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Note 1 - Interim Financial Information (Tables) | 6 Months Ended
--- | ---
Feb. 28, 2023
Notes Tables |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] |
|  | As of February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023 |  | $ | 14,675,017 |  |  | $ | (573,751 | ) |  | $ | 14,101,266 |
Total current assets |  |  | 40,176,602 |  |  |  | (573,751 | ) |  |  | 39,602,851 |
Total assets |  |  | 86,710,505 |  |  |  | (573,751 | ) |  |  | 86,136,754 |
Accrued liabilities: Payroll and related benefits |  |  | 1,304,717 |  |  |  | (100,000 | ) |  |  | 1,204,717 |
Total current liabilities |  |  | 16,178,289 |  |  |  | (100,000 | ) |  |  | 16,078,289 |
Retained earnings |  |  | 50,792,813 |  |  |  | (473,751 | ) |  |  | 50,319,062 |
Stockholders’ equity |  |  | 65,264,351 |  |  |  | (473,751 | ) |  |  | 64,790,600 |
Total equity |  |  | 68,707,994 |  |  |  | (473,751 | ) |  |  | 68,234,243 |
Total liabilities and equity |  |  | 86,710,505 |  |  |  | (573,751 | ) |  |  | 86,136,754 |
|  | Three Months Ended February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Cost of goods sold |  | $ | 11,867,639 |  |  | $ | 100,118 |  |  | $ | 11,967,757 |
Gross profit |  |  | 6,403,186 |  |  |  | (100,118 | ) |  |  | 6,303,068 |
Selling expenses |  |  | 3,418,717 |  |  |  | 177,000 |  |  |  | 3,595,717 |
General and administrative expenses |  |  | 3,084,189 |  |  |  | 50,000 |  |  |  | 3,134,189 |
Research and development expenses |  |  | 994,450 |  |  |  | 146,633 |  |  |  | 1,141,083 |
Total operating expenses |  |  | 7,497,356 |  |  |  | 373,633 |  |  |  | 7,870,989 |
Operating income |  |  | 1,287,307 |  |  |  | (473,751 | ) |  |  | 813,556 |
Income before income tax expense |  |  | 1,175,614 |  |  |  | (473,751 | ) |  |  | 701,863 |
Net income |  |  | 993,819 |  |  |  | (473,751 | ) |  |  | 520,068 |
Net income attributable to NTIC |  |  | 885,248 |  |  |  | (473,751 | ) |  |  | 411,497 |
Net income attributable to NTIC per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.10 |  |  |  | (0.06 | ) |  |  | 0.04 |
Diluted |  |  | 0.09 |  |  |  | (0.05 | ) |  |  | 0.04 |
|  | Six Months Ended February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Cost of goods sold |  | $ | 25,467,281 |  |  | $ | 100,118 |  |  | $ | 25,567,399 |
Gross profit |  |  | 12,756,310 |  |  |  | (100,118 | ) |  |  | 12,656,192 |
Selling expenses |  |  | 6,926,151 |  |  |  | 177,000 |  |  |  | 7,103,151 |
General and administrative expenses |  |  | 6,214,788 |  |  |  | 50,000 |  |  |  | 6,264,788 |
Research and development expenses |  |  | 2,251,174 |  |  |  | 146,633 |  |  |  | 2,397,807 |
Total operating expenses |  |  | 15,392,113 |  |  |  | 373,633 |  |  |  | 15,765,746 |
Operating income |  |  | 2,116,883 |  |  |  | (473,751 | ) |  |  | 1,643,132 |
Income before income tax expense |  |  | 1,920,027 |  |  |  | (473,751 | ) |  |  | 1,446,276 |
Net income |  |  | 1,627,499 |  |  |  | (473,751 | ) |  |  | 1,153,748 |
Net income attributable to NTIC |  |  | 1,387,490 |  |  |  | (473,751 | ) |  |  | 913,739 |
Net income attributable to NTIC per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 0.15 |  |  |  | 0.05 |  |  |  | 0.10 |
Diluted |  |  | 0.14 |  |  |  | 0.05 |  |  |  | 0.09 |
|  | Three Months Ended February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 993,819 |  |  | $ | (473,751 | ) |  | $ | 520,068 |
Comprehensive income |  |  | 1,528,532 |  |  |  | (473,751 | ) |  |  | 1,054,781 |
Comprehensive income attributable to NTIC |  |  | 1,640,490 |  |  |  | (473,751 | ) |  |  | 1,166,739 |
|  | Six Months Ended February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 1,627,499 |  |  | $ | (473,751 | ) |  | $ | 1,153,748 |
Comprehensive income |  |  | 2,108,295 |  |  |  | (473,751 | ) |  |  | 1,634,544 |
Comprehensive income attributable to NTIC |  |  | 2,358,478 |  |  |  | (473,751 | ) |  |  | 1,884,727 |
|  | Six Months Ended February 28, 2023 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 1,627,499 |  |  | $ | (473,751 | ) |  | $ | 1,153,748 |
Receivables: Trade, excluding joint ventures |  |  | (911,765 | ) |  |  | 573,751 |  |  |  | (338,014 | )
Accrued liabilities |  |  | (388,221 | ) |  |  | (100,000 | ) |  |  | (488,221 | )

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