Note 4 - Property and Equipment, Net

6 Months Ended

Feb. 28, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	February 28, 2023			August 31, 2022
Land	$	310,365		$	310,365
Buildings and improvements		16,428,804			14,778,759
Machinery and equipment		5,792,363			5,643,320
		22,531,532			20,732,444
Less accumulated depreciation		(9,085,566	)		(8,561,951	)
	$	13,445,966		$	12,170,493

On February 28, 2023, the Company purchased the property immediately adjacent to NTIC’s headquarters in Circle Pines, Minnesota, which includes a 26,000 square foot industrial building for $1,200,000. The building will be used primarily for warehousing space and light industrial production.

Depreciation expense was $225,962 and $488,838 for the three and six months ended February 28, 2023, respectively, compared to $215,685 and $430,991 for the three and six months ended February 28, 2022, respectively.