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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
May 31, 2023
May 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
NET INCOME $ 3,330,504 $ 6,228,581
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation 998,311 698,649
Depreciation expense 766,091 722,443
Amortization expense 441,603 474,121
Loss on disposal of assets (8,534) 0
Remeasurement gain on acquisition of equity method investee 0 (3,951,550)
Equity in income from joint ventures (3,664,793) (3,662,178)
Dividends received from joint ventures 3,510,716 5,723,176
Deferred income taxes (76,114) 152,372
Changes in current assets and liabilities:    
Trade, excluding joint ventures (1,502,567) (1,348,254)
Trade, joint ventures 29,014 (232,364)
Fees for services provided to joint ventures 539,107 261,913
Income taxes (155,828) (134,942)
Inventories 2,254,758 (2,093,668)
Prepaid expenses and other 184,516 (635,478)
Accounts payable (2,902,121) 908,605
Income tax payable (29,401) (420,529)
Accrued liabilities (209,459) (912,803)
Net cash provided by operating activities 3,505,803 1,778,094
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of Zerust India business, net of cash acquired 0 (5,062,003)
Purchase of available for sale securities 0 (941)
Proceeds from the sale of available for sale securities 5,590 0
Investment in joint venture 0 (341,392)
Purchases of property and equipment (2,607,988) (961,704)
Proceeds from the sale of property and equipment 13,000 0
Investments in patents (89,350) (164,994)
Net cash used in investing activities (2,678,748) (6,531,034)
us-gaap_PaymentsToMinorityShareholders 555,574 402,729
Repayments on the line of credit (700,000) 0
Proceeds from line of credit 0 4,700,000
Proceeds from term loan 2,812,504 0
Dividends paid on NTIC common stock (1,967,184) (1,934,906)
Proceeds from the exercise of stock options 416,563 198,640
Proceeds from employee stock purchase plan 75,464 73,645
Net cash provided by financing activities 81,773 2,634,650
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (47,524) 560,918
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 861,304 (1,557,372)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 5,333,890 7,680,641
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 6,195,194 $ 6,123,269