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Note 1 - Interim Financial Information (Tables)

9 Months Ended

May 31, 2023

Notes Tables

Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]

		As of May 31, 2023
		As Reported				Adjustments				As Restated
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of May 31, 2023		$	15,311,650			$	(1,139,757	)		$	14,171,893
Total current assets			39,289,907				(1,139,757	)			38,150,150
Total assets			87,313,423				(1,139,757	)			86,173,666
Accrued liabilities: Payroll and related benefits			2,035,785				(200,000	)			1,835,785
Total current liabilities			15,550,561				(200,000	)			15,350,561
Retained earnings			51,662,515				(939,757	)			50,722,758
Stockholders’ equity			66,397,187				(939,757	)			65,457,430
Total equity			69,930,948				(939,757	)			68,991,191
Total liabilities and equity			87,313,423				(1,139,757	)			86,173,666

		Three Months Ended May 31, 2023
		As Reported				Adjustments				As Restated
Cost of goods sold		$	13,280,584			$	109,289			$	13,389,873
Gross profit			7,689,142				(109,289	)			7,579,853
Selling expenses			3,723,165				169,987				3,893,152
General and administrative expenses			3,150,643				55,002				3,205,645
Research and development expenses			1,150,711				131,728				1,282,439
Total operating expenses			8,024,519				356,717				8,381,236
Operating income			2,372,592				(466,006	)			1,906,586
Income before income tax expense			2,245,300				(466,006	)			1,779,294
Net income			1,703,005				(466,006	)			1,236,999
Net income attributable to NTIC			1,525,596				(466,006	)			1,059,590
Net income attributable to NTIC per common share:
Basic			0.16				(0.05	)			0.11
Diluted			0.16				(0.05	)			0.11

		Nine Months Ended May 31, 2023
		As Reported				Adjustments				As Restated
Cost of goods sold		$	38,747,865			$	209,407			$	38,957,272
Gross profit			20,445,452				(209,407	)			20,236,045
Selling expenses			10,649,316				346,987				10,996,303
General and administrative expenses			9,365,431				105,002				9,470,433
Research and development expenses			3,401,885				278,361				3,680,246
Total operating expenses			23,416,632				730,350				24,146,982
Operating income			4,489,475				(939,757	)			3,549,718
Income before income tax expense			4,165,327				(939,757	)			3,225,570
Net income			3,330,504				(939,757	)			2,390,747
Net income attributable to NTIC			2,913,086				(939,757	)			1,973,329
Net income attributable to NTIC per common share:
Basic			0.31				0.10				0.21
Diluted			0.30				0.10				0.20

		Three Months Ended May 31, 2023
		As Reported				Adjustments				As Restated
Net income		$	1,703,005			$	(466,006	)		$	1,236,999
Comprehensive income			1,610,777				(466,006	)			1,144,771
Comprehensive income attributable to NTIC			1,800,895				(466,006	)			1,334,889

		Nine Months Ended May 31, 2023
		As Reported				Adjustments				As Restated
Net income		$	3,330,504			$	(939,757	)		$	2,390,747
Comprehensive income			3,719,072				(939,757	)			2,779,315
Comprehensive income attributable to NTIC			4,159,373				(939,757	)			3,219,616

		Nine Months Ended May 31, 2023
		As Reported				Adjustments				As Restated
Net income		$	3,330,504			$	(939,757	)		$	2,390,747
Receivables: Trade, excluding joint ventures			(1,502,567	)			1,139,757				(362,810	)
Accrued liabilities			(209,459	)			(200,000	)			(409,459	)

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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X

- References

No definition available.

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