Northern Technologies International (NTIC) 10-Q/A21 Nov 232023 Q1 Quarterly report (amended)Financial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Feb. 28, 2023	Apr. 11, 2023
Document Information [Line Items]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Feb. 28, 2023
Document Transition Report	false
Entity File Number	001-11038
Entity Registrant Name	NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	41-0857886
Entity Address, Address Line One	4201 Woodland Road
Entity Address, City or Town	Circle Pines
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55014
City Area Code	763
Local Phone Number	225-6600
Title of 12(b) Security	Common stock, par value $0.02 per share
Trading Symbol	NTIC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		9,366,358
Amendment Description	This Amendment No. 1 to Quarterly Report on Form 10-Q/A (Amended Report) amends and restates certain information included in the Quarterly Report on Form 10-Q for the three and six months ended February 28, 2023 filed by Northern Technologies International Corporation (the Company) with the Securities and Exchange Commission (SEC) on April 13, 2023 (the Original Report).
Entity Central Index Key	0000875582
Current Fiscal Year End Date	--08-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	true

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 5,451,111	$ 5,333,890
Available for sale securities	0	5,590
Receivables:
Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023 and August 31, 2022	14,101,266	14,136,930
Trade, joint ventures	1,614,934	697,861
Fees for services provided to joint ventures	1,108,907	1,765,117
Income taxes	313,270	0
Inventories	15,180,239	16,341,729
Prepaid expenses	1,833,124	1,953,764
Total current assets	39,602,851	40,234,881
PROPERTY AND EQUIPMENT, NET	13,445,966	12,170,493
OTHER ASSETS:
Investments in joint ventures	21,522,496	21,814,754
Intangible asset, net	6,409,028	6,633,878
Goodwill	4,782,376	4,782,376
Operating lease right of use asset	374,037	557,571
Total other assets	33,087,937	33,788,579
Total assets	86,136,754	86,193,953
CURRENT LIABILITIES:
Accounts payable	6,307,443	7,796,494
Line of credit	7,100,000	5,900,000
Income taxes payable	0	30,742
Accrued liabilities:
Payroll and related benefits	1,204,717	2,297,543
Other	1,292,950	667,292
Current portion of operating leases	173,179	373,330
Total current liabilities	16,078,289	17,065,401
LONG-TERM LIABILITIES:
Deferred income tax, net	1,623,364	1,700,015
Operating leases, less current portion	200,858	184,241
Total long-term liabilities	1,824,222	1,884,256
Commitments and Contingencies
EQUITY:
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding	0	0
Common stock, $0.02 par value per share; authorized 15,000,000 shares as of February 28, 2023 and August 31, 2022; issued and outstanding 9,366,357 and 9,232,483, respectively	187,327	184,650
Additional paid-in capital	21,058,721	19,939,131
Retained earnings	50,319,062	50,716,613
Accumulated other comprehensive loss	(6,774,510)	(7,245,132)
Stockholders’ equity	64,790,600	63,595,262
Non-controlling interests	3,443,643	3,649,034
Total equity	68,234,243	67,244,296
Total liabilities and equity	$ 86,136,754	$ 86,193,953

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 439,000	$ 439,000
Preferred Stock, No Par Value (in dollars per share)	$ 0	$ 0
Preferred Stock, Shares Authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.02	$ 0.02
Common Stock, Shares Authorized (in shares)	15,000,000	15,000,000
Common Stock, Shares, Outstanding, Ending Balance (in shares)	9,366,357	9,232,483
Common Stock, Shares, Issued (in shares)	9,366,357	9,232,483

