NTIC’s share of equity in income from joint ventures		5,793,391		4,138,814		1,654,577
NTIC’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

The Company did not make any joint venture investments during the three and nine months ended May 31, 2019 and 2018.

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 either May 31, 2019 or August 31, 2018. 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, 2019, 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, 2019 and August 31, 2018 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.

On November 30, 2018, the Company and PNC Bank extended the maturity date of the line of credit from January 7, 2019 to January 7, 2020. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

As of both May 31, 2019 and August 31, 2018, the Company had $88,831 of letters of credit that are performance based and set to expire between 2020 and 2022.

8.	STOCKHOLDERS’ EQUITY

On June 3, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock effected in the form of a 100% share dividend distributed on June 28, 2019 to record holders as of June 17, 2019. All share and per share values have been adjusted to retroactively reflect the effect of the two-for-one stock split.

The Company held its 2019 Annual Meeting of Stockholders (2019 Annual Meeting) on January 18, 2019. At the 2019 Annual Meeting, a proposal to ratify 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 proposal to approve the Share Increase Amendment was initially voted on and approved at the 2018 Annual Meeting of Stockholders. However, because the description of the authority of brokers to vote on proposals without instruction in the proxy statement for the 2018 Annual Meeting of Stockholders could have created some uncertainty as to the effect of the vote obtained at last year’s meeting, and out of an abundance of caution, the Board requested that stockholders at the 2019 Annual Meeting ratify the filing and effectiveness of the Certificate of Amendment to the Company’s Restated Certificate of Incorporation, which was filed with the Secretary of State of the State of Delaware on January 16, 2018, pursuant to Delaware law, in order to eliminate any uncertainty related to the effectiveness of the share increase amendment. Since the ratification proposal was approved by stockholders at the 2019 Annual Meeting, the ratification was retroactive to January 16, 2018, the time of filing of the Share Increase Amendment with the Secretary of State of the State of Delaware.

At the 2019 Annual Meeting held on January 18, 2019, the Company’s stockholders approved the Northern Technologies International Corporation 2019 Stock Incentive Plan (the 2019 Plan), which replaced the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (2007 Plan). No new awards will be granted under the 2007 Plan, although the terms of the 2007 Plan continue to govern awards outstanding under the 2007 Plan until exercised, expired, paid, or otherwise terminated or canceled. Subject to adjustment, the maximum number of shares of common stock authorized for issuance under the 2019 Plan is 800,000 shares. No stock options or other equity awards have been granted under the 2019 Plan as of May 31, 2019.

During the nine months ended May 31, 2019, the Company granted stock options under the 2007 Plan to purchase an aggregate of 141,768 shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options is $18.23, which was equal to the fair market value of the Company’s common stock on the date of grant. During the nine months ended May 31, 2019, no stock options to purchase common stock were exercised.

During the nine months ended May 31, 2018, the Company granted stock options under the 2007 Plan to purchase an aggregate of 94,504 shares of its common stock to various employees and directors. The weighted average per share exercise price of the stock options is $9.18, which was equal to the fair market value of the Company’s common stock on the date of grant. During the nine months ended May 31, 2018, stock options to purchase an aggregate of 8,820 shares of common stock were exercised at a weighted average exercise price of $5.80 per share.

The Company issued 1,748 and 1,782 shares of common stock on September 1, 2018 and 2017, respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (the ESPP). The Company issued 2,462 and 1,970 shares of common stock on March 1, 2019 and 2018, respectively, under the ESPP.

During the nine months ended May 31, 2019, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to holders of record of the Company’s common stock as of the following record dates:

Declaration Date	Amount		Record Date	Payable Date
October 24, 2018	$	0.06	November 7, 2018	November 21, 2018
January 23, 2019	$	0.06	February 6, 2019	February 22, 2019
April 25, 2019	$	0.06	May 9, 2019	May 23, 2019

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 holders of record of the Company’s common stock as of the following record dates:

Declaration Date	Amount		Record Date	Payable Date
November 20, 2017	$	0.05	December 8, 2017	December 21, 2017
January 24, 2018	$	0.05	February 8, 2018	February 21, 2018
April 25, 2018	$	0.05	May 9, 2018	May 23, 2018

During the nine months ended May 31, 2019, and 2018, the Company repurchased no shares of its common stock.

9.	NET INCOME PER COMMON SHARE

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

The following is a reconciliation of the net income per share computation for the three and nine months ended May 31, 2019 and 2018:

	Three Months Ended				Nine Months Ended
Numerators:		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Net income attributable to NTIC	$	1,482,149	$	2,142,752	$	4,380,776	$	4,559,225
Denominators:
Basic – weighted shares outstanding		9,084,354		9,078,706		9,085,584		9,077,676
Weighted shares assumed upon exercise of stock options		308,090		335,358		355,274		250,018
Diluted – weighted shares outstanding		9,392,444		9,414,064		9,440,858		9,327,694
Basic net income per share:	$	0.16	$	0.24	$	0.48	$	0.50
Diluted net income per share:	$	0.16	$	0.23	$	0.46	$	0.49

*Share and per share data have been adjusted for all periods presented to reflect the two-for-one stock split effective June 28, 2019.

The dilutive impact summarized above relates to the periods when the average market price of the Company’s common stock exceeded the exercise price of the potentially dilutive option securities granted. Net income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the three and nine months ended May 31, 2019 were options outstanding to purchase 141,768 shares of common stock. There were no shares excluded from the computation of diluted income per share for the three and nine months ended May 31, 2018.

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. As previously described in Note 8, at the 2019 Annual Meeting held on January 18, 2019, the Board of Directors and stockholders of the Company approved a new Northern Technologies International Corporation 2019 Stock Incentive Plan. No stock options or other equity awards have been granted under that plan. The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards, and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the 2019 Plan, up to a maximum of 800,000 shares of the Company’s common stock are issuable under the 2019 Plan. Options granted generally have a term of ten years and become exercisable over a 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, 2019, only stock options and stock bonuses had been granted under the 2007 Plan and no stock options or other equity awards had been granted under the 2019 Plan.

The maximum number of shares of common stock of the Company available for issuance under the ESPP is 200,000 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 141,768 and 94,504 shares of its common stock during the nine months ended May 31, 2019 and 2018, 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 $1,073,940 and $309,473 during the nine months ended May 31, 2019 and 2018, respectively, related to the options that vested during such time period. As of May 31, 2019, the total compensation cost for non-vested options not yet recognized in the Company’s consolidated statements of operations was $423,245. Stock-based compensation expense of $357,985 is expected through the remainder of fiscal year 2019, and $65,260 is expected to be recognized during fiscal 2020, based on outstanding options as of May 31, 2019. 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, 2019		May 31, 2018
Dividend yield		1.32	%	2.18	%
Expected volatility		45.8	%	45.9	%
Expected life of option (years)		10		10
Average risk-free interest rate		2.75	%	1.87	%

The weighted average per share fair value of options granted during the nine months ended May 31, 2019 and 2018 was $9.01 and $3.88, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2019 and 2018 was 6.15 years and 6.52 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, 2019 and 2018 by segment:

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
ZERUST® net sales	$	10,077,203	$	10,382,884	$	29,250,772	$	30,102,080
Natur-Tec® net sales		4,815,914		2,540,953		13,051,801		6,578,770
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2019 and 2018 by segment:

	Three Months Ended										Nine Months Ended
	May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	5,725,220		56.8	%	$	6,139,699		59.1	%	$	16,596,536		56.7	%	$	17,948,941		59.6	%
Natur-Tec®		3,670,282		76.2	%		1,812,084		71.3	%		10,181,050		78.0	%		4,738,523		72.0	%
Indirect cost of goods sold		742,851		—			640,583		—			2,106,003		—			1,806,208		—
Total net cost of goods sold	$	10,138,353				$	8,592,366				$	28,883,589				$	24,493,672

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, 2019 and 2018 were as follows:

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Inside the U.S.A. to unaffiliated customers	$	6,172,882	$	7,434,991	$	19,564,756	$	19,771,031
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		1,112,313		879,324		2,304,455		2,201,077
Unaffiliated customers		7,607,922		4,609,522		20,433,362		14,708,742
	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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, 2019 and 2018 were as follows:

	Three Months Ended
		May 31, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	212,825	14.8	%	$	224,366	14.9	%
Poland		181,057	12.6	%		185,107	12.3	%
Japan		164,136	11.5	%		183,335	12.2	%
Sweden		137,642	9.6	%		155,588	10.3	%
India		114,705	8.0	%		49,778	3.3	%
France		112,063	7.8	%		146,949	9.7	%
Thailand		109,427	7.6	%		110,894	7.4	%
South Korea		85,732	6.0	%		96,574	6.4	%
Czech Republic		83,086	5.8	%		100,131	6.6	%
Finland		75,135	5.2	%		81,402	5.4	%
United Kingdom		70,972	5.0	%		80,931	5.4	%
Other		87,043	6.1	%		93,445	6.1	%
	$	1,433,823	100.0	%	$	1,508,500	100.0	%

	Nine Months Ended
		May 31, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	643,154	15.0	%	$	680,939	14.7	%
Poland		551,430	12.8	%		598,221	13.0	%
Japan		501,432	11.6	%		529,412	11.4	%
Sweden		417,635	9.7	%		448,707	9.7	%
France		328,395	7.6	%		416,913	9.0	%
Thailand		313,075	7.3	%		325,205	7.0	%
India		294,833	6.9	%		274,980	5.9	%
Czech Republic		266,706	6.2	%		283,193	6.1	%
United Kingdom		261,961	6.1	%		275,137	6.0	%
South Korea		259,612	6.0	%		279,524	6.0	%
Finland		221,599	5.2	%		247,574	5.4	%
Other		239,200	5.6	%		264,727	5.8	%
	$	4,299,032	100.0	%	$	4,624,532	100.0	%

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

		At May 31, 2019		At August 31, 2018
China	$	341,145	$	205,490
Brazil		117,811		71,677
India		51,208		22,220
Other		15,619		7,058
United States		6,767,354		6,862,381
Total property and equipment	$	7,293,137	$	7,168,826

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
China	$	3,691,220	$	3,069,232	$	9,864,479	$	9,176,174
Brazil		792,299		853,675		2,343,894		2,310,131
India		2,283,346		564,339		6,159,136		1,642,633
Other		1,953,370		1,267,475		4,370,308		2,875,428
United States		6,172,882		7,169,116		19,564,756		20,676,484
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

Total property and equipment are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets. Total assets located in the United States include the Company’s investments in joint ventures.

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, 2018, 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, 2019. For fiscal 2019, 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, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary, and the individual’s position and level of responsibility within the Company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual EBITOI for fiscal 2019 compared to a pre-established target EBITOI for fiscal 2019 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan is discretionary and may be paid to executive officer participants in both cash and shares of NTIC common stock, with the exact amount and percentages determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2019. There was $1,450,000 accrued for management bonuses for the nine months ended May 31, 2019, compared to $1,380,000 accrued for management bonuses for the nine months ended May 31, 2018.

Two joint ventures (consisting of the Company’s joint ventures in South Korea and Germany) accounted for 76.4% of the Company’s trade joint venture receivables at May 31, 2019, and three joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand, and India) accounted for 74.1% of the Company’s trade joint venture receivables at August 31, 2018.

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, 2019, 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, and the Company estimates that market value approximates costs.

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

			Fair Value Measurements Using Inputs Considered as
		Fair value as of May 31, 2019		Level 1		Level 2		Level 3
Available for sale securities	$	2,540,613	$	2,540,613	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
		Fair value as of August 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,300,110	$	3,300,110	$	—	$	—

There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended May 31, 2019 and 2018.

14.

SUPPLEMENTAL CASH FLOW INFORMATION

Supplemental disclosures of cash flow information consisted of:

	Three Months Ended
		May 31, 2019		May 31, 2018
Cash paid for interest	$	5,165	$	3,139
Cash paid for income taxes		—		45,000

	Nine Months Ended
		May 31, 2019		May 31, 2018
Cash paid for interest	$	11,357	$	14,007
Cash paid for income taxes		53,975		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 impacted the Company’s fiscal year ended 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 recorded income tax expense during the three and nine months ended May 31, 2019 of $150,257 and $652,331, respectively, compared to $181,683 and $1,128,583 for the three and nine months ended May 31, 2018.

16.

SUBSEQUENT EVENTS

On June 3, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock effected in the form of a 100% share dividend distributed on June 28, 2019 to record holders as of June 17, 2019. All share and per share values have been adjusted to retroactively reflect the effect of the two-for-one stock split.

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, 2018. 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 bio-based 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), 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^® bio-based 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, 2019, 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		75%
NTIC Europe GmbH	Germany		100%

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

On September 1, 2018, the minority owner in Natur-Tec India made an additional capital contribution of INR 9,340,110 (US$ 134,034), which diluted NTIC’s ownership interest from 90% to 75%. This contribution was made with NTIC’s consent and with the intended purpose of increasing the minority owner’s ownership interest accordingly.

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.

The following table sets forth a list of NTIC’s operating joint ventures as of May 31, 2019, the country in which the joint venture is organized, and NTIC’s ownership percentage in each joint venture:

Joint Venture Name	Country	NTIC Percent (%) Ownership
TAIYONIC LTD.	Japan	50%
ACOBAL SAS	France	50%
EXCOR KORROSIONSSCHUTZ – TECHNOLOGIEN UND PRODUKTE GMBH	Germany	50%
ZERUST AB	Sweden	50%
MOSTNIC-ZERUST	Russia	50%
ZERUST OY	Finland	50%
HARITA-NTI LTD	India	50%
ZERUST (U.K.) LTD.	United Kingdom	50%
EXCOR-ZERUST S.R.O.	Czech Republic	50%
EXCOR SP. Z.O.O.	Poland	50%
ZERUST A.Ş.	Turkey	50%
ZERUST CONSUMER PRODUCTS, LLC	United States	50%
ZERUST – DNEPR	Ukraine	50%
KOREA ZERUST CO., LTD.	South Korea⁽¹⁾	30%
ZERUST-NIC (TAIWAN) CORP.	Taiwan⁽¹⁾	30%
PT. CHEMINDO – NTIA	Indonesia⁽¹⁾	30%
ZERUST SPECIALTY TECH CO. LTD.	Thailand⁽¹⁾	30%
CHONG WAH-NTIA SDN. BHD.	Malaysia⁽¹⁾	30%
NTIA ZERUST PHILIPPINES, INC.	Philippines⁽¹⁾	30%
ZERUST SINGAPORE PTE. LTD	Singapore⁽¹⁾⁽²⁾	60%

(1) Indirect ownership interest through NTI Asean.

