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Note 4 - Property and Equipment, Net | 9 Months Ended
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May 31, 2023
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
4. | PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following:
|  | May 31, 2023 |  |  | August 31, 2022 |
Land |  | $ | 496,965 |  |  | $ | 310,365 |
Buildings and improvements |  |  | 16,733,247 |  |  |  | 14,778,759 |
Machinery and equipment |  |  | 5,960,024 |  |  |  | 5,643,320 |
|  |  | 23,190,236 |  |  |  | 20,732,444 |
Less accumulated depreciation |  |  | (9,379,306 | ) |  |  | (8,561,951 | )
|  | $ | 13,810,930 |  |  | $ | 12,170,493 |
On February 28, 2023, the Company purchased the property immediately adjacent to NTIC’s headquarters in Circle Pines, Minnesota, which includes a 26,000 square foot industrial building, for $1,200,000. The building will be used primarily for warehousing space and light industrial production. Depreciation expense was $277,253 and $766,091 for the three and nine months ended May 31, 2023, respectively, compared to $291,452 and $722,443 for the three and nine months ended May 31, 2022, respectively.

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