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations (Unaudited) - USD ($)	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
NET SALES:
Net sales	$ 18,270,825	$ 16,748,639	$ 38,223,591	$ 34,942,052
Cost of goods sold	11,967,757	11,764,304	25,567,399	24,254,787
Gross profit	6,303,068	4,984,335	12,656,192	10,687,265
JOINT VENTURE OPERATIONS:
Equity in income from joint ventures	1,128,731	922,832	2,318,135	2,297,581
Fees for services provided to joint ventures	1,252,746	1,246,909	2,434,551	2,505,767
Total joint venture operations	2,381,477	2,169,741	4,752,686	4,803,348
OPERATING EXPENSES:
Selling expenses	3,595,717	2,971,391	7,103,151	6,209,149
General and administrative expenses	3,134,189	2,518,788	6,264,788	5,115,135
Research and development expenses	1,141,083	1,218,674	2,397,807	2,454,495
Total operating expenses	7,870,989	6,708,853	15,765,746	13,778,779
OPERATING INCOME	813,556	445,223	1,643,132	1,711,834
REMEASUREMENT GAIN ON ACQUISITION OF EQUITY METHOD INVESTEE	0	0	0	3,951,550
INTEREST INCOME	3,451	9,909	9,619	20,852
INTEREST EXPENSE	(115,144)	(7,404)	(206,475)	(10,295)
INCOME BEFORE INCOME TAX EXPENSE	701,863	447,728	1,446,276	5,673,941
INCOME TAX EXPENSE	181,795	151,743	292,528	656,123
NET INCOME	520,068	295,985	1,153,748	5,017,818
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	108,571	113,138	240,009	341,212
NET INCOME ATTRIBUTABLE TO NTIC	$ 411,497	$ 182,847	$ 913,739	$ 4,676,606
NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic (in dollars per share)	$ 0.04	$ 0.02	$ 0.1	$ 0.51
Diluted (in dollars per share)	$ 0.04	$ 0.02	$ 0.09	$ 0.48
WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic (in shares)	9,366,357	9,214,817	9,353,989	9,211,858
Diluted (in shares)	9,747,461	9,683,426	9,745,166	9,736,060
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.07	$ 0.07	$ 0.14	$ 0.14

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
NET INCOME	$ 520,068	$ 295,985	$ 1,153,748	$ 5,017,818
OTHER COMPREHENSIVE LOSS – FOREIGN CURRENCY TRANSLATION ADJUSTMENT	534,713	26,295	480,796	(382,769)
COMPREHENSIVE INCOME	1,054,781	322,280	1,634,544	4,635,049
COMPREHENSIVE LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	(111,958)	(136,037)	(250,183)	(292,102)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NTIC	$ 1,166,739	$ 458,317	$ 1,884,727	$ 4,927,151

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]	Total
BALANCE AT NOVEMBER 30, 2021 (in shares) at Aug. 31, 2021	9,184,811
BALANCE AT NOVEMBER 30, 2021 at Aug. 31, 2021	$ 183,696	$ 18,736,268	$ 46,973,092	$ (3,525,030)	$ 3,382,555	$ 65,750,581
Stock options exercised (in shares)	34,071
Stock options exercised	$ 681	138,519	0	0	0	139,200
Stock option expense	0	465,766	0	0	0	465,766
Dividends paid to stockholders	0	0	(1,288,632)	0	0	(1,288,632)
Dividend received by non-controlling interest	0	0	0	0	(302,729)	(302,729)
Net income	0	0	4,676,606	0	341,212	5,017,818
Other comprehensive income	0	0	0	(333,659)	(49,110)	(382,769)
Stock option expense	$ 0	465,766	0	0	0	465,766
Stock issued for employee stock purchase plan (in shares)	2,635
Stock issued for employee stock purchase plan	$ 53	38,479	0	0	0	38,532
BALANCE AT FEBRUARY 28, 2022 (in shares) at Feb. 28, 2022	9,221,517
BALANCE AT FEBRUARY 28, 2022 at Feb. 28, 2022	$ 184,430	19,379,032	50,361,066	(3,858,689)	3,371,928	69,437,767
BALANCE AT NOVEMBER 30, 2021 (in shares) at Nov. 30, 2021	9,203,446
BALANCE AT NOVEMBER 30, 2021 at Nov. 30, 2021	$ 184,069	19,146,510	50,823,730	(3,862,085)	3,338,620	69,630,844
Stock options exercised (in shares)	18,071
Stock options exercised	$ 361	(361)	0	0	0	0
Stock option expense	0	232,883	0	0	0	232,883
Dividends paid to stockholders	0	0	(645,511)	0	0	(645,511)
Dividend received by non-controlling interest	0	0	0	0	(102,729)	(102,729)
Net income	0	0	182,847	0	113,138	295,985
Other comprehensive income	0	0	0	3,396	22,899	26,295
Stock option expense	$ 0	232,883	0	0	0	232,883
BALANCE AT FEBRUARY 28, 2022 (in shares) at Feb. 28, 2022	9,221,517
BALANCE AT FEBRUARY 28, 2022 at Feb. 28, 2022	$ 184,430	19,379,032	50,361,066	(3,858,689)	3,371,928	69,437,767
BALANCE AT NOVEMBER 30, 2021 (in shares) at Aug. 31, 2022	9,232,483
BALANCE AT NOVEMBER 30, 2021 at Aug. 31, 2022	$ 184,650	19,939,131	50,716,613	(7,245,132)	3,649,034	67,244,296
Stock options exercised (in shares)	130,254
Stock options exercised	$ 2,605	413,958	0	0	0	416,563
Stock option expense	0	667,008	0	0	0	667,008
Dividends paid to stockholders	0	0	(1,311,290)	0	0	(1,311,290)
Dividend received by non-controlling interest	0	0	0	0	(455,574)	(455,574)
Net income	0	0	913,739	0	240,009	1,153,748
Other comprehensive income	0	0	0	470,622	10,174	480,796
Stock option expense	$ 0	667,008	0	0	0	667,008
Stock issued for employee stock purchase plan (in shares)	3,620
Stock issued for employee stock purchase plan	$ 72	38,624	0	0	0	38,696
BALANCE AT FEBRUARY 28, 2022 (in shares) at Feb. 28, 2023	9,366,357
BALANCE AT FEBRUARY 28, 2022 at Feb. 28, 2023	$ 187,327	21,058,721	50,319,062	(6,774,510)	3,443,643	68,234,243
BALANCE AT NOVEMBER 30, 2021 (in shares) at Nov. 30, 2022	9,366,357
BALANCE AT NOVEMBER 30, 2021 at Nov. 30, 2022	$ 187,327	20,721,235	50,563,210	(7,305,836)	3,707,259	67,873,195
Stock option expense	0	337,486	0	0	0	337,486
Dividends paid to stockholders	0	0	(655,645)	0	0	(655,645)
Dividend received by non-controlling interest	0	0	0	0	(375,574)	(375,574)
Net income	0	0	411,497	0	108,571	520,068
Other comprehensive income	0	0	0	531,326	3,387	534,713
Stock option expense	$ 0	337,486	0	0	0	337,486
BALANCE AT FEBRUARY 28, 2022 (in shares) at Feb. 28, 2023	9,366,357
BALANCE AT FEBRUARY 28, 2022 at Feb. 28, 2023	$ 187,327	$ 21,058,721	$ 50,319,062	$ (6,774,510)	$ 3,443,643	$ 68,234,243