(2) NTI Asean owns 100% of this joint venture.

NTIC receives funds from its joint ventures for fees received for services that NTIC provides and as dividend distributions. 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 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, what amount is paid 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. Therefore, NTIC 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 15.2% and 15.3% during the three and nine months ended May 31, 2019, respectively, compared to the three and nine months ended May 31, 2018. These increases were primarily a result of an increase in sales of Natur-Tec® products.

During the three and nine months ended May 31, 2019, 67.7% and 69.1% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST® products and services, which decreased 2.9% and 2.8% to $10,077,203 and $29,250,772 during the three and nine months ended May 31, 2019, respectively, compared to $10,382,884 and $30,102,080 during the three and nine months ended May 31, 2018, respectively. These decreases were due to lower sales from existing customers for products as a result of decreased demand. 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, 2019 included $2,225,490 of sales made to customers in the oil and gas industry compared to $1,418,573 for the nine months ended May 31, 2018. 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, 2019, 32.3% and 30.9%, of NTIC’s consolidated net sales, respectively, were derived from sales of Natur-Tec® products compared to 19.7% and 17.9% during the three and nine months ended May 31, 2018, respectively. Net sales of Natur-Tec® products increased 89.5% and 98.4% during the three and nine months ended May 31, 2019, respectively, compared to the three and nine months ended May 31, 2018, 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 to 68.1% during the three months ended May 31, 2019 compared to 66.5% during the three months ended May 31, 2018 and increased to 68.3% during the nine months ended May 31, 2019 compared to 66.8% during the prior fiscal year period, primarily as a result of an increased percentage of product sales from Natur-Tec® products that have lower gross margins than NTIC’s traditional ZERUST® industrial products.

NTIC’s equity in income from joint ventures decreased 16.4% and 3.4% to $1,877,410 and $5,596,788 during the three and nine months ended May 31, 2019, respectively, compared to $2,246,066 and $5,793,391 during the three and nine months ended May 31, 2018, respectively. These decreases were primarily due to corresponding decreases in net sales at the joint ventures, which decreased 11.8% and 4.7% to $27,774,112 and $86,003,918 during the three and nine months ended May 31, 2019, respectively, compared to $31,480,885 and $90,200,146 for the three and nine months ended May 31, 2018, respectively. These decreases in net sales of NTIC’s joint ventures were primarily due to decreased sales from existing customers for existing products as a result of decreased demand. The decreases in net sales of NTIC’s joint ventures resulted in corresponding decreases in fees for services provided to joint ventures, as such fees are a function of net sales of NTIC’s joint ventures.

NTIC’s total operating expenses increased 11.7% and 7.5% to $6,293,725 and $17,868,928 during the three and nine months ended May 31, 2019, respectively, compared to $5,632,826 and $16,622,849 for the three and nine months ended May 31, 2018, respectively. These increases were primarily due to an increase in NTIC’s personnel expenses. Operating expenses, as a percent of net sales, for the three months ended May 31, 2019 were 42.3%, compared to 43.6% for the same period last fiscal year and for the nine months ended May 31, 2019 were 42.2%, compared to 45.3% 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 $1,005,045 and $2,804,739 during the three and nine months ended May 31, 2019, respectively, compared to $860,347 and $2,581,824 during the three and nine months ended May 31, 2018, respectively, in connection with its research and development activities. NTIC anticipates that it will spend a total of between $3,400,000 and $3,600,000 in fiscal 2019 on research and development activities.

Net income attributable to NTIC decreased to $1,482,149, or $0.16 per diluted common share, for the three months ended May 31, 2019 compared to $2,142,752, or $0.23 per diluted common share, for the three months ended May 31, 2018, a decrease of $660,603 or $0.07 per diluted share. Net income attributable to NTIC decreased 3.9% to $4,380,776, or $0.46 per diluted common share, for the nine months ended May 31, 2019 compared to $4,559,225, or $0.49 per diluted common share, for the nine months ended May 31, 2018, a decrease of $178,449 or $0.03 per diluted share. These decreases were primarily the result of the increase in operating expenses and decrease in joint venture operations during the current fiscal year periods compared to the prior fiscal year periods, partially offset by the increase in gross margin and decrease in tax expense, specifically the $700,000 one-time provisional adjustment related to the Tax Cuts and Jobs Act (Tax Reform Act) that occurred in the second quarter of fiscal year 2018, as described in more detail below.

NTIC anticipates that its quarterly net income or loss will continue to remain subject to significant volatility primarily due to the financial performance of its subsidiaries and joint ventures, sales of its ZERUST® products and services into the oil and gas industry, and sales of its Natur-Tec® bioplastics products, which fluctuate more on a quarterly basis than the traditional ZERUST® business.

NTIC’s working capital, defined as current assets less current liabilities, was $25,691,723 at May 31, 2019, including $5,224,480 in cash and cash equivalents and $2,540,613 in available for sale securities, compared to $22,837,591 at August 31, 2018, including $4,163,023 in cash and cash equivalents and $3,300,110 in available for sale securities.

On April 25, 2019, the Company’s Board of Directors declared a cash dividend of $0.06 per share of NTIC’s common stock, payable on May 23, 2019 to stockholders of record on May 9, 2019.

On June 3, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock effected in the form of a 100% share dividend distributed on June 28, 2019 to record holders as of June 17, 2019. All share and per share values have been adjusted to retroactively reflect the effect of the two-for-one stock split.

Results of Operations

The following table sets forth NTIC’s results of operations for the three and nine months ended May 31, 2019 and 2018.

	Three Months Ended
		May 31, 2019	% of Net Sales			May 31, 2018	% of Net Sales			$ Change		% Change
Net sales, excluding joint ventures	$	13,780,804	92.5	%	$	12,044,513	93.2	%	$	1,736,291		14.4	%
Net sales, to joint ventures		1,112,313	7.5	%		879,324	6.8	%		232,989		26.5	%
Cost of goods sold		10,138,353	68.1	%		8,592,366	66.5	%		1,545,987		18.0	%
Equity in income from joint ventures		1,877,410	12.6	%		2,246,066	17.4	%		(368,656	)	(16.4	)%
Fees for services provided to joint ventures		1,433,823	9.6	%		1,508,500	11.7	%		(74,677	)	(5.0	)%
Selling expenses		2,761,488	18.5	%		2,784,694	21.5	%		(23,206	)	(0.8	)%
General and administrative expenses		2,527,192	17.0	%		1,987,785	15.4	%		539,407		27.1	%
Research and development expenses		1,005,045	6.7	%		860,347	6.7	%		144,698		16.8	%

	Nine Months Ended
		May 31, 2019	% of Net Sales			May 31, 2018	% of Net Sales			$ Change		% Change
Net sales, excluding joint ventures	$	39,998,118	94.6	%	$	34,479,773	94.0	%	$	5,518,345		16.0	%
Net sales, to joint ventures		2,304,455	5.4	%		2,201,077	6.0	%		103,378		4.7	%
Cost of goods sold		28,883,589	68.3	%		24,493,672	66.8	%		4,389,917		17.9	%
Equity in income from joint ventures		5,596,788	13.2	%		5,793,391	15.8	%		(196,603	)	(3.4	)%
Fees for services provided to joint ventures		4,299,032	10.2	%		4,624,532	12.6	%		(325,500	)	(7.0	)%
Selling expenses		8,077,663	19.1	%		8,028,279	21.9	%		49,384		0.6	%
General and administrative expenses		6,986,526	16.5	%		6,012,746	16.4	%		973,780		16.2	%
Research and development expenses		2,804,739	6.6	%		2,581,824	7.0	%		222,915		8.6	%

Net Sales. NTIC’s consolidated net sales increased 15.2% and 15.3% to $14,893,117 and $42,302,573 during the three and nine months ended May 31, 2019, respectively, compared to the three and nine months ended May 31, 2018. NTIC’s consolidated net sales to unaffiliated customers excluding NTIC’s joint ventures increased 14.4% and 16.0% to $13,780,804 and $39,998,118 during the three and nine months ended May 31, 2019, respectively, compared to the same respective periods in fiscal 2018. These increases were primarily a result of an increase in sales of Natur-Tec® products. Net sales to joint ventures increased 26.5% and 4.7% to $1,112,313 and $2,304,455 during the three and nine months ended May 31, 2019, respectively, compared to the same respective periods in fiscal 2018. These increases were primarily a result of increased demand for our Natur-Tec® products.

The following table sets forth NTIC’s net sales by product segment for the three and nine months ended May 31, 2019 and 2018 by segment:

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Total ZERUST® sales	$	10,077,203	$	10,382,884	$	29,250,772	$	30,102,080
Total Natur-Tec® sales		4,815,914		2,540,953		13,051,801		6,578,770
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

During the three and nine months ended May 31, 2019, 67.7% and 69.1% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST^® products and services, which decreased 2.9% and 2.8% to $10,077,203 and $29,250,772 during the three and nine months ended May 31, 2019, respectively, compared to $10,382,884 and $30,102,080 during the three and nine months ended May 31, 2018, respectively. 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, 2019 and 2018:

	Three Months Ended
	May 31, 2019		May 31, 2018		$ Change			% Change
ZERUST® industrial net sales	$	8,244,759	$	8,947,847	$	(703,088	)		(7.9	)%
ZERUST® joint venture net sales		950,414		879,324		71,090			8.1	%
ZERUST® oil & gas net sales		882,030		555,713		326,317			58.7	%
Total ZERUST® net sales	$	10,077,203	$	10,382,884	$	(305,681	)		(2.9	)%

	Nine Months Ended
	May 31, 2019		May 31, 2018		$ Change			% Change
ZERUST® industrial net sales	$	24,882,727	$	26,482,430	$	(1,599,703	)		(6.0	)%
ZERUST® joint venture net sales		2,142,555		2,201,077		(58,522	)		(2.7	)%
ZERUST® oil & gas net sales		2,225,490		1,418,573		806,917			56.9	%
Total ZERUST® net sales	$	29,250,772	$	30,102,080	$	(851,308	)		(2.8	)%

NTIC’s total ZERUST® net sales decreased during the three months and nine months ended May 31, 2019, compared to the prior fiscal year periods, primarily due to an overall decreased demand for ZERUST® industrial products and services in North America and China, partially offset by increased demand for ZERUST® oil and gas products and services. NTIC anticipates that its sales of ZERUST® products and services into the oil and gas industry will continue to remain subject to significant volatility from quarter to quarter as sales are recognized, specifically due to the volatility of oil prices. 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.

During the three and nine months ended May 31, 2019, 32.3% and 30.9% of NTIC’s consolidated net sales, respectively, were derived from sales of Natur-Tec® products, which increased 89.5% and 98.4% to $4,815,914 and $13,051,801 during the three and nine months ended May 31, 2019, respectively, compared to the three and nine months ended May 31, 2018. 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.

Cost of Goods Sold. Cost of goods sold increased 18.0% and 17.9% for the three and nine months ended May 31, 2019, respectively, compared to the three and nine months ended May 31, 2018. Cost of goods sold as a percentage of net sales increased to 68.1% during the three months ended May 31, 2019 compared to 66.5% during the three months ended May 31, 2018 and increased to 68.3% during the nine months ended May 31, 2019 compared to 66.8% during the nine months ended May 31, 2018. These increases were due primarily to an increased percentage of product sales from Natur-Tec® products that have lower gross margins than NTIC’s traditional ZERUST® industrial products.

Equity in Income from Joint Ventures. NTIC’s equity in income from joint ventures decreased 16.4% and 3.4% to $1,877,410 and $5,596,788 during the three and nine months ended May 31, 2019, respectively, compared to $2,246,066 and $5,793,391 during the three and nine months ended May 31, 2018, respectively. These changes were primarily a result of changing profitability of the joint ventures during the respective periods that fluctuate based on net sales. Of the total equity in income from joint ventures, NTIC had equity in income from joint ventures of $4,094,763 attributable to EXCOR during the nine months ended May 31, 2019 compared to $4,138,814 during the nine months ended May 31, 2018. NTIC had equity in income of all other joint ventures of $1,502,025 during the nine months ended May 31, 2019 compared to $1,654,577 during the nine months ended May 31, 2018.

Fees for Services Provided to Joint Ventures. NTIC recognized fee income for services provided to joint ventures of $1,433,823 and $4,299,032 during the three and nine months ended May 31, 2019, respectively, compared to $1,508,500 and $4,624,532 during the three and nine months ended May 31, 2018, respectively, representing decreases of 5.0% and 7.0%, 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 decreased to $27,774,112 and $86,003,918 during the three and nine months ended May 31, 2019, respectively, compared to $31,480,885 and $90,200,146 during the three and nine months ended May 31, 2018, respectively, representing decreases of $3,706,773 and $4,196,228, 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 $643,154 were attributable to EXCOR during the nine months ended May 31, 2019 compared to $680,939 attributable to EXCOR during the nine months ended May 31, 2018.

Selling Expenses. NTIC’s selling expenses decreased 0.8% and increased 0.6% for the three and nine months ended May 31, 2019, respectively, compared to the same respective periods in fiscal 2018 due primarily to increases in operating expenses associated with ZERUST® sales efforts, consisting primarily of selling and personnel expenses. Selling expenses as a percentage of net sales decreased to 18.5% and 19.1% for the three and nine months ended May 31, 2019, respectively, from 21.5% and 21.9% for the three and nine months ended May 31, 2018, respectively, primarily due to the increase in net sales, as previously described.

