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Note 16 - Subsequent Events
6 Months Ended
Feb. 28, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

16.

SUBSEQUENT EVENTS

 

On April 7, 2023, the Company’s wholly-owned subsidiary in China, NTIC China, entered into a line of credit agreement with China Construction Bank Corporation, which provides NTIC China with a RMB 10,000,000 (USD $1.45 million) revolving line of credit. The term of the credit agreement is for one year, after which an extension of the agreement is required. The credit agreement has an annual interest rate of 3.25% with interest due monthly. The line of credit is secured by various property owned by NTIC China and the line of credit agreement contains certain financial and other covenants.