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Consolidated Statements of Cash Flows (Unaudited) - USD ($)	Feb. 28, 2023	Feb. 28, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 1,153,748	$ 5,017,818
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	667,008	465,766
Depreciation expense	488,838	430,991
Amortization expense	294,873	315,631
Remeasurement gain on acquisition of equity method investee	0	(3,951,550)
Loss on disposal of assets	(8,534)	0
Equity in income from joint ventures	(2,318,135)	(2,297,581)
Dividends received from joint ventures	3,464,736	5,362,636
Deferred income taxes	(70,166)	139,338
Changes in current assets and liabilities:
Trade, excluding joint ventures	(338,014)	321,322
Trade, joint ventures	(917,073)	(281,153)
Fees for services provided to joint ventures	656,210	426,425
Income taxes	(313,270)	(286,458)
Inventories	996,522	(990,628)
Prepaid expenses and other	259,712	(1,136,130)
Accounts payable	(1,293,897)	674,147
Income tax payable	(29,503)	(376,544)
Accrued liabilities	(488,221)	(1,715,302)
Net cash provided by operating activities	2,204,834	2,118,728
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of Zerust India business, net of cash acquired	0	(5,062,003)
Proceeds from the sale of available for sale securities	5,590	0
Proceeds from sale of property and equipment	13,000	0
Purchases of property and equipment	(1,871,903)	(618,533)
Investments in patents	(70,023)	(112,297)
Net cash used in investing activities	(1,923,336)	(5,792,833)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from line of credit	1,200,000	4,200,000
Dividends paid on NTIC common stock	(1,311,290)	(1,288,632)
Proceeds from the exercise of stock options	416,563	139,200
Dividends received by non-controlling interest	(455,574)	(302,729)
Proceeds from employee stock purchase plan	38,696	38,532
Net cash (used in) provided by financing activities	(111,605)	2,786,371
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(52,672)	694,904
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	117,221	(192,830)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	5,333,890	7,680,641
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 5,451,111	$ 7,487,811