General and Administrative Expenses. NTIC’s general and administrative expenses increased 27.1% and 16.2% for the three and nine months ended May 31, 2019, respectively, compared to the same respective periods in fiscal 2018 primarily due to increased personnel costs. As a percentage of net sales, general and administrative expenses increased to 17.0% and 16.5% for the three and nine months ended May 31, 2019, respectively, from 15.4% and 16.4% for the same respective periods in fiscal 2018. The increases in general and administrative expenses as a percentage of net sales for the three and six month comparisons were primarily due to the increase in net sales, as previously described.

Research and Development Expenses. NTIC’s research and development expenses increased 16.8% and 8.6% for the three and nine months ended May 31, 2019, respectively, compared to the same respective periods in fiscal 2018 primarily due to increases in research and development efforts.

Interest Income. NTIC’s interest income decreased to $24,114 and $52,023 during the three and nine months ended May 31, 2019, respectively, compared to $35,630 and $84,569 during the three and nine months ended May 31, 2018, respectively, due to changing levels of invested cash.

Interest Expense. NTIC’s interest expense increased to $5,165 and decreased to $11,357 during the three and nine months ended May 31, 2019, respectively, compared to $3,139 and $14,007 during the three and nine months ended May 31, 2018, respectively.

Income Before Income Tax Expense. NTIC incurred income before income tax expense equal to $1,791,221 and $5,486,542 for the three and nine months ended May 31, 2019, respectively, compared to $2,485,702 and $6,052,814 for the three and nine months ended May 31, 2018, respectively.

Income Tax Expense. Income tax expense was $150,257 and $652,331 for the three and nine months ended May 31, 2019, respectively, compared to income tax expense of $181,683 and $1,128,583 during the three and nine months ended May 31, 2018, respectively. Income tax expense was calculated based on management’s estimate of NTIC’s annual effective income tax rate. The effective tax rate for the three and nine months ended May 31, 2019 was 8.4% and 11.9%, respectively, compared to 7.3% and 18.6% for the three and nine months ended May 31, 2018, respectively. These decreases were primarily due to one-time provisional adjustments related to the Tax Reform Act during the prior fiscal year periods. 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.

NTIC considers the earnings of certain foreign joint ventures to be indefinitely invested outside the United States on the bases of estimates that NTIC’s future domestic cash generation will be sufficient to meet future domestic cash needs. As a result, U.S. income and foreign withholding taxes have not been recognized on the cumulative undistributed earnings of $22,048,149 and $20,921,783 at May 31, 2019, and August 31, 2018, respectively. To the extent undistributed earnings of NTIC’s joint ventures are distributed in the future, they are not expected to result in any material additional income tax liability after the application of foreign tax credits.

Net Income Attributable to NTIC. Net income attributable to NTIC decreased to $1,482,149, or $0.16, per diluted common share, for the three months ended May 31, 2019 compared to $2,142,752, or $0.23, per diluted common share, for the three months ended May 31, 2018. Net income attributable to NTIC decreased to $4,380,776, or $0.46 per diluted common share, for the nine months ended May 31, 2018 compared to $4,559,225, or $0.49 per diluted common share, for the nine months ended May 31, 2018. These decreases were primarily the result of the increase in operating expenses and decrease in joint venture operations during the current fiscal year periods compared to the prior fiscal year periods, partially offset by the increase in gross margin and decrease in tax expense, specifically the $700,000 one-time provisional adjustment related to the Tax Cuts and Jobs Act (Tax Reform Act) that occurred in the second quarter of fiscal year 2018, as described in more detail below.

Other Comprehensive Income - Foreign Currency Translations Adjustment. The changes in the foreign currency translations adjustment were due to the fluctuations of the U.S. dollar compared to the Euro and other foreign currencies during the three and nine months ended May 31, 2019 compared to the same period in fiscal 2018.

Liquidity and Capital Resources

Sources of Cash and Working Capital. NTIC’s working capital, defined as current assets less current liabilities, was $25,691,723 at May 31, 2019, including $5,224,480 in cash and cash equivalents and $2,540,613 in available for sale securities, compared to $22,837,591 at August 31, 2018, including $4,163,023 in cash and cash equivalents and $3,300,110 in available for sale securities.

As of May 31, 2019, NTIC had a revolving line of credit with PNC Bank of $3,000,000 with no amounts outstanding. 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. On November 30, 2018, the Company and PNC Bank extended the maturity date of the line of credit from January 7, 2019, to January 7, 2020. 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. 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, 2019, NTIC was in compliance with all debt covenants.

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 2019, 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 provided by operating activities during the nine months ended May 31, 2019 was $2,717,391, which resulted principally from NTIC’s net income, dividends received from joint ventures, depreciation, amortization, and an increase in stock-based compensation, accounts payable, partially offset by NTIC’s equity in income from joint ventures, an increase in inventory, a decrease in accrued liabilities, and an increase in income tax receivable. 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.

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. 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 90 days for trade receivables from its joint ventures. 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 the 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 and an increase in inventory as of May 31, 2019, compared to August 31, 2018. Trade receivables, excluding joint ventures, as of May 31, 2019 increased $148,524 compared to August 31, 2018, primarily related to the timing of collections and the increase in sales. Outstanding trade receivables, excluding joint ventures balances as of May 31, 2019 increased 2 days to an average of 67 days from balances outstanding from these customers as of August 31, 2018. Outstanding trade receivables from joint ventures as of May 31, 2019 increased $174,179 compared to August 31, 2018 primarily due to the timing of payments. Outstanding balances from trade receivables from joint ventures decreased an average of 22 days to an average of 77 days from balances outstanding from these customers compared to August 31, 2018. The average days outstanding of trade receivables from joint ventures as of May 31, 2019 were primarily due to the receivable balances at NTIC’s joint ventures in South Korea and Germany.

Outstanding receivables for services provided to joint ventures as of May 31, 2019 decreased $114,327 compared to August 31, 2018, and the average days to pay decreased an average of 3 days to an average of 80 days compared to August 31, 2018.

Net cash used in investing activities for the nine months ended May 31, 2019, was $43,937, which was primarily the result of net proceeds from the sale of available for sale securities, partially offset by additions to property and equipment, and additions to patents. 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 net proceeds from the sale of available for sale securities.

Net cash used in financing activities for the nine months ended May 31, 2019 was $1,648,602, which resulted from dividends paid on NTIC common stock and a dividend paid to a non-controlling interest, partially offset by an investment by a non-controlling interest and proceeds from NTIC’s employee stock purchase plan. 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.

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, 2019. As of May 31, 2019, up to $2,640,548 in shares of NTIC common stock remained available for repurchase under NTIC’s stock repurchase program.

Cash Dividends. During the nine months ended May 31, 2019, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to holders of record of the Company’s common stock as of the following record dates:

Declaration Date	Amount		Record Date	Payable Date
October 24, 2018	$	0.06	November 7, 2018	November 21, 2018
January 23, 2019	$	0.06	February 6, 2019	February 22, 2019
April 25, 2019	$	0.06	May 9, 2019	May 23, 2019

During fiscal 2018, the Company’s Board of Directors declared quarterly cash dividends of $0.05 per share. 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.

Stock Split. On June 3, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s common stock effected in the form of a 100% share dividend distributed on June 28, 2019 to record holders as of June 17, 2019. All share and per share values have been adjusted to retroactively reflect the effect of the two-for-one stock split.

Capital Expenditures and Commitments. NTIC spent $716,212 on capital expenditures during the nine months ended May 31, 2019, which related primarily to the purchase of new equipment. NTIC expects to spend an aggregate of approximately $750,000 to $900,000 on capital expenditures during fiscal 2019, 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, 2018.

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 some seasonality in its business. NTIC believes its net sales in the 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, 2019, 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, 2018, other than as a result of NTIC’s adoption of ASC 606.

Recent 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. These forward-looking statements 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;

Variability in NTIC’s sales of ZERUST® products and services to the 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 and import duties, 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 effect of 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 to the 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 to the oil and gas industry;

NTIC’s operations in China, and the risks associated therewith, 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 Tax Cuts and Jobs Act;

The 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, 2018 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 and 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 that 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.

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, the Indian Rupee, the Chinese Renminbi, the 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, 2019, NTIC had no borrowings under the line of credit.

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 were no changes in NTIC’s internal financial control over financial reporting that occurred during the quarter ended May 31, 2019 that have materially affected or are reasonably likely to materially affect the Company’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) 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. As of May 31, 2019, the Company is not able 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, 2019, 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 2019 stock repurchase activity. Shares and per share data have been adjusted for all periods presented to reflect a two-for-one stock split effective June 28, 2019.

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, 2019 through March 31, 2019	0	$0	0	(1)
April 1, 2019 through April 30, 2019	0	$0	0	(1)
May 1, 2019 through May 31, 2019	0	$0	0	(1)
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, 2019, 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.	Description	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, 2019, 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 Equity, (v) the unaudited Consolidated Statements of Cash Flows, and (vi) 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 9, 2019		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 9, 2019	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 9, 2019	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, 2019 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 9, 2019

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, 2019 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 9, 2019

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border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2018</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2018</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> </tr> <tr style="vertical-align: bottom"> <td>Direct cost of goods sold</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; padding-left: 10pt">ZERUST®</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,725,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,139,699</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.1</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,596,536</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56.7</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,948,941</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.6</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Natur-Tec®</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,670,282</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,812,084</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,181,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,738,523</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Indirect cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">742,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">640,583</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,106,003</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,806,208</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total net cost of goods sold</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,138,353</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,592,366</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,883,589</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,493,672</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> </table></div> 212825 224366 181057 185107 164136 183335 137642 155588 114705 49778 112063 146949 109427 110894 85732 96574 83086 100131 75135 81402 70972 80931 87043 93445 1433823 1508500 643154 680939 551430 598221 501432 529412 417635 448707 328395 416913 313075 325205 294833 274980 266706 283193 261961 275137 259612 279524 221599 247574 239200 264727 4299032 4624532 10068632 9920108 935685 761506 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60,397,874</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,698,867</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,699,007</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,887,307</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,137,535</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,749,772</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,628,449</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,606,287</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,022,162</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">467,330</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">467,330</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">48,791,528</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,531,248</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,260,280</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,077,361</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,765,626</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,311,735</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,048,149</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,734,721</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,313,428</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of August 31, 2018</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; width: 55%">Current assets</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,086,747</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,354,788</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,731,959</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">62,803,261</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,033,750</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32,769,511</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Current liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,991,886</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,535,954</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,455,932</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Noncurrent liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">403,653</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">403,653</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,407,722</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,497,796</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,909,926</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of joint ventures’ equity</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,950,995</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,748,899</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,195,263</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s share of joint ventures’ undistributed earnings</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,921,783</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,717,994</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,203,789</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27,774,112</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,933,386</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,840,726</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,557,580</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,129,046</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,428,534</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,797,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,707,342</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,090,443</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,877,410</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,353,856</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">523,554</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,795,542</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,673,700</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">121,842</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended May 31, 2019</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">86,003,918</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34,895,042</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,108,876</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,547,018</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,118,704</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,428,314</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,412,552</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,187,467</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,225,085</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,596,788</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,094,763</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,502,025</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,822,785</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,517,450</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,305,335</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="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> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,480,885</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,209,819</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,823,609</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,386,210</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,540,968</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,113,660</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,427,308</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,246,066</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,558,243</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">687,823</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,168,420</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">581,250</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">587,170</div></td> <td style="text-align: left"> </td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="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> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">EXCOR</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">All Other</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90,200,146</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; 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%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Gross profit</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40,529,217</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,315,099</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,214,118</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Net income</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,753,467</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,272,237</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,481,230</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">NTIC’s share of equity in income from joint ventures</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,793,391</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,138,814</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,654,577</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">NTIC’s dividends received from joint ventures</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,941,807</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,780,392</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,161,415</div></td> <td style="text-align: left"> </td> </tr> </table></div>

4458928

3905034

1450000

1380000

636

70892

5357937

4749095

-4206472

-3597199

15655353

14528951

195230

188460

357980

103209

1073940

309743

65000

50000

141768

66155440

63549236

32365029

30567773

2540613

3300110

2540613

3300110

7553462

6927484

5224480

4163023

6360201

4610325

1061457

-1749876

0.06

0.05

0.06

0.05

0.18

0.15

0.02

15000000

10000000

15000000

9086816

9082606

9086816

9082606

181736

181652

1017935

1154832

3771503

3971617

129541

137502

466240

383464

1147476

1292334

4237743

4355081

10138353

8592366

28883589

24493672

5725220

6139699

16596536

17948941

3670282

1812084

10181050

4738523

742851

640583

2106003

1806208

0.0215

1371664

1551536

627853

631399

2018-11-21

2019-02-22

2019-05-23

2017-12-21

2018-02-21

2018-05-23

545058

454130

1635183

1361382

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Declaration Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Record Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payable Date</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">October 24, 2018</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 22%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">November 7, 2018</div></td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">November 21, 2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">January 23, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 6, 2019</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 22, 2019</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">April 25, 2019</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 9, 2019</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 23, 2019</div></td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Declaration Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Record Date</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Payable Date</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 25%; text-align: center">November 20, 2017</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 22%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 8, 2017</div></td> <td style="width: 1%"> </td> <td style="width: 24%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">December 21, 2017</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center">January 24, 2018</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 8, 2018</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">February 21, 2018</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">April 25, 2018</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 9, 2018</div></td> <td> </td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">May 23, 2018</div></td> </tr> </table></div>

