Note 1 - Interim Financial Information (Tables)

6 Months Ended

Feb. 28, 2023

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

	As of February 28, 2023
	As Reported		Adjustments			As Restated
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023	$	14,675,017	$	(573,751	)	$	14,101,266
Total current assets		40,176,602		(573,751	)		39,602,851
Total assets		86,710,505		(573,751	)		86,136,754
Accrued liabilities: Payroll and related benefits		1,304,717		(100,000	)		1,204,717
Total current liabilities		16,178,289		(100,000	)		16,078,289
Retained earnings		50,792,813		(473,751	)		50,319,062
Stockholders’ equity		65,264,351		(473,751	)		64,790,600
Total equity		68,707,994		(473,751	)		68,234,243
Total liabilities and equity		86,710,505		(573,751	)		86,136,754

	Three Months Ended February 28, 2023
	As Reported		Adjustments			As Restated
Cost of goods sold	$	11,867,639	$	100,118		$	11,967,757
Gross profit		6,403,186		(100,118	)		6,303,068
Selling expenses		3,418,717		177,000			3,595,717
General and administrative expenses		3,084,189		50,000			3,134,189
Research and development expenses		994,450		146,633			1,141,083
Total operating expenses		7,497,356		373,633			7,870,989
Operating income		1,287,307		(473,751	)		813,556
Income before income tax expense		1,175,614		(473,751	)		701,863
Net income		993,819		(473,751	)		520,068
Net income attributable to NTIC		885,248		(473,751	)		411,497
Net income attributable to NTIC per common share:
Basic		0.10		(0.06	)		0.04
Diluted		0.09		(0.05	)		0.04

	Six Months Ended February 28, 2023
	As Reported		Adjustments			As Restated
Cost of goods sold	$	25,467,281	$	100,118		$	25,567,399
Gross profit		12,756,310		(100,118	)		12,656,192
Selling expenses		6,926,151		177,000			7,103,151
General and administrative expenses		6,214,788		50,000			6,264,788
Research and development expenses		2,251,174		146,633			2,397,807
Total operating expenses		15,392,113		373,633			15,765,746
Operating income		2,116,883		(473,751	)		1,643,132
Income before income tax expense		1,920,027		(473,751	)		1,446,276
Net income		1,627,499		(473,751	)		1,153,748
Net income attributable to NTIC		1,387,490		(473,751	)		913,739
Net income attributable to NTIC per common share:
Basic		0.15		0.05			0.10
Diluted		0.14		0.05			0.09

	Three Months Ended February 28, 2023
	As Reported		Adjustments			As Restated
Net income	$	993,819	$	(473,751	)	$	520,068
Comprehensive income		1,528,532		(473,751	)		1,054,781
Comprehensive income attributable to NTIC		1,640,490		(473,751	)		1,166,739

	Six Months Ended February 28, 2023
	As Reported		Adjustments			As Restated
Net income	$	1,627,499	$	(473,751	)	$	1,153,748
Comprehensive income		2,108,295		(473,751	)		1,634,544
Comprehensive income attributable to NTIC		2,358,478		(473,751	)		1,884,727

	Six Months Ended February 28, 2023
	As Reported			Adjustments			As Restated
Net income	$	1,627,499		$	(473,751	)	$	1,153,748
Receivables: Trade, excluding joint ventures		(911,765	)		573,751			(338,014	)
Accrued liabilities		(388,221	)		(100,000	)		(488,221	)