Note 1 - Interim Financial Info

Note 1 - Interim Financial Information	6 Months Ended
Note 1 - Interim Financial Information	Feb. 28, 2023
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. INTERIM FINANCIAL INFORMATION In the opinion of management, the accompanying unaudited consolidated financial statements contain all necessary adjustments, which are of a normal recurring nature, and present fairly the consolidated financial position of Northern Technologies International Corporation and its subsidiaries (the Company) as of February 28, 2023 and August 31, 2022 and the results of the Company’s operations for the three and six months ended February 28, 2023 and 2022, the changes in stockholders’ equity for the three and six months ended February 28, 2023 and 2022, and the Company’s cash flows for the six months ended February 28, 2023 and 2022, in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s annual report on Form 10-K for the fiscal year ended August 31, 2022. These consolidated financial statements also should be read in conjunction with the “ Management s Discussion and Analysis of Financial Condition and Results of Operations Operating results for the three and six months ended February 28, 2023 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2023. The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements. Restatement of Previously Issued Financial Statements On November 17, 2023, the management and Audit Committee of the Board of Directors of the Company determined that the Company’s consolidated financial statements for the three and six months ended February 28, 2023 and three and nine months ended May 31, 2023 require restatement to correct the accounting treatment of employee retention credits (ERCs)and disclosures, which ERCs were incorrectly recognized as income during such periods. In the course of preparing the Company’s consolidated financial statements for the fiscal year ended August 31, 2023, the Company determined that although the Company believes the collection of the ERCs are still “more likely than not,” the Company is not able to deem the receipt of the ERCs “probable” under U.S. generally accepted accounting practices (U.S. GAAP), therefore, requiring the restatement of the Company’s previously issued consolidated financial statements for the three and six months ended February 28, 2023 and three and nine months ended May 31, 2023 and amendments to the Company’s related previously filed quarterly reports on Form 10-Q. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law providing numerous tax provisions and other stimulus measures, including ERCs, which are refundable tax credits against certain employment taxes. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the American Rescue Plan Act of 2021 extended and expanded the availability of ERCs. The Company engaged tax advisors of a Big 4 accounting firm which determined the Company qualified for ERCs. The following tables summarize the effects of the restatements on select consolidated statements of operations, balance sheet and cash flow amounts as reported as of and for the periods stated and are unaudited: Consolidated Balance Sheet: 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 Consolidated Statements of Operations: 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 Consolidated Statements of Comprehensive Income: 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 Consolidated Statements of Cash Flows: 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 ) In addition, the following footnotes have been updated to reflect the restated amounts: ● Note 9 – Net Income per Common Share ● Note 11 – Segment and Geographic Information

Note 2 - Accounting Pronounceme

Note 2 - Accounting Pronouncements	6 Months Ended
Note 2 - Accounting Pronouncements	Feb. 28, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	2. ACCOUNTING PRONOUNCEMENTS In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope, and in November 2018, issued ASU No. 2018-19 and in April 2019, issued ASU No. 2019-04 and in May 2019, issued ASU No. 2019-05, and in November 2019, issued ASU No. 2019-11, which amended the standard. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The new approach to estimating credit losses (referred to as the current expected credit losses model) applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loans, held-to-maturity debt securities, net investments in leases and off-balance-sheet credit exposures. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is still evaluating the impact of this ASU.

Note 3 - Inventories

Note 3 - Inventories	6 Months Ended
Note 3 - Inventories	Feb. 28, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. INVENTORIES Inventories consisted of the following: February 28, 2023 August 31, 2022 Production materials $ 5,629,424 $ 6,496,656 Finished goods 9,550,815 9,845,073 $ 15,180,239 $ 16,341,729

Note 4 - Property and Equipment

Note 4 - Property and Equipment, Net	6 Months Ended
Note 4 - Property and Equipment, Net	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.

Note 5 - Intangible Assets, Net

Note 5 - Intangible Assets, Net	6 Months Ended
Note 5 - Intangible Assets, Net	Feb. 28, 2023
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	5. INTANGIBLE ASSETS, NET Intangible assets, net consisted of the following: As of February 28, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and trademarks $ 3,295,678 $ (2,598,950 ) $ 696,728 Customer relationships 6,347,000 (634,700 ) 5,712,300 Total intangible assets, net $ 9,642,678 $ (3,233,650 ) $ 6,409,028 As of August 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and trademarks $ 3,225,655 $ (2,515,644 ) $ 710,011 Customer relationships 6,347,000 (423,133 ) 5,923,867 Total intangible assets, net $ 9,572,655 $ (2,938,777 ) $ 6,633,878 Amortization expense related to intangible assets was $147,062 and $294,873 for the three and six months ended February 28, 2023, respectively, compared to $195,737 and $315,631 for the three and six months ended February 28, 2022, respectively. As of February 28, 2023, future amortization expense related to intangible assets for each of the next five fiscal years and thereafter is estimated as follows: Remainder of fiscal 2023 $ 294,873 Fiscal 2024 589,746 Fiscal 2025 589,746 Fiscal 2026 589,746 Fiscal 2027 589,746 Thereafter 3,755,171 Total $ 6,409,028