2018-11-07

2019-02-06

2019-05-09

2017-12-08

2018-02-08

2018-05-09

0.16

0.24

0.48

0.50

0.16

0.23

0.46

0.49

36605

-10435

1357164

2747303

423245

1795542

1673700

121842

3822785

2517450

1305335

1168420

581250

587170

2941807

1780392

1161415

64887307

32137535

32749772

62803261

30033750

32769511

60397874

29698867

30699007

58086747

27354788

30731959

15628449

4606287

11022162

15991886

4535954

11455932

48791528

27531248

21260280

46407722

25497796

20909926

12557580

6129046

6428534

38547018

19118704

19428314

14209819

6823609

7386210

40529217

19315099

21214118

3797785

2707342

1090443

11412552

8187467

3225085

4540968

3113660

1427308

11753467

8272237

3481230

467330

403653

27774112

10933386

16840726

86003918

34895042

51108876

31480885

12219414

19261471

90200146

35450664

54749482

24077361

13765626

10311735

22950995

12748899

10195263

24077361

22950995

P7Y

1863413

1668183

260000

2911662

2824440

1048249

1156257

1048249

1156257

36210

11662

2527192

1987785

6986526

6012746

4754764

4331471

13418984

12187178

1877410

2246066

5596788

5793391

1353856

523554

4094763

1502025

1558243

687823

4138814

1654577

1791221

2485702

5486542

6052814

150257

652331

181683

1128583

45000

53975

45000

628360

273333

495251

728657

-93169

104643

-1491663

676138

-177916

-700000

343377

267131

1465663

1773085

-709049

718839

308090

335358

355274

250018

5165

3139

11357

14007

5165

3139

11357

14007

8483040

7306372

10619012

9130861

10619012

9130861

2135972

1824489

24114

35630

52023

84569

310365

88831

66155440

63549236

6673306

7730182

3000000

1200000

4787247

4680072

3142583

2742309

200000

-1648602

-1517998

-43937

-79449

2717391

-141994

1482149

2142752

4380776

4559225

158815

161267

453435

365006

134034

341145

205490

117811

71677

51208

22220

15619

7058

6767354

6862381

7293137

7168826

6293725

5632826

17868928

16622849

1772272

2453211

5445876

5982252

856578

1006953

153849

-493488

-1011685

-596468

-569151

-464214

-29274

-493488

-987920

-23765

-1011685

-609273

12805

-596468

-587608

18458

-569150

3311233

3754566

9895820

10417923

1635183

1361382

200000

2340503

1018596

87222

62594

716212

500924

10000

1105319

1661577

3822785

2941807

134034

3100000

1502665

15433

52547

27951

1640964

2304019

4834211

4924231

1482149

158815

2142752

161267

4380776

453435

4559225

365006

12651074

11917921

7293137

7168826

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Total Fees for Services Provided to Joint Ventures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2018</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">  </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">212,825</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">224,366</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.9</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,057</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,107</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">164,136</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.5</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,335</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137,642</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,588</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,705</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,778</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">146,949</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,427</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,894</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,732</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,574</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,086</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,131</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,402</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70,972</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,931</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,043</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,445</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,433,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,508,500</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Total Fees for Services Provided to Joint Ventures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2018</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,154</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,939</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">551,430</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,221</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">501,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">417,635</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">448,707</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">328,395</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">416,913</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,075</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,205</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">294,833</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,980</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,706</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">283,193</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">261,961</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,137</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,612</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">279,524</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">247,574</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">239,200</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">264,727</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,299,032</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,624,532</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table></div>

1005045

860347

2804739

2581824

44708934

41963341

22048149

13734721

8313428

20921783

12717994

8203789

14893117

12923837

42302573

36680850

10077203

10382884

29250772

30102080

4815914

2540953

13051801

6578770

6172882

7434991

19564756

19771031

1112313

879324

2304455

2201077

7607922

4609522

20433362

14708742

3691220

3069232

9864479

9176174

792299

853675

2343894

2310131

2283346

564339

6159136

1642633

1953370

1267475

4370308

2875428

6172882

7169116

19564756

20676484

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: top; text-align: left"> <td style="width: 3%"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></td> <td style="width: 97%"><div style="display: inline; text-transform: uppercase"><div style="display: inline; font-weight: bold;">SEGMENT AND GEOGRAPHIC INFORMATION</div></div></td> </tr> </table> <div style=""></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Segment Information</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company’s chief operating decision maker (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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the Company’s net sales for the <div style="display: inline; font-style: italic; font-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, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> by segment:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">ZERUST® net sales</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,077,203</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,382,884</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,250,772</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,102,080</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Natur-Tec® net sales</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,815,914</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,540,953</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,051,801</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,578,770</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth the Company’s cost of goods sold for the <div style="display: inline; font-style: italic; font-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;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> by segment:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2018</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2019</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31, 2018</div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> </tr> <tr style="vertical-align: bottom"> <td>Direct cost of goods sold</td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> <td> </td> <td colspan="3" style="text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; padding-left: 10pt">ZERUST®</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,725,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,139,699</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.1</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,596,536</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">56.7</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,948,941</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 7%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59.6</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Natur-Tec®</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,670,282</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,812,084</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,181,050</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,738,523</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Indirect cost of goods sold</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">742,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">640,583</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,106,003</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,806,208</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">—</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Total net cost of goods sold</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,138,353</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,592,366</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,883,589</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,493,672</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></div>  <div align="left" style="margin-top: 3pt; margin-bottom: 3pt"> <div style="font-size: 1pt; border-top: Black 1pt solid; width: 25%">   </div> </div>  <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.5in"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.3in">*</td> <td>The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company utilizes product net sales and direct and indirect cost of goods sold for each product in reviewing the financial performance of a product type. Further allocation of Company expenses or assets, aside from amounts presented in the tables above, is <div style="display: inline; font-style: italic; font-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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: italic;">Geographic Information</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net sales by geographic location for the <div style="display: inline; font-style: italic; font-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, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Inside the U.S.A. to unaffiliated customers</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,172,882</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,434,991</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,564,756</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,771,031</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Outside the U.S.A. to:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Joint ventures in which the Company is a shareholder directly and indirectly</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,112,313</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">879,324</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,304,455</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,201,077</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Unaffiliated customers</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,607,922</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,609,522</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,433,362</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,708,742</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div>   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Total Fees for Services Provided to Joint Ventures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2018</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">  </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">212,825</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.8</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">224,366</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.9</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">181,057</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">185,107</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">164,136</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.5</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">183,335</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.2</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">137,642</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">155,588</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,705</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49,778</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.3</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">112,063</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">146,949</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,427</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">110,894</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85,732</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">96,574</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">83,086</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,131</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.6</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">75,135</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81,402</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70,972</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80,931</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,043</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93,445</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,433,823</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,508,500</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2019</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">% of Total Fees for Services Provided to Joint Ventures</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">May 31,<br /> 2018</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="padding-bottom: 1pt"> </td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">% of Total Fees for Services Provided to Joint Ventures</div></div> </div></td> <td style="text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">Germany</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">643,154</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">680,939</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.7</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Poland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">551,430</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.8</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">598,221</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Japan</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">501,432</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529,412</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Sweden</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">417,635</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">448,707</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.7</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>France</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">328,395</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.6</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">416,913</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thailand</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">313,075</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.3</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">325,205</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">294,833</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.9</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">274,980</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.9</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Czech Republic</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,706</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">283,193</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United Kingdom</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">261,961</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.1</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">275,137</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">South Korea</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,612</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">279,524</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.0</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Finland</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">221,599</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2</div></td> <td style="text-align: left">%</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">247,574</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.4</div></td> <td style="text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">239,200</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.6</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">264,727</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.8</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: right; padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,299,032</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,624,532</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100.0</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The geographical distribution of key financial statement data is as follows:</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </div> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At May 31, 2019</div></div> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="padding-bottom: 1pt"></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;">At August 31, 2018</div></div> </div></td> <td style="border-bottom: Black 1pt solid; text-align: center"> <div style="padding: 0in 0in 1pt; border-bottom: Black 0.5pt solid"> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><div style="display: inline; font-weight: bold;"> </div></div> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 54%; text-align: justify">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">341,145</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">205,490</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117,811</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,677</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,208</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,220</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,619</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,058</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,767,354</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,862,381</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.5pt; text-indent: 0pt; padding-left: 10pt">Total property and equipment</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,293,137</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,168,826</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div>   <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">May 31, 2018</td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">China</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,691,220</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,069,232</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,864,479</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,176,174</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Brazil</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">792,299</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">853,675</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,343,894</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,310,131</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>India</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,283,346</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">564,339</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,159,136</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,642,633</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Other</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,953,370</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,267,475</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,370,308</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,875,428</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>United States</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,172,882</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,169,116</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,564,756</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,676,484</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Total net sales</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,893,117</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,923,837</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42,302,573</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="padding-bottom: 2.5pt; border-bottom: Black 2.5pt double"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36,680,850</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total property and equipment are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets. Total assets located in the United States include the Company’s investments in joint ventures.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are <div style="display: inline; font-style: italic; font-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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All joint venture operations, including equity in income, fees for services, and related dividends, are primarily related to ZERUST® products and services.</div></div>

2761488

2784694

8077663

8028279

1073940

309743

P3Y

P4Y

0.0132

0.0218

0.458

0.459

0.0275

0.0187

800000

200000

141768

94504

141768

94504

9.01

3.88

5.80

18.23

9.18

P10Y

P6Y54D

P6Y189D

0.9

9084354

9086816

9074816

9082606

9070036

1748

1782

2462

1970

2462

1970

4210

3750

8820

5820

8820

34817

34865

15430

15470

52462

52546

27875

27951

176

15257

15433

1073940

309473

56339551

53076745

59482134

55819054

181688

15262556

43771843

-3742258

3013042

58486871

181736

15655353

44708934

-4206472

3142583

181496

14307103

38586704

-2070752

2903410

53907961

181652

14425684

40275326

-3058672

3040912

54864902

181652

14528951

41963341

-3597199

2742309

181400

14072809

37077483

-2471064

2857448

51718076

9392444

9414064

9440858

9327694

9084354

9078706

9085584

9077676

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	May 31, 2019	Jul. 08, 2019
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	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		9,086,816
Document Type	10-Q
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Shell Company	false

XML 15 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	May 31, 2019	Aug. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 5,224,480	$ 4,163,023
Available for sale securities	2,540,613	3,300,110
Receivables:
Trade excluding joint ventures, less allowance for doubtful accounts of $65,000 at May 31, 2019 and $50,000 at August 31, 2018	10,068,632	9,920,108
Trade joint ventures	935,685	761,506
Fees for services provided to joint ventures	1,242,928	1,357,255
Income taxes	628,360	273,333
Inventories	10,619,012	9,130,861
Prepaid expenses	1,105,319	1,661,577
Total current assets	32,365,029	30,567,773
PROPERTY AND EQUIPMENT, NET	7,293,137	7,168,826
OTHER ASSETS:
Investments in joint ventures	24,077,361	22,950,995
Deferred income taxes	1,371,664	1,551,536
Patents and trademarks, net	1,048,249	1,156,257
Other		153,849
Total other assets	26,497,274	25,812,637
Total assets	66,155,440	63,549,236
CURRENT LIABILITIES:
Accounts payable	4,458,928	3,905,034
Income taxes payable	636	70,892
Accrued liabilities:
Payroll and related benefits	1,357,164	2,747,303
Other	856,578	1,006,953
Total current liabilities	6,673,306	7,730,182
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; issued and outstanding 9,086,816 and 9,082,606, respectively	181,736	181,652
Additional paid-in capital	15,655,353	14,528,951
Retained earnings	44,708,934	41,963,341
Accumulated other comprehensive loss	(4,206,472)	(3,597,199)
Stockholders’ equity	56,339,551	53,076,745
Non-controlling interest	3,142,583	2,742,309
Total equity	59,482,134	55,819,054
Total liabilities and equity	$ 66,155,440	$ 63,549,236

XML 16 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	May 31, 2019	Aug. 31, 2018
Trade receivable excluding joint ventures, allowance for doubtful accounts	$ 65,000	$ 50,000
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
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	9,086,816	9,082,606
Common stock, shares outstanding (in shares)	9,086,816	9,082,606

XML 17 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
NET SALES:
Net sales, excluding joint ventures	$ 13,780,804	$ 12,044,513	$ 39,998,118	$ 34,479,773
Net sales, to joint ventures	1,112,313	879,324	2,304,455	2,201,077
Total net sales	14,893,117	12,923,837	42,302,573	36,680,850
Cost of goods sold	10,138,353	8,592,366	28,883,589	24,493,672
Gross profit	4,754,764	4,331,471	13,418,984	12,187,178
JOINT VENTURE OPERATIONS:
Equity in income from joint ventures	1,877,410	2,246,066	5,596,788	5,793,391
Fees for services provided to joint ventures	1,433,823	1,508,500	4,299,032	4,624,532
Total joint venture operations	3,311,233	3,754,566	9,895,820	10,417,923
OPERATING EXPENSES:
Selling expenses	2,761,488	2,784,694	8,077,663	8,028,279
General and administrative expenses	2,527,192	1,987,785	6,986,526	6,012,746
Research and development expenses	1,005,045	860,347	2,804,739	2,581,824
Total operating expenses	6,293,725	5,632,826	17,868,928	16,622,849
OPERATING INCOME	1,772,272	2,453,211	5,445,876	5,982,252
INTEREST INCOME	24,114	35,630	52,023	84,569
INTEREST EXPENSE	(5,165)	(3,139)	(11,357)	(14,007)
INCOME BEFORE INCOME TAX EXPENSE	1,791,221	2,485,702	5,486,542	6,052,814
INCOME TAX EXPENSE	150,257	181,683	652,331	1,128,583
NET INCOME	1,640,964	2,304,019	4,834,211	4,924,231
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	158,815	161,267	453,435	365,006
NET INCOME ATTRIBUTABLE TO NTIC	$ 1,482,149	$ 2,142,752	$ 4,380,776	$ 4,559,225
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic (in dollars per share)	$ 0.16	$ 0.24	$ 0.48	$ 0.50
Diluted (in dollars per share)	$ 0.16	$ 0.23	$ 0.46	$ 0.49
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic (in shares)	9,084,354	9,078,706	9,085,584	9,077,676
Diluted (in shares)	9,392,444	9,414,064	9,440,858	9,327,694
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.06	$ 0.05	$ 0.18	$ 0.15

