6.	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 U.S. GAAP in all material respects. All material profits recorded that remain on the consolidated balance sheet of sales from the Company to its joint ventures and from joint ventures to other joint ventures 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) and all the Company’s other joint ventures, are summarized as follows:

	As of November 30, 2019
	Total		EXCOR		All Other
Current assets	$	62,227,465	$	31,696,156	$	30,531,309
Total assets		66,157,582		33,959,879		32,197,703
Current liabilities		14,585,105		4,166,716		10,418,389
Noncurrent liabilities		20,886		—		20,886
Joint ventures’ equity		51,551,596		29,793,164		21,758,432
Northern Technologies International Corporation’s share of joint ventures’ equity		25,402,933		14,896,584		10,506,349
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	$	23,373,721	$	14,865,679	$	8,508,042

	Three Months Ended November 30, 2019
	Total		EXCOR		All Other
Net sales	$	25,460,294	$	9,368,239	$	16,092,055
Gross profit		11,357,134		5,325,488		6,031,646
Net income		2,587,980		1,642,327		945,653
Northern Technologies International Corporation’s share of equity in income from joint ventures		1,293,991		821,164		472,827
Northern Technologies International Corporation's dividends received from joint ventures	$	205,431		—	$	205,431

	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

	Three Months Ended November 30, 2018
	Total		EXCOR		All Other
Net sales	$	30,479,926	$	12,869,523	$	17,610,403
Gross profit		13,356,891		6,683,574		6,673,317
Net income		4,163,791		3,039,802		1,123,989
Northern Technologies International Corporation’s share of equity in income from joint ventures		2,004,162		1,519,901		484,261
Northern Technologies International Corporation's dividends received from joint ventures	$	1,486,705	$	843,750	$	642,955

The Company did

not

make any joint venture investments during the

three

months ended

November 30, 2019

2018.