Note 6 - Investments in Joint V

Note 6 - Investments in Joint Ventures	6 Months Ended
Note 6 - Investments in Joint Ventures	Feb. 28, 2023
Notes to Financial Statements
Equity Method Investments and Joint Ventures Disclosure [Text Block]	6. INVESTMENTS IN JOINT VENTURES The consolidated financial statements of the Company’s foreign joint ventures are initially prepared using the accounting principles accepted in the respective joint ventures’ countries of domicile. Amounts related to foreign joint ventures reported in the below tables and the accompanying consolidated financial statements have subsequently been adjusted to conform with U.S. GAAP in all material respects. All material profits on sales recorded that remain on the consolidated balance sheet from the Company to its joint ventures and from joint ventures to other joint ventures have been eliminated for financial reporting purposes. Financial information from the audited and unaudited financial statements of the Company’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH (EXCOR), and all the Company’s other joint ventures are summarized as follows: As of February 28, 2023 Total EXCOR All Other Current assets $ 54,425,899 $ 25,538,114 $ 28,887,785 Total assets 57,924,227 27,376,219 30,548,008 Current liabilities 14,002,680 3,163,365 10,839,315 Noncurrent liabilities 346,645 - 346,645 Joint ventures’ equity 43,574,902 24,212,854 19,362,048 Northern Technologies International Corporation’s share of joint ventures’ equity 21,522,496 12,106,429 9,416,067 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 20,493,861 12,075,524 8,418,337 Three Months Ended February 28, 2023 Total EXCOR All Other Net sales $ 25,482,590 $ 9,708,482 $ 15,774,108 Gross profit 10,035,811 4,733,435 5,302,376 Net income 1,969,046 1,365,170 603,876 Northern Technologies International Corporation’s share of equity in income from joint ventures 1,128,731 676,800 451,931 Northern Technologies International Corporation's dividends received from joint ventures 422,048 — 422,048 Six Months Ended February 28, 2023 Total EXCOR All Other Net sales $ 50,212,879 $ 19,854,403 $ 30,358,476 Gross profit 19,729,379 9,453,477 10,275,902 Net income 4,615,954 3,107,457 1,508,497 Northern Technologies International Corporation’s share of equity in income from joint ventures 2,318,135 1,547,944 770,191 Northern Technologies International Corporation's dividends received from joint ventures $ 3,464,736 $ 2,459,500 $ 1,005,236 As of August 31, 2022 Total EXCOR All Other Current assets $ 52,428,831 $ 26,047,914 $ 26,380,917 Total assets 55,854,457 27,932,532 27,921,925 Current liabilities 10,981,833 2,943,895 8,037,938 Noncurrent liabilities 1,138,980 — 1,138,980 Joint ventures’ equity 43,733,644 24,988,637 18,745,007 Northern Technologies International Corporation’s share of joint ventures’ equity 21,814,754 12,494,320 9,320,434 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 21,256,923 $ 12,463,415 $ 8,793,508 Three Months Ended February 28, 2022 Total EXCOR All Other Net sales $ 24,601,767 $ 9,312,434 $ 15,289,333 Gross profit 9,845,002 4,658,450 5,186,552 Net income 1,851,591 1,170,187 681,404 Northern Technologies International Corporation’s share of equity in income from joint ventures 922,832 589,048 333,784 Northern Technologies International Corporation's dividends received from joint ventures $ 320,365 — $ 320,365 Six Months Ended February 28, 2022 Total EXCOR All Other Net sales $ 51,624,762 $ 20,612,662 $ 31,012,100 Gross profit 20,877,961 10,127,436 10,750,525 Net income 4,629,196 2,991,734 1,637,462 Northern Technologies International Corporation’s share of equity in income from joint ventures 2,297,581 1,499,821 797,760 Northern Technologies International Corporation's dividends received from joint ventures $ 5,362,636 $ 4,255,200 $ 1,107,436