XML 18 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net income	$ 1,640,964	$ 2,304,019	$ 4,834,211	$ 4,924,231
Other comprehensive LOSS – foreign currency translation adjustment	(493,488)	(1,011,685)	(596,468)	(569,151)
COMPREHENSIVE INCOME	1,147,476	1,292,334	4,237,743	4,355,081
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON- CONTROLLING INTERESTS	129,541	137,502	466,240	383,464
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ 1,017,935	$ 1,154,832	$ 3,771,503	$ 3,971,617

- 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=118930883&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=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 810
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-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
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-Name Accounting Standards Codification
-Topic 810
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-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&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=116874947&loc=SL4591552-111686

+ Details

XML 19 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
BALANCE (in shares) at Aug. 31, 2017	9,070,036
BALANCE at Aug. 31, 2017	$ 181,400	$ 14,072,809	$ 37,077,483	$ (2,471,064)	$ 2,857,448	$ 51,718,076
Stock issued for employee stock purchase plan (in shares)	3,750
Stock issued for employee stock purchase plan	$ 76	27,875				27,951
Stock option expense		309,743				309,743
Dividends paid to shareholders			(1,361,382)			(1,361,382)
Net income			4,559,225		365,006	4,924,231
Other comprehensive loss				(587,608)	18,458	$ (569,150)
Stock options exercised (in shares)	8,820					8,820
Stock options exercised	$ 176	15,257				$ 15,433
Dividend received by non-controlling interest					(200,000)	(200,000)
BALANCE (in shares) at May. 31, 2018	9,082,606
BALANCE at May. 31, 2018	$ 181,652	14,425,684	40,275,326	(3,058,672)	3,040,912	54,864,902
BALANCE (in shares) at Feb. 28, 2018	9,074,816
BALANCE at Feb. 28, 2018	$ 181,496	14,307,103	38,586,704	(2,070,752)	2,903,410	53,907,961
Stock issued for employee stock purchase plan (in shares)	1,970
Stock issued for employee stock purchase plan	$ 40	15,430				15,470
Stock option expense		103,209				103,209
Dividends paid to shareholders			(454,130)			(454,130)
Net income			2,142,752		161,267	2,304,019
Other comprehensive loss				(987,920)	(23,765)	(1,011,685)
Stock options exercised (in shares)	5,820
Stock options exercised	$ 58					58
BALANCE (in shares) at May. 31, 2018	9,082,606
BALANCE at May. 31, 2018	$ 181,652	14,425,684	40,275,326	(3,058,672)	3,040,912	54,864,902
BALANCE (in shares) at Aug. 31, 2018	9,082,606
BALANCE at Aug. 31, 2018	$ 181,652	14,528,951	41,963,341	(3,597,199)	2,742,309	55,819,054
Stock issued for employee stock purchase plan (in shares)	4,210
Stock issued for employee stock purchase plan	$ 84	52,462				52,546
Stock option expense		1,073,940				1,073,940
Dividends paid to shareholders			(1,635,183)			(1,635,183)
Net income			4,380,776		453,435	4,834,211
Other comprehensive loss				(609,273)	12,805	$ (596,468)
Stock options exercised (in shares)						0
Investment by non-controlling interest					134,034	$ 134,034
Dividend received by non-controlling interest					(200,000)	(200,000)
BALANCE (in shares) at May. 31, 2019	9,086,816
BALANCE at May. 31, 2019	$ 181,736	15,655,353	44,708,934	(4,206,472)	3,142,583	59,482,134
BALANCE (in shares) at Feb. 28, 2019	9,084,354
BALANCE at Feb. 28, 2019	$ 181,688	15,262,556	43,771,843	(3,742,258)	3,013,042	58,486,871
Stock issued for employee stock purchase plan (in shares)	2,462
Stock issued for employee stock purchase plan	$ 48	34,817				34,865
Stock option expense		357,980				357,980
Dividends paid to shareholders			(545,058)			(545,058)
Net income			1,482,149		158,815	1,640,964
Other comprehensive loss				(464,214)	(29,274)	(493,488)
BALANCE (in shares) at May. 31, 2019	9,086,816
BALANCE at May. 31, 2019	$ 181,736	$ 15,655,353	$ 44,708,934	$ (4,206,472)	$ 3,142,583	$ 59,482,134

XML 20 R7.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2019	May 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,834,211	$ 4,924,231
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Stock-based compensation	1,073,940	309,743
Depreciation expense	627,853	631,399
Amortization expense	195,230	188,460
Gain on disposal of assets	(36,210)	(11,662)
Equity in income from joint ventures	(5,596,788)	(5,793,391)
Dividends received from joint ventures	3,822,785	2,941,807
Deferred income taxes	177,916	700,000
Changes in current assets and liabilities:
Trade, excluding joint ventures	(132,122)	(2,827,606)
Trade, joint ventures	(174,179)	93,947
Fees for services provided to joint ventures	114,327	(49,305)
Income taxes	(343,377)	(267,131)
Inventories	(1,465,663)	(1,773,085)
Prepaid expenses and other	709,049	(718,839)
Accounts payable	495,251	728,657
Income tax payable	(93,169)	104,643
Accrued liabilities	(1,491,663)	676,138
Net cash provided by (used in) operating activities	2,717,391	(141,994)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available for sale securities	(2,340,503)	(1,018,596)
Proceeds from the sale of available for sale securities	3,100,000	1,502,665
Purchases of property and equipment	(716,212)	(500,924)
Investments in patents	(87,222)	(62,594)
Net cash used in investing activities	(43,937)	(79,449)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest	(200,000)	(200,000)
Investment by non-controlling interest	134,034
Dividends paid on NTIC common stock	(1,635,183)	(1,361,382)
Proceeds from employee stock purchase plan	52,547	27,951
Proceeds from option exercises		15,433
Net cash used in financing activities	(1,648,602)	(1,517,998)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	36,605	(10,435)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,061,457	(1,749,876)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	4,163,023	6,360,201
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 5,224,480	$ 4,610,325

XML 21 R8.htm IDEA: XBRL DOCUMENT

Note 1 - Interim Financial Information

9 Months Ended

May 31, 2019

Notes to Financial Statements

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.	INTERIM FINANCIAL INFORMATION

May 31, 2019

and

August 31, 2018,

the results of their operations for the

three

and

nine

months ended

May 31, 2019

and

2018,

the changes in stockholders’ equity for the

three

and

nine

months ended

May 31, 2019

and their cash flows for the

nine

months ended

May 31, 2019

and

2018,

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

-K for the fiscal year ended

August 31, 2018.

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, 2019

are

not

necessarily indicative of the results that

may

be expected for the full fiscal year ending

August 31, 2019.

June 3, 2019,

the Company’s Board of Directors declared a

two

-for-

one

stock split of the Company’s common stock effected in the form of a

100%

share dividend distributed on

June 28, 2019

to record holders as of

June 17, 2019.

All share and per share values in this report have been adjusted to retroactively reflect the effect of the

two

-for-

one

stock split.

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

XML 22 R9.htm IDEA: XBRL DOCUMENT

Note 2 - Accounting Pronouncements

9 Months Ended

May 31, 2019

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]

2.	Accounting PronouncementS

New Accounting Pronouncements Adopted

The Company’s significant accounting policies are detailed in “Note

Nature of Business and Significant Accounting Policies” of the Company’s Annual Report on Form

-K for the year ended

August 31, 2018.

May 2014,

the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (ASC) Section

606,

Revenue from Contracts with Customers

(ASC

606

), 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.

September 1, 2018,

the Company adopted ASC

606

for all customer contracts using the modified retrospective method. To determine revenue recognition for arrangements within the scope of ASC

606,

the Company performs the following

five

steps: (

) identify the contracts with a customer; (

) identify the performance obligations in the contract; (

) determine the transaction price; (

) allocate the transaction price to the performance obligations in the contract; and (

) recognize revenue when or as the entity satisfies a performance obligation. The Company only applies the

five

-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods it transfers to, or services it performs for, the customer.

The adoption of ASC

606

neither impacted the previously reported financial statements in any prior period nor did it result in a cumulative effect adjustment to retained earnings. Therefore, the adoption of the standard did

not

impact the Company’s revenue recognition process. Generally, the Company’s performance obligations are satisfied when the customers take possession of the products, which normally occurs at the shipping point or destination depending on the terms of the contracts. The Company’s services are generally sold based upon quotes or contracts with customers that include a fixed or determinable price, and sales arrangements do

not

contain any significant financing component for its customers. The Company does

not

recognize revenue related to product warranties, nor does the Company incur significant contract costs. Customer arrangements do

not

generate contract assets or liabilities.

Changes to the Company’s significant accounting policies as a result of adopting ASC

606

are discussed below.

Revenue Recognition

- Revenue is measured based on consideration specified in the contract with a customer, adjusted for any applicable estimates of variable consideration and other factors affecting the transaction price, including noncash consideration, consideration paid or payable to customers, and significant financing components. While most of the Company’s revenue is contracted with customers through

one

-time purchase orders and short-term contracts, the Company does have long-term arrangements with certain customers. Revenue from all customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer.

not

incur significant upfront costs to obtain a contract. If costs to obtain a contract were to become material, the costs would be recorded as an asset and amortized to expense in a manner consistent with the related recognition of revenue.

The timing of revenue recognition, billing, and cash collections results in accounts receivable on the balance sheet.

Performance Obligations

- A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation in proportion to its standalone selling price and recognized as revenue when, or as, the performance obligation is satisfied. The Company’s various performance obligations and the timing or method of revenue recognition are discussed below.

The transaction price for the Company’s products is the invoiced amount. The Company does

not

have variable consideration in the form of refunds, credits, rebates, price concessions, pricing incentives, or other items impacting transaction price. The purchase order pricing in arrangements with customers is deemed to approximate standalone selling price; therefore, the Company does

not

need to allocate proceeds on a relative standalone selling price allocation between performance obligations. The Company applies the practical expedient in paragraph

606

and does

not

disclose information about remaining performance obligations that have original expected durations of

one

year or less. There are

material obligations that extend beyond

one

year.

606

16A

and does

not

assess if immaterial items are promised goods or services. The Company has also applied the practical expedient in paragraph

606

regarding the adjustment of the promised amount of consideration for the effects of a significant financing component when the customer pays for that good or service within

one

year or less, as the Company does

not

have any significant financing components in its customer arrangements since payment is received at or shortly after the point of sale, generally

thirty

ninety

days.

The Company estimates returns based on an analysis of historical experience if the right to return products is granted to its customers. The Company does

not

record a return asset, as non-conforming products are generally

not

returned. The Company’s return policy does

not

vary by geography. The customer has

rotation or price protection rights, and the Company is

not

under a warranty obligation.

Trade Receivables

- Trade receivables include amounts invoiced and currently due from customers. The amounts due are stated at their net estimated realizable value. The Company records an allowance for doubtful accounts to provide for the estimated amount of receivables that will

not

be collected. The allowance is based on a review of all outstanding amounts on an on-going basis. Management determines the allowance for doubtful accounts by regularly evaluating individual customer receivables and considers a customer’s financial condition, credit history, and current economic conditions. Trade receivables are written off when deemed uncollectible and have been historically insignificant. Recoveries of trade receivables previously written off are recorded when received. Accounts are considered past due if payment is

not

received according to agreed-upon terms.

Sales Commissions

- Sales commissions paid to sales representatives are eligible for capitalization, as they are incremental costs that would

not

have been incurred without entering into a specific sales arrangement and are recoverable through the expected margin on the transaction. The Company has elected to apply the practical expedient provided by ASC

340

and recognize the incremental costs of obtaining contracts as an expense when incurred, as the amortization period of the assets that would have otherwise been recognized is

one

year or less. The Company records these costs as a selling expense.

Product Warranty

- The Company offers warranties on various products and services. These warranties are assurance type warranties that are

not

sold on a standalone basis; therefore, they are

not

considered distinct performance obligations. The Company estimates the costs that

may

be incurred under its warranties and records a liability in the amount of such costs at the time the revenue is recognized for the product sale.

International Revenue

- The Company markets its products to numerous countries in North America, Europe, Latin America, Asia, and other parts of the world. See Note

11,

Segment and Geographical Information, for information regarding revenue disaggregation by geography.

Recently Issued Accounting Pronouncements

During

February 2016,

the FASB issued Accounting Standards Update (ASU)

No.

2016

02,

Leases

. ASU

No.

2016

was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of

months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU

No.

2016

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 year

2020.

The Company is currently assessing the effect that ASU

No.

2016

will have on its consolidated financial statements but does

not

expect it will have a material impact on its consolidated balance sheet.

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

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.

XML 23 R10.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories

9 Months Ended

May 31, 2019

Notes to Financial Statements

Inventory Disclosure [Text Block]

3.	INVENTORIES

Inventories consisted of the following:

		May 31, 2019		August 31, 2018
Production materials	$	2,135,972	$	1,824,489
Finished goods		8,483,040		7,306,372
	$	10,619,012	$	9,130,861

XML 24 R11.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net

9 Months Ended

May 31, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4.	PROPERTY AND EQUIPMENT, NET

Property and equipment, net, consisted of the following:

		May 31, 2019			August 31, 2018
Land	$	310,365		$	310,365
Buildings and improvements		7,553,462			6,927,484
Machinery and equipment		4,787,247			4,680,072
		12,651,074			11,917,921
Less accumulated depreciation		(5,357,937	)		(4,749,095	)
	$	7,293,137		$	7,168,826

XML 25 R12.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net

9 Months Ended

May 31, 2019

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

5.	PATENTS AND TRADEMARKS, NET

Patents and trademarks, net, consisted of the following:

		May 31, 2019			August 31, 2018
Patents and trademarks	$	2,911,662		$	2,824,440
Less accumulated amortization		(1,863,413	)		(1,668,183	)
	$	1,048,249		$	1,156,257

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 of approximately

$260,000

is estimated for each of the next

five

fiscal years.

