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Note 17 - Income Taxes (Tables)

12 Months Ended

Aug. 31, 2015

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Fiscal Year Ended August 31,
		2015				2014				2013
Current:
Federal		$	—			$	—			$	—
State			(37,000	)			19,000				8,000
Foreign			542,000				1,200,000				731,000
			505,000				1,219,000				739,000
Deferred:
Federal			87,000				(89,000	)			118,000
State			5,000				(6,000	)			7,000
Foreign			52,000				—				—
			144,000				(95,000	)			125,000
		$	649,000			$	1,124,000			$	864,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Fiscal Year Ended August 31,
		2015				2014				2013
Tax computed at statutory rates		$	1,076,000			$	2,265,000			$	1,910,000
State income tax, net of federal benefit			(32,000	)			13,000				15,000
Tax effect on equity in (income) loss of international joint ventures			(1,986,000	)			(2,055,000	)			(1,781,000	)
Tax effect on dividends received from joint ventures			1,470,000				3,285,000				1,732,000
Tax effect of foreign operations			996,000				1,131,000				807,000
Foreign tax credit			(1,937,000	)			(3,710,000	)			(2,524,000	)
Research and development credit			(314,000	)			(88,000	)			(364,000	)
Valuation allowance			1,379,000				687,000				1,635,000
Tax-exempt income			-				-				(230,000	)
Stock based compensation			99,000				-				-
Non-controlling interest in partnership income			(204,000	)			(440,000	)			(425,000	)
Other			102,000				36,000				89,000
		$	649,000			$	1,124,000			$	864,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		August 31,
		2015				2014
Current:
Accrued bonus		$	174,000			$	524,000
Allowance for doubtful accounts			14,500				14,500
Inventory costs			81,200				100,800
Prepaid expenses and other			(41,800	)			(40,600	)
Other accrued expenses			102,100				86,800
Deferred joint venture expenses			93,200				104,100
Total current		$	424,100			$	789,600
Noncurrent:
Property and equipment		$	(204,000	)		$	(171,200	)
Goodwill			19,400				27,300
Other intangible assets			1,103,800				825,200
Nonqualified stock options			308,900				260,400
Foreign net operating loss carryforward			26,800				-
Capital loss carryforward			-				50,900
Foreign tax credit carryforward			4,654,800				4,141,100
Investment in foreign joint ventures			(79,000	)			-
Research and development credit			2,224,600				1,910,800
New hire retention credit			10,600				10,600
			8,065,900				7,055,100
Valuation allowance			(6,889,900	)			(6,113,400	)
Total noncurrent			1,176,000				941,700

Summary of Valuation Allowance [Table Text Block]

August 31, 2012		$	4,933,100
Adjustment to valuation allowance			1,153,000
August 31, 2013		$	6,086,100
Adjustment to valuation allowance			27,300
August 31, 2014			6,113,400
Adjustment to valuation allowance			776,500
August 31, 2015		$	6,889,900

Summary of Income Tax Contingencies [Table Text Block]

		Fiscal Year Ended August 31,
		2015				2014
Gross unrecognized tax benefits – beginning balance		$	180,000			$	170,000
Gross increases - prior period tax positions			15,000				2,000
Gross increases – current period tax positions			8,000				8,000
Gross unrecognized tax benefits – ending balance		$	203,000			$	180,000

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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