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Note 5 - Investments in Joint Ventures | 9 Months Ended
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May 31, 2014
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. INVESTMENTS IN JOINT VENTURES The 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 approximate U.S. GAAP in all material respects. All material profits recorded on sales from the Company to its joint ventures of goods that remain in inventory, 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), joint venture in China, NTI Asean and all of the Company’s other joint ventures, are summarized as follows:
|  | At May 31, 2014 |
|  | Total |  |  | EXCOR |  |  | China |  |  | All Other |
Current assets |  | $ | 58,975,346 |  |  | $ | 22,560,299 |  |  | $ | 8,541,897 |  |  | $ | 27,873,150 |
Total assets |  |  | 63,172,232 |  |  |  | 24,920,587 |  |  |  | 8,561,641 |  |  |  | 29,690,004 |
Current liabilities |  |  | 14,208,070 |  |  |  | 1,956,574 |  |  |  | 1,926,986 |  |  |  | 10,324,510 |
Noncurrent liabilities |  |  | 3,373,373 |  |  |  | 1,321,199 |  |  |  | 853,839 |  |  |  | 1,198,335 |
Joint ventures’ equity |  |  | 45,590,789 |  |  |  | 21,642,814 |  |  |  | 5,780,816 |  |  |  | 18,167,159 |
Company’s share of joint ventures’ equity |  |  | 22,103,275 |  |  |  | 10,821,409 |  |  |  | 2,225,409 |  |  |  | 9,056,460 |
Company’s share of joint ventures’ undistributed earnings |  | $ | 19,681,808 |  |  | $ | 10,790,504 |  |  | $ | 2,175,409 |  |  | $ | 6,715,895 |
|  | At August 31, 2013 |
|  | Total |  |  | EXCOR |  |  | China |  |  | All Other |
Current assets |  | $ | 63,052,410 |  |  | $ | 25,955,136 |  |  | $ | 11,200,355 |  |  | $ | 25,896,919 |
Total assets |  |  | 68,417,142 |  |  |  | 28,391,787 |  |  |  | 11,226,755 |  |  |  | 28,798,600 |
Current liabilities |  |  | 16,107,597 |  |  |  | 3,572,004 |  |  |  | 3,080,118 |  |  |  | 9,455,475 |
Noncurrent liabilities |  |  | 2,488,057 |  |  |  | — |  |  |  | 871,886 |  |  |  | 1,616,171 |
Joint ventures’ equity |  |  | 49,821,488 |  |  |  | 24,819,783 |  |  |  | 7,274,751 |  |  |  | 17,726,954 |
Company’s share of joint ventures’ equity |  |  | 24,702,981 |  |  |  | 12,409,893 |  |  |  | 3,637,375 |  |  |  | 8,655,713 |
Company’s share of joint ventures’ undistributed earnings |  | $ | 22,281,510 |  |  | $ | 12,378,988 |  |  | $ | 3,587,375 |  |  | $ | 6,315,147 |
|  | Nine Months Ended May 31, 2014 |
|  | Total |  |  | EXCOR |  |  | China |  |  | All Other |
Net sales |  | $ | 88,213,101 |  |  | $ | 29,020,416 |  |  | $ | 11,952,115 |  |  | $ | 47,240,570 |
Gross profit |  |  | 41,609,619 |  |  |  | 15,000,023 |  |  |  | 5,550,166 |  |  |  | 21,059,430 |
Net income |  |  | 9,960,639 |  |  |  | 5,574,387 |  |  |  | 1,543,155 |  |  |  | 1,913,097 |
Company’s share of equity in income of joint ventures |  | $ | 4,416,664 |  |  | $ | 2,787,048 |  |  | $ | 659,684 |  |  | $ | 969,932 |
|  | Nine Months Ended May 31, 2013 |
|  | Total |  |  | EXCOR |  |  | China |  |  | All Other |
Net sales |  | $ | 82,788,711 |  |  | $ | 26,043,775 |  |  | $ | 10,802,206 |  |  | $ | 45,942,730 |
Gross profit |  |  | 39,447,084 |  |  |  | 13,624,792 |  |  |  | 5,134,820 |  |  |  | 20,687,472 |
Net income |  |  | 7,626,711 |  |  |  | 4,954,595 |  |  |  | 815,664 |  |  |  | 1,856,452 |
Company’s share of equity in income of joint ventures |  | $ | 3,733,069 |  |  | $ | 2,478,109 |  |  | $ | 407,809 |  |  | $ | 847,151 |
The Company records expenses that are directly attributable to the joint ventures on its consolidated statements of operations in the line item “Expenses incurred in support of joint ventures.” The expenses include items such as employee compensation and benefit expenses, travel expense and consulting expense. On May 31, 2014, NTI Asean bought out the other 50% owner in its joint venture in Singapore for $110,988, thereby increasing NTI Asean’s ownership in the joint venture from 50% to 100%. The Company did not make any other joint venture investments during the nine months ended May 31, 2014 and did not make any joint venture investments during the nine months ended May 31, 2013. On November 30, 2013, the Company agreed to sell its indirect ownership interest in Mütec GmbH (Mütec), one of the Company’s joint ventures in Germany which manufactures proprietary electronic sensing instruments. As of May 31, 2014, $163,499 is due to the Company related to this transaction.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32787-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=35687916&loc=d3e32847-111569 + Details
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