Note 7 - Corporate Debt

Note 7 - Corporate Debt	6 Months Ended
Note 7 - Corporate Debt	Feb. 28, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	7. CORPORATE DEBT On January 6, 2023, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPM”), which provides the Company with a senior secured revolving line of credit (the “Credit Facility”) of up to $10.0 million, which includes a $5.0 million sublimit for standby letters of credit. Borrowings of $7,100,000 and $5,900,000 were outstanding under the lines of credit as of February 28, 2023 and August 31, 2022, respectively. Unless terminated earlier, the Credit Facility will mature on January 6, 2024, and the principal amount thereunder, together with all accrued unpaid interest and other amounts owing thereunder, if any, will be payable in full on such date. Borrowings under the Credit Agreement bear interest at a floating rate, at the option of the Company, equal to either the CB Floating Rate or the Adjusted SOFR Rate. The term “CB Floating Rate” means the greater of the Prime Rate in the United States or 2.50%. The term “Adjusted SOFR Rate” means the term secured overnight financing rate for either one, three or six months (depending on the interest period selected by the Company) plus 0.10% per annum. With respect to any borrowings using an Adjusted SOFR Rate, there is an applicable margin of 2.15% applied per annum. There is no applicable margin with respect to borrowings using a CB Floating Rate. To secure the Credit Agreement, the Company assigned to JPM a continuing security interest in all of its right, title and interested in collateral made up for the assets of the Company. The Credit Agreement contains customary affirmative and negative covenants, including, among other matters, limitations on the Company’s ability to incur additional debt, grant liens, engage in certain business operations and transactions, make certain investments, modify its organizational documents or form any new subsidiaries, subject to certain exceptions. Further, the Credit Agreement contains a negative covenant that restricts the ability of the Company to redeem or repurchase its common stock or pay dividends if the result of which would cause an event of default under the Credit Agreement. The Credit Agreement also requires the Company to maintain a Fixed Charge Coverage Ratio of at least 1.25 to 1.00. The term “Fixed Charge Coverage Ratio” means the ratio, computed for the Company on a consolidated basis, of net income plus income tax expense, plus amortization expense, plus depreciation expense, plus interest expense, and plus dividends received from joint ventures, minus unfinanced capital expenditures and equity in income from joint ventures, all computed for the twelve month period then ending, to scheduled principal payments made, plus scheduled finance lease payments made, plus interest expense paid, plus income tax expense paid, and plus cash distributions and dividends paid, all computed for the same twelve month period then ending. The Credit Agreement also contains customary events of default, including, without limitation, payment defaults, material inaccuracy of representations and warranties, covenant defaults, bankruptcy and insolvency proceedings, cross-defaults to certain other agreements, breach of any financial covenant and change of control. Upon the occurrence and during the continuance of any event of default, JPM may accelerate the payment of the obligations thereunder and exercise various other customary default remedies. In connection with the execution of the Credit Agreement described above, on January 6, 2023, the Amended and Restated Loan Agreement dated August 31, 2021 between Northern Technologies International Corporation and PNC Bank, National Association was terminated.

Note 8 - Stockholders' Equity

Note 8 - Stockholders' Equity	6 Months Ended
Note 8 - Stockholders' Equity	Feb. 28, 2023
Notes to Financial Statements
Equity [Text Block]	8. STOCKHOLDERS EQUITY During the six months ended February 28, 2023, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to the following holders of the Company’s common stock: Declaration Date Amount Record Date Payable Date October 20, 2022 $0.07 November 3, 2022 November 16, 2022 January 20, 2023 $0.07 February 1, 2023 February 15, 2023 During the six months ended February 28, 2022, the Company’s Board of Directors declared cash dividends on the following dates in the following amounts to the following holders of the Company’s common stock: Declaration Date Amount Record Date Payable Date October 20, 2021 $0.07 November 3, 2021 November 17, 2021 January 21, 2022 $0.07 February 2, 2022 February 16, 2022 During the six months ended February 28, 2023 and 2022, the Company repurchased no The Company issued 3,620 and 2,636 shares of common stock on September 1, 2022 and 2021, respectively, under the Northern Technologies International Corporation Employee Stock Purchase Plan (ESPP). The ESPP is compensatory for financial reporting purposes. As of February 28, 2023, 65,600 shares of common stock remained available for sale under the ESPP.

Note 9 - Net Income Per Common

Note 9 - Net Income Per Common Share	6 Months Ended
Note 9 - Net Income Per Common Share	Feb. 28, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	9. NET INCOME PER COMMON SHARE Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted net income per share assumes the exercise of stock options using the treasury stock method, if dilutive. The following is a reconciliation of the net income per share computation for the three and six months ended February 28, 2023 and 2022: Three Months Ended February 28, Six Months Ended February 28, Numerator: 2023 (Restated) 2022 2023 (Restated) 2022 Net income attributable to NTIC $ 411,497 $ 182,847 $ 913,739 $ 4,676,606 Denominator: Basic – weighted shares outstanding 9,366,357 9,214,817 9,353,989 9,211,858 Weighted shares assumed upon exercise of stock options 381,104 468,609 391,177 524,202 Diluted – weighted shares outstanding 9,747,461 9,683,426 9,745,166 9,736,060 Basic net income per share: $ 0.04 $ 0.02 $ 0.10 $ 0.51 Diluted net income per share: $ 0.04 $ 0.02 $ 0.09 $ 0.48 The dilutive impact summarized above relates to the periods when the average market price of the Company’s common stock exceeded the exercise price of the potentially dilutive option securities granted. Net income per common share was based on the weighted average number of common shares outstanding during the periods when computing basic net income per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted net income per share. Excluded from the computation of diluted net income per share for the three and six months ended February 28, 2023 were options outstanding to purchase 305,514 shares of common stock. Excluded from the computation of diluted net income per share for the three and six months ended February 28, 2022, were options outstanding to purchase 311,061 shares of common stock.