XML 26 R13.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures

9 Months Ended

May 31, 2019

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]

6.	INVESTMENTS IN JOINT VENTURES

	As of May 31, 2019
		Total		EXCOR		All Other
Current assets	$	60,397,874	$	29,698,867	$	30,699,007
Total assets		64,887,307		32,137,535		32,749,772
Current liabilities		15,628,449		4,606,287		11,022,162
Noncurrent liabilities		467,330		-		467,330
Joint ventures’ equity		48,791,528		27,531,248		21,260,280
NTIC’s share of joint ventures’ equity		24,077,361		13,765,626		10,311,735
NTIC’s share of joint ventures’ undistributed earnings		22,048,149		13,734,721		8,313,428

	As of August 31, 2018
		Total		EXCOR		All Other
Current assets	$	58,086,747	$	27,354,788	$	30,731,959
Total assets		62,803,261		30,033,750		32,769,511
Current liabilities		15,991,886		4,535,954		11,455,932
Noncurrent liabilities		403,653		—		403,653
Joint ventures’ equity		46,407,722		25,497,796		20,909,926
NTIC’s share of joint ventures’ equity		22,950,995		12,748,899		10,195,263
NTIC’s share of joint ventures’ undistributed earnings		20,921,783		12,717,994		8,203,789

	Three Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	27,774,112	$	10,933,386	$	16,840,726
Gross profit		12,557,580		6,129,046		6,428,534
Net income		3,797,785		2,707,342		1,090,443
NTIC’s share of equity in income from joint ventures		1,877,410		1,353,856		523,554
NTIC’s dividends received from joint ventures	$	1,795,542	$	1,673,700	$	121,842

	Nine Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	86,003,918	$	34,895,042	$	51,108,876
Gross profit		38,547,018		19,118,704		19,428,314
Net income		11,412,552		8,187,467		3,225,085
NTIC’s share of equity in income from joint ventures		5,596,788		4,094,763		1,502,025
NTIC’s dividends received from joint ventures	$	3,822,785	$	2,517,450	$	1,305,335

	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
NTIC’s share of equity in income from joint ventures		2,246,066		1,558,243		687,823
NTIC’s dividends received from joint ventures	$	1,168,420	$	581,250	$	587,170

	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
NTIC’s share of equity in income from joint ventures		5,793,391		4,138,814		1,654,577
NTIC’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

The Company did

not

make any joint venture investments during the

three

and

nine

months ended

May 31, 2019

and

2018.

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Note 7 - Corporate Debt

9 Months Ended

May 31, 2019

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.

amounts were outstanding under the line of credit as of either

May 31, 2019

August 31, 2018.

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.

1.10:1.00.

As of

May 31, 2019,

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, 2019

and

August 31, 2018

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.

November 30, 2018,

the Company and PNC Bank extended the maturity date of the line of credit from

January 7, 2019

January 7, 2020.

All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

As of both

May 31, 2019

and

August 31, 2018,

the Company had

$88,831

of letters of credit that are performance based and set to expire between

2020

and

2022.

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Note 8 - Stockholders' Equity

9 Months Ended

May 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

8.	STOCKHOLDERS’ EQUITY

June 3, 2019,

the Company’s Board of Directors declared a

two

-for-

one

stock split of the Company’s common stock effected in the form of a

100%

share dividend distributed on

June 28, 2019

to record holders as of

June 17, 2019.

All share and per share values have been adjusted to retroactively reflect the effect of the

two

-for-

one

stock split.

The Company held its

2019

Annual Meeting of Stockholders (

2019

Annual Meeting) on

January 18, 2019.

At the

2019

Annual Meeting, a proposal to ratify 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 proposal to approve the Share Increase Amendment was initially voted on and approved at the

2018

Annual Meeting of Stockholders. However, because the description of the authority of brokers to vote on proposals without instruction in the proxy statement for the

2018

Annual Meeting of Stockholders could have created some uncertainty as to the effect of the vote obtained at last year’s meeting, and out of an abundance of caution, the Board requested that stockholders at the

2019

Annual Meeting ratify the filing and effectiveness of the Certificate of Amendment to the Company’s Restated Certificate of Incorporation, which was filed with the Secretary of State of the State of Delaware on

January 16, 2018,

pursuant to Delaware law, in order to eliminate any uncertainty related to the effectiveness of the share increase amendment. Since the ratification proposal was approved by stockholders at the

2019

Annual Meeting, the ratification was retroactive to

January 16, 2018,

the time of filing of the Share Increase Amendment with the Secretary of State of the State of Delaware.

At the

2019

Annual Meeting held on

January 18, 2019,

the Company’s stockholders approved the Northern Technologies International Corporation

2019

Stock Incentive Plan (the

2019

Plan), which replaced the Northern Technologies International Corporation Amended and Restated

2007

Stock Incentive Plan (

2007

Plan).

new awards will be granted under the

2007

Plan, although the terms of the

2007

Plan continue to govern awards outstanding under the

2007

Plan until exercised, expired, paid, or otherwise terminated or canceled. Subject to adjustment, the maximum number of shares of common stock authorized for issuance under the

2019

Plan is

800,000

shares.

stock options or other equity awards have been granted under the

2019

Plan as of

May 31, 2019.

During the

nine

months ended

May 31, 2019,

the Company granted stock options under the

2007

Plan to purchase an aggregate of

141,768

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

$18.23,

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

nine

months ended

May 31, 2019,

stock options to purchase common stock were exercised.

During the

nine

months ended

May 31, 2018,

the Company granted stock options under the

2007

Plan to purchase an aggregate of

94,504

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

$9.18,

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

nine

months ended

May 31, 2018,

stock options to purchase an aggregate of

8,820

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

$5.80

per share.

The Company issued

1,748

and

1,782

shares of common stock on

September 1, 2018

and

2017,

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

2,462

and

1,970

shares of common stock on

March 1, 2019

and

2018,

respectively, under the ESPP.

During the

nine

months ended

May 31, 2019,

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

Declaration Date	Amount		Record Date	Payable Date
October 24, 2018	$	0.06	November 7, 2018	November 21, 2018
January 23, 2019	$	0.06	February 6, 2019	February 22, 2019
April 25, 2019	$	0.06	May 9, 2019	May 23, 2019

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 holders of record of the Company’s common stock as of the following record dates:

Declaration Date	Amount		Record Date	Payable Date
November 20, 2017	$	0.05	December 8, 2017	December 21, 2017
January 24, 2018	$	0.05	February 8, 2018	February 21, 2018
April 25, 2018	$	0.05	May 9, 2018	May 23, 2018

During the

nine

months ended

May 31, 2019,

and

2018,

the Company repurchased

shares of its common stock.

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Note 9 - Net Income Per Common Share

9 Months Ended

May 31, 2019

Notes to Financial Statements

Earnings Per Share [Text Block]

9.	NET INCOME PER COMMON SHARE

The following is a reconciliation of the net income per share computation for the

three

and

nine

months ended

May 31, 2019

and

2018:

	Three Months Ended				Nine Months Ended
Numerators:		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Net income attributable to NTIC	$	1,482,149	$	2,142,752	$	4,380,776	$	4,559,225
Denominators:
Basic – weighted shares outstanding		9,084,354		9,078,706		9,085,584		9,077,676
Weighted shares assumed upon exercise of stock options		308,090		335,358		355,274		250,018
Diluted – weighted shares outstanding		9,392,444		9,414,064		9,440,858		9,327,694
Basic net income per share:	$	0.16	$	0.24	$	0.48	$	0.50
Diluted net income per share:	$	0.16	$	0.23	$	0.46	$	0.49

*Share and per share data have been adjusted for all periods presented to reflect the

two

-for-

one

stock split effective

June 28, 2019.

three

and

nine

months ended

May 31, 2019

were options outstanding to purchase

141,768

shares of common stock. There were

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

three

and

nine

months ended

May 31, 2018.

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Note 10 - Stock-based Compensation

9 Months Ended

May 31, 2019

Notes to Financial Statements

Share-based Payment Arrangement [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. As previously described in Note

at the

2019

Annual Meeting held on

January 18, 2019,

the Board of Directors and stockholders of the Company approved a new Northern Technologies International Corporation

2019

Stock Incentive Plan.

stock options or other equity awards have been granted under that plan. The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The

2019

Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards, and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the

2019

Plan, up to a maximum of

800,000

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

2019

Plan. Options granted generally have a term of

ten

years and become exercisable over a

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, 2019,

only stock options and stock bonuses had been granted under the

2007

Plan and

stock options or other equity awards had been granted under the

2019

Plan.

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

200,000

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

141,768

and

94,504

shares of its common stock during the

nine

months ended

May 31, 2019

and

2018,

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

$1,073,940

and

$309,473

during the

nine

months ended

May 31, 2019

and

2018,

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

May 31, 2019,

the total compensation cost for non-vested options

not

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

$423,245.

Stock-based compensation expense of

$357,985

is expected through the remainder of fiscal year

2019,

and

$65,260

is expected to be recognized during fiscal

2020,

based on outstanding options as of

May 31, 2019.

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, 2019		May 31, 2018
Dividend yield		1.32	%	2.18	%
Expected volatility		45.8	%	45.9	%
Expected life of option (years)		10		10
Average risk-free interest rate		2.75	%	1.87	%

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

nine

months ended

May 31, 2019

and

2018

was

$9.01

and

$3.88,

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

May 31, 2019

and

2018

was

6.15

years and

6.52

years, respectively.

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Note 11 - Segment and Geographic Information

9 Months Ended

May 31, 2019

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

and

nine

months ended

May 31, 2019

and

2018

by segment:

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
ZERUST® net sales	$	10,077,203	$	10,382,884	$	29,250,772	$	30,102,080
Natur-Tec® net sales		4,815,914		2,540,953		13,051,801		6,578,770
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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

three

and

nine

months ended

May

31,

2019

and

2018

by segment:

	Three Months Ended										Nine Months Ended
	May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	5,725,220		56.8	%	$	6,139,699		59.1	%	$	16,596,536		56.7	%	$	17,948,941		59.6	%
Natur-Tec®		3,670,282		76.2	%		1,812,084		71.3	%		10,181,050		78.0	%		4,738,523		72.0	%
Indirect cost of goods sold		742,851		—			640,583		—			2,106,003		—			1,806,208		—
Total net cost of goods sold	$	10,138,353				$	8,592,366				$	28,883,589				$	24,493,672

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

and

nine

months ended

May 31, 2019

and

2018

were as follows:

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Inside the U.S.A. to unaffiliated customers	$	6,172,882	$	7,434,991	$	19,564,756	$	19,771,031
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		1,112,313		879,324		2,304,455		2,201,077
Unaffiliated customers		7,607,922		4,609,522		20,433,362		14,708,742
	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

three

and

nine

months ended

May 31, 2019

and

2018

were as follows:

	Three Months Ended
		May 31, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	212,825	14.8	%	$	224,366	14.9	%
Poland		181,057	12.6	%		185,107	12.3	%
Japan		164,136	11.5	%		183,335	12.2	%
Sweden		137,642	9.6	%		155,588	10.3	%
India		114,705	8.0	%		49,778	3.3	%
France		112,063	7.8	%		146,949	9.7	%
Thailand		109,427	7.6	%		110,894	7.4	%
South Korea		85,732	6.0	%		96,574	6.4	%
Czech Republic		83,086	5.8	%		100,131	6.6	%
Finland		75,135	5.2	%		81,402	5.4	%
United Kingdom		70,972	5.0	%		80,931	5.4	%
Other		87,043	6.1	%		93,445	6.1	%
	$	1,433,823	100.0	%	$	1,508,500	100.0	%

	Nine Months Ended
		May 31, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	643,154	15.0	%	$	680,939	14.7	%
Poland		551,430	12.8	%		598,221	13.0	%
Japan		501,432	11.6	%		529,412	11.4	%
Sweden		417,635	9.7	%		448,707	9.7	%
France		328,395	7.6	%		416,913	9.0	%
Thailand		313,075	7.3	%		325,205	7.0	%
India		294,833	6.9	%		274,980	5.9	%
Czech Republic		266,706	6.2	%		283,193	6.1	%
United Kingdom		261,961	6.1	%		275,137	6.0	%
South Korea		259,612	6.0	%		279,524	6.0	%
Finland		221,599	5.2	%		247,574	5.4	%
Other		239,200	5.6	%		264,727	5.8	%
	$	4,299,032	100.0	%	$	4,624,532	100.0	%

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

		At May 31, 2019		At August 31, 2018
China	$	341,145	$	205,490
Brazil		117,811		71,677
India		51,208		22,220
Other		15,619		7,058
United States		6,767,354		6,862,381
Total property and equipment	$	7,293,137	$	7,168,826

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
China	$	3,691,220	$	3,069,232	$	9,864,479	$	9,176,174
Brazil		792,299		853,675		2,343,894		2,310,131
India		2,283,346		564,339		6,159,136		1,642,633
Other		1,953,370		1,267,475		4,370,308		2,875,428
United States		6,172,882		7,169,116		19,564,756		20,676,484
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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.

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Note 12 - Commitments and Contingencies

9 Months Ended

May 31, 2019

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

12.	COMMITMENTS AND CONTINGENCIES

August 31, 2018,

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, 2019.

For fiscal

2019,

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, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary, and the individual’s position and level of responsibility within the Company. In the case of each of the Company’s executive officer participants,

75%

of the amount of their individual bonus payout will be determined based upon the Company’s actual EBITOI for fiscal

2019

compared to a pre-established target EBITOI for fiscal

2019

and

25%

of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan is discretionary and

may

be paid to executive officer participants in both cash and shares of NTIC common stock, with the exact amount and percentages determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal

2019.

There was

$1,450,000

accrued for management bonuses for the

nine

months ended

May 31, 2019,

compared to

$1,380,000

accrued for management bonuses for the

nine

months ended

May 31, 2018.

