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Note 15 - Income Taxes (Tables)

12 Months Ended

Aug. 31, 2016

Notes Tables

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

		Fiscal Year Ended August 31,
		2016				2015
Current:
Federal		$	—			$	—
State			20,000				(37,000	)
Foreign			647,000				542,000
			667,000				505,000
Deferred:
Federal			6,000				87,000
State			—				5,000
Foreign			(47,000	)			52,000
			(41,000	)			144,000
		$	626,000			$	649,000

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

		Fiscal Year Ended August 31,
		2016				2015
Tax computed at statutory rates		$	(195,000	)		$	1,076,000
State income tax, net of federal benefit			20,000				(32,000	)
Tax effect on equity in (income) loss of international joint ventures			(956,000	)			(1,986,000	)
Tax effect on dividends received from joint ventures and investment at carrying value			2,681,000				1,470,000
Tax effect of foreign operations			997,000				996,000
Foreign tax credit			(3,178,000	)			(1,937,000	)
Research and development credit			(408,000	)			(314,000	)
Valuation allowance			1,620,000				1,379,000
Stock based compensation			90,000				99,000
Non-controlling interest			(148,000	)			(204,000	)
Other			103,000				102,000
		$	626,000			$	649,000

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

		August 31,
		2016				2015
Accrued compensation		$	150,600			$	237,700
Inventory costs			95,300				81,200
Accrued joint venture expenses			54,200				93,200
Other accrued expenses			87,000				53,800
Goodwill and other intangible assets			1,332,000				1,123,200
Stock-based compensation			210,600				308,900
Foreign tax credit carryforward			5,679,000				4,654,800
Other credit and loss carryforwards			3,214,300				2,262,000
Total deferred tax assets			10,823,000				8,814,800
Valuation allowance			(8,893,300	)			(6,889,900	)
Total deferred tax assets after valuation allowance			1,929,700				1,924,900
Property and equipment			(215,600	)			(204,000	)
Other			(74,300	)			(120,800	)
Total deferred tax liabilities			(289,900	)			(324,800	)
Net deferred tax assets		$	1,639,800			$	1,600,100

Summary of Income Tax Contingencies [Table Text Block]

		Fiscal Year Ended August 31,
		2016				2015
Gross unrecognized tax benefits – beginning balance		$	203,000			$	180,000
Gross increases - prior period tax positions			15,000				15,000
Gross increases – current period tax positions			20,000				8,000
Gross unrecognized tax benefits – ending balance		$	238,000			$	203,000

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.

+ References

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