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	6 Months Ended
Note 10 - Stock-based Compensation	Feb. 28, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	10. STOCK-BASED COMPENSATION A summary of stock option activities under the Northern Technologies International Corporation Amended and Restated 2019 Stock Incentive Plan (the 2019 Plan) and the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) is as follows: Number of Options Outstanding Weighted Average Exercise Price Outstanding as of August 31, 2022 1,544,727 $ 10.23 Granted 277,613 $ 11.41 Exercised (178,331 ) $ 6.03 Outstanding as of February 28, 2023 1,644,009 $ 10.52 The weighted average per share fair value of options granted during the six months ended February 28, 2023 and 2022 was $4.75 and $7.29, respectively. The weighted average remaining contractual life of the options outstanding as of February 28, 2023 and 2022 was 6.42 years and 6.25 years, respectively. The Company recognized compensation expense of $674,971 and $465,766 during the six months ended February 28, 2023 and 2022, respectively. As of February 28, 2023, there was $1,686,298 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.5 years.

Note 11 - Segment and Geographi

Note 11 - Segment and Geographic Information	6 Months Ended
Note 11 - Segment and Geographic Information	Feb. 28, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. SEGMENT AND GEOGRAPHIC INFORMATION Segment Information The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s business is organized into two The following table sets forth the Company’s net sales for the three and six months ended February 28, 2023 and 2022 by segment: Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 ZERUST® net sales $ 14,458,747 $ 13,117,777 $ 29,828,748 $ 27,541,562 Natur-Tec® net sales 3,812,078 3,630,862 8,394,843 7,400,490 Total net sales $ 18,270,825 $ 16,748,639 $ 38,223,591 $ 34,942,052 The following table sets forth the Company’s cost of goods sold for the three and six months ended February 28, 2023 and 2022 by segment: Three Months Ended February 28, Six Months Ended February 28, 2023 (Restated) % of Product Sales* 2022 % of Product Sales* 2023 (Restated) % of Product Sales* 2022 % of Product Sales* Direct cost of goods sold ZERUST® $ 8,115,451 56.1 % $ 8,151,274 62.1 % $ 17,294,705 58.0 % $ 16,857,941 61.2 % Natur-Tec® 2,931,036 76.9 % 2,775,436 76.4 % 6,501,709 77.4 % 5,697,533 77.0 % Indirect cost of goods sold 921,270 — 837,594 — 1,770,985 — 1,699,313 — Total net cost of goods sold $ 11,967,757 $ 11,764,304 $ 25,567,399 $ 24,254,787 _________________ * The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category. The Company utilizes product net sales and direct and indirect cost of goods sold for each product in reviewing the financial performance of a product type. Further allocation of Company expenses or assets, aside from amounts presented in the tables above, is not utilized in evaluating product performance, nor does such allocation occur for internal financial reporting. Geographic Information Net sales by geographic location for the three and six months ended February 28, 2023 and 2022 were as follows: Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 Inside the U.S.A. to unaffiliated customers $ 6,750,997 $ 5,115,963 $ 14,229,158 $ 11,272,285 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 1,529,763 883,513 2,163,228 1,723,952 Unaffiliated customers 9,990,065 10,749,163 21,831,205 21,945,815 $ 18,270,825 $ 16,748,639 $ 38,223,591 $ 34,942,052 Net sales by geographic location are based on the location of the customer. Fees for services provided to joint ventures by geographic location as a percentage of total fees for services provided to joint ventures during the three and six months ended February 28, 2023 and 2022 were as follows: Three Months Ended February 28, 2023 % of Total Fees for Services Provided to Joint Ventures 2022 % of Total Fees for Services Provided to Joint Ventures Germany $ 202,964 16.2 % $ 216,992 17.4 % Poland 199,927 16.0 % 172,700 13.9 % Japan 153,795 12.3 % 151,933 12.2 % France 118,938 9.5 % 115,663 9.3 % Sweden 112,615 9.0 % 99,178 8.0 % Finland 91,620 7.3 % 85,426 6.9 % Thailand 91,601 7.3 % 87,918 7.1 % Czech Republic 91,001 7.3 % 69,386 5.6 % South Korea 65,803 5.3 % 64,173 5.1 % United Kingdom 65,648 5.2 % 86,736 7.0 % Other 58,834 4.6 % 96,803 7.5 % $ 1,252,746 100.0 % $ 1,246,908 100.0 % Six Months Ended February 28, 2023 % of Total Fees for Services Provided to Joint Ventures 2022 % of Total Fees for Services Provided to Joint Ventures Germany $ 396,792 16.3 % $ 435,422 17.4 % Poland 386,623 15.9 % 349,626 14.0 % Japan 301,715 12.4 % 318,740 12.7 % France 228,295 9.4 % 231,958 9.3 % Sweden 213,051 8.8 % 207,248 8.3 % Finland 182,052 7.5 % 165,599 6.6 % Thailand 174,557 7.2 % 175,472 7.0 % Czech Republic 171,333 7.0 % 139,483 5.6 % South Korea 129,197 5.3 % 126,800 5.1 % United Kingdom 123,339 5.1 % 181,663 7.2 % Other 127,597 5.1 % 173,756 6.8 % $ 2,434,551 100.0 % $ 2,505,767 100.0 % The geographical distribution of total property and equipment and net sales is as follows: At February 28, 2023 At August 31, 2021 China $ 5,885,664 $ 5,826,898 Other 668,910 565,022 United States 6,891,392 5,778,573 Total property and equipment, net $ 13,445,966 $ 12,170,493 Three Months Ended February 28, 2023 2022 China $ 2,871,795 $ 4,163,741 Brazil 1,206,790 936,089 India 4,364,358 4,068,781 Other 3,076,885 2,464,066 United States 6,750,997 5,115,962 Total net sales $ 18,270,825 $ 16,748,639 Six Months Ended February 28, 2023 2022 China $ 6,618,435 $ 8,221,593 Brazil 2,574,208 2,232,306 India 9,211,285 8,545,765 Other 5,590,505 4,670,103 United States 14,229,158 11,272,285 Total net sales $ 38,223,591 $ 34,942,052 Long-lived assets consist of property and equipment. These assets are periodically reviewed to assure the net realizable value from the estimated future production based on forecasted sales exceeds the carrying value of the assets. Sales to the Company’s joint ventures are included in the foregoing segment and geographic information; however, sales by the Company’s joint ventures to other parties are not included. The foregoing segment and geographic information represents only sales recognized directly by the Company and sold in that geographic territory. All joint venture operations, including equity in income, fees for services and related dividends, are primarily related to ZERUST® products and services.