Two joint ventures (consisting of the Company’s joint ventures in South Korea and Germany) accounted for

76.4%

of the Company’s trade joint venture receivables at

May 31, 2019,

and

three

joint ventures (consisting of the Company’s joint ventures in South Korea, Thailand, and India) accounted for

74.1%

of the Company’s trade joint venture receivables at

August 31, 2018.

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, 2019,

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.

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Note 13 - Fair Value Measurements

9 Months Ended

May 31, 2019

Notes to Financial Statements

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

13.	Fair Value Measurements

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, 2019		Level 1		Level 2		Level 3
Available for sale securities	$	2,540,613	$	2,540,613	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
		Fair value as of August 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,300,110	$	3,300,110	$	—	$	—

There were

transfers between Level

Level

or Level

during the

three

and

nine

months ended

May

31,

2019

and

2018.

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Note 14 - Supplemental Cash Flow Information

9 Months Ended

May 31, 2019

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, 2019		May 31, 2018
Cash paid for interest	$	5,165	$	3,139
Cash paid for income taxes		—		45,000

	Nine Months Ended
		May 31, 2019		May 31, 2018
Cash paid for interest	$	11,357	$	14,007
Cash paid for income taxes		53,975		45,000

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Note 15 - Income Taxes

9 Months Ended

May 31, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15.	INCOME TAXES

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 impacted the Company’s fiscal year ended

August 31, 2018,

including, but

not

limited to, reducing the U.S. federal corporate tax rate from

35%

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 recorded income tax expense during the

three

and

nine

months ended

May 31, 2019

$150,257

and

$652,331,

respectively, compared to

$181,683

and

$1,128,583

for the

three

and

nine

months ended

May 31, 2018.

XML 36 R23.htm IDEA: XBRL DOCUMENT

Note 16 - Subsequent Events

9 Months Ended

May 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

16.	SUBSEQUENT EVENTS

June 3, 2019,

the Company’s Board of Directors declared a

two

-for-

one

stock split of the Company’s common stock effected in the form of a

100%

share dividend distributed on

June 28, 2019

to record holders as of

June 17, 2019.

All share and per share values have been adjusted to retroactively reflect the effect of the

two

-for-

one

stock split.

XML 37 R24.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories (Tables)

9 Months Ended

May 31, 2019

Notes Tables

Schedule of Inventory, Current [Table Text Block]

		May 31, 2019		August 31, 2018
Production materials	$	2,135,972	$	1,824,489
Finished goods		8,483,040		7,306,372
	$	10,619,012	$	9,130,861

XML 38 R25.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net (Tables)

9 Months Ended

May 31, 2019

Notes Tables

Property, Plant and Equipment [Table Text Block]

		May 31, 2019			August 31, 2018
Land	$	310,365		$	310,365
Buildings and improvements		7,553,462			6,927,484
Machinery and equipment		4,787,247			4,680,072
		12,651,074			11,917,921
Less accumulated depreciation		(5,357,937	)		(4,749,095	)
	$	7,293,137		$	7,168,826

XML 39 R26.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net (Tables)

9 Months Ended

May 31, 2019

Notes Tables

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

		May 31, 2019			August 31, 2018
Patents and trademarks	$	2,911,662		$	2,824,440
Less accumulated amortization		(1,863,413	)		(1,668,183	)
	$	1,048,249		$	1,156,257

XML 40 R27.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures (Tables)

9 Months Ended

May 31, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

	As of May 31, 2019
		Total		EXCOR		All Other
Current assets	$	60,397,874	$	29,698,867	$	30,699,007
Total assets		64,887,307		32,137,535		32,749,772
Current liabilities		15,628,449		4,606,287		11,022,162
Noncurrent liabilities		467,330		-		467,330
Joint ventures’ equity		48,791,528		27,531,248		21,260,280
NTIC’s share of joint ventures’ equity		24,077,361		13,765,626		10,311,735
NTIC’s share of joint ventures’ undistributed earnings		22,048,149		13,734,721		8,313,428

	As of August 31, 2018
		Total		EXCOR		All Other
Current assets	$	58,086,747	$	27,354,788	$	30,731,959
Total assets		62,803,261		30,033,750		32,769,511
Current liabilities		15,991,886		4,535,954		11,455,932
Noncurrent liabilities		403,653		—		403,653
Joint ventures’ equity		46,407,722		25,497,796		20,909,926
NTIC’s share of joint ventures’ equity		22,950,995		12,748,899		10,195,263
NTIC’s share of joint ventures’ undistributed earnings		20,921,783		12,717,994		8,203,789

Condensed Income Statement [Table Text Block]

	Three Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	27,774,112	$	10,933,386	$	16,840,726
Gross profit		12,557,580		6,129,046		6,428,534
Net income		3,797,785		2,707,342		1,090,443
NTIC’s share of equity in income from joint ventures		1,877,410		1,353,856		523,554
NTIC’s dividends received from joint ventures	$	1,795,542	$	1,673,700	$	121,842

	Nine Months Ended May 31, 2019
		Total		EXCOR		All Other
Net sales	$	86,003,918	$	34,895,042	$	51,108,876
Gross profit		38,547,018		19,118,704		19,428,314
Net income		11,412,552		8,187,467		3,225,085
NTIC’s share of equity in income from joint ventures		5,596,788		4,094,763		1,502,025
NTIC’s dividends received from joint ventures	$	3,822,785	$	2,517,450	$	1,305,335

	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
NTIC’s share of equity in income from joint ventures		2,246,066		1,558,243		687,823
NTIC’s dividends received from joint ventures	$	1,168,420	$	581,250	$	587,170

	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
NTIC’s share of equity in income from joint ventures		5,793,391		4,138,814		1,654,577
NTIC’s dividends received from joint ventures	$	2,941,807	$	1,780,392	$	1,161,415

XML 41 R28.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity (Tables)

9 Months Ended

May 31, 2019

Notes Tables

Dividends Declared [Table Text Block]

Declaration Date	Amount		Record Date	Payable Date
October 24, 2018	$	0.06	November 7, 2018	November 21, 2018
January 23, 2019	$	0.06	February 6, 2019	February 22, 2019
April 25, 2019	$	0.06	May 9, 2019	May 23, 2019

Declaration Date	Amount		Record Date	Payable Date
November 20, 2017	$	0.05	December 8, 2017	December 21, 2017
January 24, 2018	$	0.05	February 8, 2018	February 21, 2018
April 25, 2018	$	0.05	May 9, 2018	May 23, 2018

XML 42 R29.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share (Tables)

9 Months Ended

May 31, 2019

Notes Tables

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

	Three Months Ended				Nine Months Ended
Numerators:		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Net income attributable to NTIC	$	1,482,149	$	2,142,752	$	4,380,776	$	4,559,225
Denominators:
Basic – weighted shares outstanding		9,084,354		9,078,706		9,085,584		9,077,676
Weighted shares assumed upon exercise of stock options		308,090		335,358		355,274		250,018
Diluted – weighted shares outstanding		9,392,444		9,414,064		9,440,858		9,327,694
Basic net income per share:	$	0.16	$	0.24	$	0.48	$	0.50
Diluted net income per share:	$	0.16	$	0.23	$	0.46	$	0.49

XML 43 R30.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation (Tables)

9 Months Ended

May 31, 2019

Notes Tables

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

	Nine Months Ended
		May 31, 2019		May 31, 2018
Dividend yield		1.32	%	2.18	%
Expected volatility		45.8	%	45.9	%
Expected life of option (years)		10		10
Average risk-free interest rate		2.75	%	1.87	%

XML 44 R31.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information (Tables)

9 Months Ended

May 31, 2019

Notes Tables

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

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
ZERUST® net sales	$	10,077,203	$	10,382,884	$	29,250,772	$	30,102,080
Natur-Tec® net sales		4,815,914		2,540,953		13,051,801		6,578,770
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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

	Three Months Ended										Nine Months Ended
	May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*			May 31, 2019		% of Segment Sales*			May 31, 2018		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	5,725,220		56.8	%	$	6,139,699		59.1	%	$	16,596,536		56.7	%	$	17,948,941		59.6	%
Natur-Tec®		3,670,282		76.2	%		1,812,084		71.3	%		10,181,050		78.0	%		4,738,523		72.0	%
Indirect cost of goods sold		742,851		—			640,583		—			2,106,003		—			1,806,208		—
Total net cost of goods sold	$	10,138,353				$	8,592,366				$	28,883,589				$	24,493,672

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

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
Inside the U.S.A. to unaffiliated customers	$	6,172,882	$	7,434,991	$	19,564,756	$	19,771,031
Outside the U.S.A. to:
Joint ventures in which the Company is a shareholder directly and indirectly		1,112,313		879,324		2,304,455		2,201,077
Unaffiliated customers		7,607,922		4,609,522		20,433,362		14,708,742
	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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

		At May 31, 2019		At August 31, 2018
China	$	341,145	$	205,490
Brazil		117,811		71,677
India		51,208		22,220
Other		15,619		7,058
United States		6,767,354		6,862,381
Total property and equipment	$	7,293,137	$	7,168,826

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

	Three Months Ended				Nine Months Ended
		May 31, 2019		May 31, 2018		May 31, 2019		May 31, 2018
China	$	3,691,220	$	3,069,232	$	9,864,479	$	9,176,174
Brazil		792,299		853,675		2,343,894		2,310,131
India		2,283,346		564,339		6,159,136		1,642,633
Other		1,953,370		1,267,475		4,370,308		2,875,428
United States		6,172,882		7,169,116		19,564,756		20,676,484
Total net sales	$	14,893,117	$	12,923,837	$	42,302,573	$	36,680,850

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, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	212,825	14.8	%	$	224,366	14.9	%
Poland		181,057	12.6	%		185,107	12.3	%
Japan		164,136	11.5	%		183,335	12.2	%
Sweden		137,642	9.6	%		155,588	10.3	%
India		114,705	8.0	%		49,778	3.3	%
France		112,063	7.8	%		146,949	9.7	%
Thailand		109,427	7.6	%		110,894	7.4	%
South Korea		85,732	6.0	%		96,574	6.4	%
Czech Republic		83,086	5.8	%		100,131	6.6	%
Finland		75,135	5.2	%		81,402	5.4	%
United Kingdom		70,972	5.0	%		80,931	5.4	%
Other		87,043	6.1	%		93,445	6.1	%
	$	1,433,823	100.0	%	$	1,508,500	100.0	%

	Nine Months Ended
		May 31, 2019	% of Total Fees for Services Provided to Joint Ventures			May 31, 2018	% of Total Fees for Services Provided to Joint Ventures
Germany	$	643,154	15.0	%	$	680,939	14.7	%
Poland		551,430	12.8	%		598,221	13.0	%
Japan		501,432	11.6	%		529,412	11.4	%
Sweden		417,635	9.7	%		448,707	9.7	%
France		328,395	7.6	%		416,913	9.0	%
Thailand		313,075	7.3	%		325,205	7.0	%
India		294,833	6.9	%		274,980	5.9	%
Czech Republic		266,706	6.2	%		283,193	6.1	%
United Kingdom		261,961	6.1	%		275,137	6.0	%
South Korea		259,612	6.0	%		279,524	6.0	%
Finland		221,599	5.2	%		247,574	5.4	%
Other		239,200	5.6	%		264,727	5.8	%
	$	4,299,032	100.0	%	$	4,624,532	100.0	%

XML 45 R32.htm IDEA: XBRL DOCUMENT

Note 13 - Fair Value Measurements (Tables)

9 Months Ended

May 31, 2019

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, 2019		Level 1		Level 2		Level 3
Available for sale securities	$	2,540,613	$	2,540,613	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
		Fair value as of August 31, 2018		Level 1		Level 2		Level 3
Available for sale securities	$	3,300,110	$	3,300,110	$	—	$	—

XML 46 R33.htm IDEA: XBRL DOCUMENT

Note 14 - Supplemental Cash Flow Information (Tables)

9 Months Ended

May 31, 2019

Notes Tables

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

	Three Months Ended
		May 31, 2019		May 31, 2018
Cash paid for interest	$	5,165	$	3,139
Cash paid for income taxes		—		45,000

	Nine Months Ended
		May 31, 2019		May 31, 2018
Cash paid for interest	$	11,357	$	14,007
Cash paid for income taxes		53,975		45,000

XML 47 R34.htm IDEA: XBRL DOCUMENT

Note 1 - Interim Financial Information (Details Textual)	Jun. 28, 2019	Jun. 03, 2019
Subsequent Event [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2	2

XML 48 R35.htm IDEA: XBRL DOCUMENT

Note 3 - Inventories - Inventories (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Production materials	$ 2,135,972	$ 1,824,489
Finished goods	8,483,040	7,306,372
Total inventory	$ 10,619,012	$ 9,130,861

XML 49 R36.htm IDEA: XBRL DOCUMENT

Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Land	$ 310,365	$ 310,365
Buildings and improvements	7,553,462	6,927,484
Machinery and equipment	4,787,247	4,680,072
Gross	12,651,074	11,917,921
Less accumulated depreciation	(5,357,937)	(4,749,095)
Net	$ 7,293,137	$ 7,168,826

XML 50 R37.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net (Details Textual) - Patents and Trademarks [Member]	9 Months Ended
	May 31, 2019 USD ($)
Finite-Lived Intangible Asset, Useful Life	7 years
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 260,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two	260,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	260,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	260,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 260,000

XML 51 R38.htm IDEA: XBRL DOCUMENT

Note 5 - Patents and Trademarks, Net - Patents and Trademarks, Net (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Patents and trademarkes, net	$ 1,048,249	$ 1,156,257
Patents and Trademarks [Member]
Patents and trademarks	2,911,662	2,824,440
Less accumulated amortization	(1,863,413)	(1,668,183)
Patents and trademarkes, net	$ 1,048,249	$ 1,156,257

