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.