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Note 4 - Property and Equipment, Net
 9 Months Ended
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.