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Note 4 - Property and Equipment, Net | 6 Months Ended
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Feb. 28, 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:
|  | February 28, 2023 |  |  | August 31, 2022 |
Land |  | $ | 310,365 |  |  | $ | 310,365 |
Buildings and improvements |  |  | 16,428,804 |  |  |  | 14,778,759 |
Machinery and equipment |  |  | 5,792,363 |  |  |  | 5,643,320 |
|  |  | 22,531,532 |  |  |  | 20,732,444 |
Less accumulated depreciation |  |  | (9,085,566 | ) |  |  | (8,561,951 | )
|  | $ | 13,445,966 |  |  | $ | 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 $225,962 and $488,838 for the three and six months ended February 28, 2023, respectively, compared to $215,685 and $430,991 for the three and six months ended February 28, 2022, respectively.

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