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Consolidated Balance Sheets - USD ($)
Aug. 31, 2020
Aug. 31, 2019
CURRENT ASSETS:    
Cash and cash equivalents $ 6,403,032 $ 5,856,758
Available for sale securities 5,544,722 3,565,258
Receivables:    
Trade excluding joint ventures, less allowance for doubtful accounts of $90,000 as of August 31, 2020 and $65,000 as of August 31, 2019 8,072,212 9,779,518
Trade joint ventures 475,900 824,473
Fees for services provided to joint ventures 927,286 1,268,000
Income taxes 19,907 457,018
Inventories 10,961,796 10,488,728
Prepaid expenses 797,495 1,062,609
Total current assets 33,202,350 33,302,362
PROPERTY AND EQUIPMENT, NET 7,110,789 7,358,159
OTHER ASSETS:    
Investments in joint ventures 24,090,826 24,207,339
Deferred income taxes 209,729 1,634,258
Patents and trademarks, net 802,006 1,008,969
Operating lease right of use asset 658,788
Total other assets 25,761,349 26,850,566
Total assets 66,074,488 67,511,087
CURRENT LIABILITIES:    
Accounts payable 3,205,241 4,505,531
Income taxes payable 310,922 6,759
Accrued liabilities:    
Payroll and related benefits 1,314,978 1,857,971
Other 880,118 1,471,532
Current portion of operating lease 386,345
Total current liabilities 6,097,604 7,841,793
LONG-TERM LIABILITIES:    
Operating lease, less current portion 272,443
Total long-term liabilities 272,443
COMMITMENTS AND CONTINGENCIES (Note 15)
EQUITY:    
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding
Common stock, $0.02 par value per share; authorized 15,000,000 shares as of August 31, 2020 and August 31, 2019; issued and outstanding 9,099,990 and 9,086,816, respectively 182,000 181,736
Additional paid-in capital 17,415,043 16,013,338
Retained earnings 42,472,810 44,992,719
Accumulated other comprehensive loss (3,410,438) (4,593,178)
Stockholders’ equity 56,659,415 56,594,615
Non-controlling interests 3,045,026 3,074,679
Total equity 59,704,441 59,669,294
Total liabilities and equity $ 66,074,488 $ 67,511,087