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Note 4 - Property and Equipment, Net
 12 Months Ended
Aug. 31, 2024
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]

4.

PROPERTY AND EQUIPMENT, NET

 

Property and equipment, net consisted of the following:

 

   

August 31, 2024

    

August 31, 2023

  

Land

   $ 1,238,180     $ 496,965  

Buildings and improvements

     14,760,250       16,433,827  

Construction in process

     3,086,479       816,565  

Machinery and equipment

     7,276,151       5,984,364  
      26,361,060       23,731,721  

Less accumulated depreciation

     (10,095,407 )     (9,666,367 )
    $ 16,265,653     $ 14,065,354  

 

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 $1,156,364 for fiscal 2024 compared to $1,042,505 in fiscal 2023.