INVESTMENTS IN JOINT VENTURES

The consolidated 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 conform with accounting principles generally accepted in the United States of America in all material respects. All material profits on sales recorded that remain on the balance sheet from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes.

The Company considers the Company's joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR) and the following other joint ventures in France, Finland, India and Thailand, respectively, to be individually significant to the Company's consolidated assets and income as of

August 31, 2020:

ACOBAL SAS, ZERUST OY, HARITA-NTI LTD and ZERUST SPECIALTY TECH CO. LTD. Financial information from the audited and unaudited financial statements of EXCOR and the Company's joint ventures in France, Finland, India and Thailand, as well as all the Company's other joint ventures, are summarized as follows:

	As of August 31, 2020
	Total		EXCOR		FRANCE		FINLAND		INDIA		THAILAND		OTHER
Current assets	$	55,825,418	$	25,742,619	$	4,099,160	$	1,955,879	$	4,010,855	$	4,022,399	$	15,994,506
Total assets		60,295,587		28,449,772		4,873,484		2,261,147		4,242,660		4,055,451		16,413,073
Current liabilities		11,002,867		2,424,565		2,073,710		415,496		1,007,529		993,332		4,088,235
Noncurrent liabilities		365,274		—		—		—		32,999		—		332,275
Joint ventures' equity		48,927,446		26,025,207		2,799,774		1,845,651		3,202,132		3,062,119		11,992,563
Northern Technologies International Corporation's share of joint ventures' equity		24,090,826		13,012,606		1,399,887		922,814		1,603,013		1,531,060		5,621,446
Northern Technologies International Corporation's share of joint ventures' undistributed earnings		21,855,747		12,981,701		1,399,887		902,814		738,191		1,429,060		4,404,094

	Fiscal Year Ended August 31, 2020
	Total		EXCOR		FRANCE		FINLAND		INDIA		THAILAND		OTHER
Net sales	$	87,030,062	$	32,546,402	$	8,133,294	$	3,088,865	$	5,481,303	$	6,471,831	$	31,308,367
Gross profit		39,532,750		18,739,471		3,061,433		1,916,001		2,498,196		2,046,478		11,271,171
Net income		8,545,473		5,266,541		473,137		419,728		697,349		503,884		1,184,834
Northern Technologies International Corporation's share of equity in income of joint ventures		4,270,327		2,622,423		237,490		209,972		349,218		253,192		598,032
Northern Technologies International Corporation's dividends received from joint ventures		5,672,099		4,675,850		—		325,635		261,220		160,074		249,320

	As of August 31, 2019
	Total		EXCOR		All Other
Current assets	$	59,162,834	$	29,139,787	$	30,023,047
Total assets		63,326,703		31,666,841		31,659,862
Current liabilities		14,145,499		3,573,160		10,572,339
Noncurrent liabilities		20,797		—		20,797
Joint ventures' equity		49,160,407		28,093,681		21,066,726
Northern Technologies International Corporation's share of joint ventures' equity		24,207,339		14,046,842		10,160,497
Northern Technologies International Corporation's share of joint ventures' undistributed earnings		22,178,126		14,015,937		8,162,189


	Fiscal Year Ended August 31, 2019
	Total		EXCOR		All Other
Net sales	$	114,635,435	$	47,015,841	$	67,619,594
Gross profit		51,312,013		25,622,261		25,689,752
Net income		14,688,999		10,827,448		3,861,551
Northern Technologies International Corporation's share of equity in income of joint ventures		7,225,518		5,415,362		1,810,156
Northern Technologies International Corporation's dividends received from joint ventures		5,039,041		3,345,600		1,693,441

The Company did

not

make any joint venture investments during fiscal

2020

or fiscal

2019.