XML 52 R39.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Payments to Acquire Interest in Joint Venture	$ 0	$ 0	$ 0	$ 0

XML 53 R40.htm IDEA: XBRL DOCUMENT

Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Current assets	$ 60,397,874	$ 58,086,747
Total assets	64,887,307	62,803,261
Current liabilities	15,628,449	15,991,886
Noncurrent liabilities	467,330	403,653
Joint ventures’ equity	48,791,528	46,407,722
NTIC’s share of joint ventures’ equity	24,077,361	22,950,995
NTIC’s share of joint ventures’ undistributed earnings	22,048,149	20,921,783
EXCOR [Member]
Current assets	29,698,867	27,354,788
Total assets	32,137,535	30,033,750
Current liabilities	4,606,287	4,535,954
Noncurrent liabilities
Joint ventures’ equity	27,531,248	25,497,796
NTIC’s share of joint ventures’ equity	13,765,626	12,748,899
NTIC’s share of joint ventures’ undistributed earnings	13,734,721	12,717,994
All Other [Member]
Current assets	30,699,007	30,731,959
Total assets	32,749,772	32,769,511
Current liabilities	11,022,162	11,455,932
Noncurrent liabilities	467,330	403,653
Joint ventures’ equity	21,260,280	20,909,926
NTIC’s share of joint ventures’ equity	10,311,735	10,195,263
NTIC’s share of joint ventures’ undistributed earnings	$ 8,313,428	$ 8,203,789

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Note 6 - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($)		3 Months Ended		9 Months Ended
	Aug. 31, 2018	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net sales		$ 27,774,112	$ 31,480,885	$ 86,003,918	$ 90,200,146
Gross profit		12,557,580	14,209,819	38,547,018	40,529,217
Net income		3,797,785	4,540,968	11,412,552	11,753,467
NTIC’s share of equity in income from joint ventures		1,877,410	2,246,066	5,596,788	5,793,391
NTIC’s dividends received from joint ventures	$ 3,822,785	1,795,542	1,168,420		2,941,807
EXCOR [Member]
Net sales		10,933,386	12,219,414	34,895,042	35,450,664
Gross profit		6,129,046	6,823,609	19,118,704	19,315,099
Net income		2,707,342	3,113,660	8,187,467	8,272,237
NTIC’s share of equity in income from joint ventures		1,353,856	1,558,243	4,094,763	4,138,814
NTIC’s dividends received from joint ventures	2,517,450	1,673,700	581,250		1,780,392
All Other [Member]
Net sales		16,840,726	19,261,471	51,108,876	54,749,482
Gross profit		6,428,534	7,386,210	19,428,314	21,214,118
Net income		1,090,443	1,427,308	3,225,085	3,481,230
NTIC’s share of equity in income from joint ventures		523,554	687,823	$ 1,502,025	1,654,577
NTIC’s dividends received from joint ventures	$ 1,305,335	$ 121,842	$ 587,170		$ 1,161,415

XML 55 R42.htm IDEA: XBRL DOCUMENT

Note 7 - Corporate Debt (Details Textual)	9 Months Ended
Note 7 - Corporate Debt (Details Textual)	May 31, 2019 USD ($)	Aug. 31, 2018 USD ($)
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	$ 88,831

XML 56 R43.htm IDEA: XBRL DOCUMENT

Note 8 - Stockholders' Equity (Details Textual)							9 Months Ended
Note 8 - Stockholders' Equity (Details Textual)	Jun. 28, 2019	Jun. 03, 2019	Mar. 01, 2019 shares	Sep. 01, 2018 shares	Mar. 01, 2018 shares	Sep. 01, 2017 shares	May 31, 2019 $ / shares shares	May 31, 2018 $ / shares shares	Jan. 18, 2019 shares	Jan. 17, 2019 shares	Aug. 31, 2018 shares
Common Stock, Shares Authorized							15,000,000		15,000,000	10,000,000	15,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							141,768	94,504
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period							0	8,820
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price \| $ / shares								$ 5.80
Stock Issued During Period, Shares, Employee Stock Purchase Plans			2,462	1,748	1,970	1,782
Stock Repurchased and Retired During Period, Shares							0	0
The 2019 Plan [member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized							800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							0
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross							141,768	94,504
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price \| $ / shares							$ 18.23	$ 9.18
Subsequent Event [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2	2

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Note 8 - Stockholders' Equity - Schedule of Dividends Payable (Details) - $ / shares							3 Months Ended		9 Months Ended
	Apr. 25, 2019	Jan. 23, 2019	Oct. 24, 2018	Apr. 25, 2018	Jan. 24, 2018	Nov. 20, 2017	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Amount (in dollars per share)	$ 0.06	$ 0.06	$ 0.06	$ 0.05	$ 0.05	$ 0.05	$ 0.06	$ 0.05	$ 0.18	$ 0.15
Record Date	May 09, 2019	Feb. 06, 2019	Nov. 07, 2018	May 09, 2018	Feb. 08, 2018	Dec. 08, 2017
Payable Date	May 23, 2019	Feb. 22, 2019	Nov. 21, 2018	May 23, 2018	Feb. 21, 2018	Dec. 21, 2017

XML 58 R45.htm IDEA: XBRL DOCUMENT

Note 9 - Net Income Per Common Share (Details Textual)			3 Months Ended		9 Months Ended
Note 9 - Net Income Per Common Share (Details Textual)	Jun. 28, 2019	Jun. 03, 2019	May 31, 2019 shares	May 31, 2018 shares	May 31, 2019 shares	May 31, 2018 shares
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			141,768	0	141,768	0
Subsequent Event [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2	2

XML 59 R46.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, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net income attributable to NTIC	$ 1,482,149	$ 2,142,752	$ 4,380,776	$ 4,559,225
Basic – weighted shares outstanding (in shares)	9,084,354	9,078,706	9,085,584	9,077,676
Weighted shares assumed upon exercise of stock options (in shares)	308,090	335,358	355,274	250,018
Diluted – weighted shares outstanding (in shares)	9,392,444	9,414,064	9,440,858	9,327,694
Basic net income per share: (in dollars per share)	$ 0.16	$ 0.24	$ 0.48	$ 0.50
Diluted net income per share: (in dollars per share)	$ 0.16	$ 0.23	$ 0.46	$ 0.49

- Definition

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

+ References

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-Name Accounting Standards Codification
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+ 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
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+ 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 R47.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation (Details Textual)	9 Months Ended
Note 10 - Stock-based Compensation (Details Textual)	May 31, 2019 USD ($) $ / shares shares	May 31, 2018 USD ($) $ / shares shares
Number of Stock-based Compensation Plans	2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross \| shares	141,768	94,504
Stock or Unit Option Plan Expense \| $	$ 1,073,940	$ 309,473
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $	423,245
Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year \| $	357,985
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two \| $	$ 65,260
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares	$ 9.01	$ 3.88
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	6 years 54 days	6 years 189 days
The 2019 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	0
The 2019 Plan [member] \| One Year after Date of Grant [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
The 2019 Plan [member] \| One Year after Date of Grant [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized \| shares	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	90.00%

XML 61 R48.htm IDEA: XBRL DOCUMENT

Note 10 - Stock-based Compensation - Black-scholes Option-pricing Model Assumptions (Details)	9 Months Ended
	May 31, 2019	May 31, 2018
Dividend yield	1.32%	2.18%
Expected volatility	45.80%	45.90%
Expected life of option (years) (Year)	10 years	10 years
Average risk-free interest rate	2.75%	1.87%

XML 62 R49.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information (Details Textual)	9 Months Ended
	May 31, 2019
Number of Reportable Segments	2

XML 63 R50.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net sales by segment	$ 14,893,117	$ 12,923,837	$ 42,302,573	$ 36,680,850
ZERUST [Member]
Net sales by segment	10,077,203	10,382,884	29,250,772	30,102,080
NaturTec [Member]
Net sales by segment	$ 4,815,914	$ 2,540,953	$ 13,051,801	$ 6,578,770

XML 64 R51.htm IDEA: XBRL DOCUMENT

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

3 Months Ended

9 Months Ended

May 31, 2019

May 31, 2018

May 31, 2019

May 31, 2018

Cost of goods sold

$ 10,138,353

$ 8,592,366

$ 28,883,589

$ 24,493,672

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

Cost of goods sold

$ 5,725,220

$ 6,139,699

$ 16,596,536

$ 17,948,941

Percent of product sales

^[1]

56.80%

59.10%

56.70%

59.60%

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

Cost of goods sold

$ 3,670,282

$ 1,812,084

$ 10,181,050

$ 4,738,523

Percent of product sales

^[1]

76.20%

71.30%

78.00%

72.00%

Indirect Cost of Goods Sold [Member]

Cost of goods sold

$ 742,851

$ 640,583

$ 2,106,003

$ 1,806,208

Percent of product sales

^[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 R52.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, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net sales by segment	$ 14,893,117	$ 12,923,837	$ 42,302,573	$ 36,680,850
Inside the USA to Unaffiliated Customers [Member]
Net sales by segment	6,172,882	7,434,991	19,564,756	19,771,031
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Net sales by segment	1,112,313	879,324	2,304,455	2,201,077
Unaffiliated Customers Outside the USA [Member]
Net sales by segment	$ 7,607,922	$ 4,609,522	$ 20,433,362	$ 14,708,742

XML 66 R53.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Services Provided to Joint Ventures by Geographic Location (Details) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Fees	$ 1,433,823	$ 1,508,500	$ 4,299,032	$ 4,624,532
Percentage of total fees	100.00%	100.00%	100.00%	100.00%
GERMANY
Fees	$ 212,825	$ 224,366	$ 643,154	$ 680,939
Percentage of total fees	14.80%	14.90%	15.00%	14.70%
POLAND
Fees	$ 181,057	$ 185,107	$ 551,430	$ 598,221
Percentage of total fees	12.60%	12.30%	12.80%	13.00%
JAPAN
Fees	$ 164,136	$ 183,335	$ 501,432	$ 529,412
Percentage of total fees	11.50%	12.20%	11.60%	11.40%
SWEDEN
Fees	$ 137,642	$ 155,588	$ 417,635	$ 448,707
Percentage of total fees	9.60%	10.30%	9.70%	9.70%
INDIA
Fees	$ 114,705	$ 49,778	$ 294,833	$ 274,980
Percentage of total fees	8.00%	3.30%	6.90%	5.90%
FRANCE
Fees	$ 112,063	$ 146,949	$ 328,395	$ 416,913
Percentage of total fees	7.80%	9.70%	7.60%	9.00%
THAILAND
Fees	$ 109,427	$ 110,894	$ 313,075	$ 325,205
Percentage of total fees	7.60%	7.40%	7.30%	7.00%
KOREA, REPUBLIC OF
Fees	$ 85,732	$ 96,574	$ 259,612	$ 279,524
Percentage of total fees	6.00%	6.40%	6.00%	6.00%
CZECH REPUBLIC
Fees	$ 83,086	$ 100,131	$ 266,706	$ 283,193
Percentage of total fees	5.80%	6.60%	6.20%	6.10%
UNITED KINGDOM
Fees	$ 70,972	$ 80,931	$ 261,961	$ 275,137
Percentage of total fees	5.00%	5.40%	6.10%	6.00%
FINLAND
Fees	$ 75,135	$ 81,402	$ 221,599	$ 247,574
Percentage of total fees	5.20%	5.40%	5.20%	5.40%
Other Countries [Member]
Fees	$ 87,043	$ 93,445	$ 239,200	$ 264,727
Percentage of total fees	6.10%	6.10%	5.60%	5.80%

XML 67 R54.htm IDEA: XBRL DOCUMENT

Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Total long-lived assets	$ 7,293,137	$ 7,168,826
CHINA
Total long-lived assets	341,145	205,490
BRAZIL
Total long-lived assets	117,811	71,677
INDIA
Total long-lived assets	51,208	22,220
Other Countries [Member]
Total long-lived assets	15,619	7,058
UNITED STATES
Total long-lived assets	$ 6,767,354	$ 6,862,381

XML 68 R55.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, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Net sales by segment	$ 14,893,117	$ 12,923,837	$ 42,302,573	$ 36,680,850
CHINA
Net sales by segment	3,691,220	3,069,232	9,864,479	9,176,174
BRAZIL
Net sales by segment	792,299	853,675	2,343,894	2,310,131
INDIA
Net sales by segment	2,283,346	564,339	6,159,136	1,642,633
Other Countries [Member]
Net sales by segment	1,953,370	1,267,475	4,370,308	2,875,428
UNITED STATES
Net sales by segment	$ 6,172,882	$ 7,169,116	$ 19,564,756	$ 20,676,484

XML 69 R56.htm IDEA: XBRL DOCUMENT

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	9 Months Ended
	May 31, 2019	Aug. 31, 2018	May 31, 2018
Accrued Bonuses	$ 1,450,000		$ 1,380,000
Entity Wide Trade Joint Venture Receivables, Three Joint Ventures,Percentage	76.40%	74.10%
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 R57.htm IDEA: XBRL DOCUMENT

Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($)	May 31, 2019	Aug. 31, 2018
Available for sale securities	$ 2,540,613	$ 3,300,110
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	2,540,613	3,300,110
Fair Value, Inputs, Level 2 [Member]
Available for sale securities
Fair Value, Inputs, Level 3 [Member]
Available for sale securities

XML 71 R58.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, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Cash paid for interest	$ 5,165	$ 3,139	$ 11,357	$ 14,007
Cash paid for income taxes		$ 45,000	$ 53,975	$ 45,000

XML 72 R59.htm IDEA: XBRL DOCUMENT

Note 15 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
Note 15 - Income Taxes (Details Textual) - USD ($)	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Income Tax Expense (Benefit), Total	$ 150,257	$ 181,683	$ 652,331	$ 1,128,583

XML 73 R60.htm IDEA: XBRL DOCUMENT

Note 16 - Subsequent Events (Details Textual)	Jun. 28, 2019	Jun. 03, 2019
Subsequent Event [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	2	2

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