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	6 Months Ended
Note 12 - Commitments and Contingencies	Feb. 28, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. COMMITMENTS AND CONTINGENCIES Concentrations Three joint ventures (the Company’s joint ventures in South Korea, Sweden and France) accounted for 68.1% of the Company’s trade joint ventures receivables as of February 28, 2023, and one joint venture (the Company’s joint venture in South Korea) accounted for 33.8% of the Company’s trade joint venture receivables as of February 28, 2022. Legal Matters From time to time, the Company is subject to various other claims and legal actions in the ordinary course of its business. The Company records a liability in its consolidated financial statements for costs related to claims, including future legal costs, settlements and judgments, where the Company has assessed that a loss is probable, and an amount could be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that material loss may have been incurred. In the opinion of management, as of February 28, 2023, the amount of liability, if any, with respect to these matters, individually or in the aggregate, will not materially affect the Company’s consolidated results of operations, financial position or cash flows.

Note 13 - Fair Value Measuremen

Note 13 - Fair Value Measurements	6 Months Ended
Note 13 - Fair Value Measurements	Feb. 28, 2023
Notes to Financial Statements
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]	13. FAIR VALUE MEASUREMENTS Assets and liabilities that are measured at fair value on a recurring basis primarily relate to marketable equity securities. These items are marked-to-market at each reporting period, and the Company estimates that market value approximates costs. The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis: Fair Value Measurements Using Inputs Considered as Fair value as of February 28, 2023 Level 1 Level 2 Level 3 Available for sale securities $ — $ — $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2022 Level 1 Level 2 Level 3 Available for sale securities $ 5,590 $ 5,590 $ — $ — There were no transfers between Level 1, Level 2, or Level 3 during the three and six months ended February 28, 2023 or 2022.

Note 14 - Supplemental Cash Flo

Note 14 - Supplemental Cash Flow Information	6 Months Ended
Note 14 - Supplemental Cash Flow Information	Feb. 28, 2023
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	14. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental disclosures of cash flow information consisted of: Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 Cash paid for interest $ 115,144 $ 7,404 $ 206,475 $ 10,295

Note 15 - Income Taxes

Note 15 - Income Taxes	6 Months Ended
Note 15 - Income Taxes	Feb. 28, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	15. INCOME TAXES Income tax expense for the three and six months ended February 28, 2023 was $181,795 and $292,528, respectively, compared to $151,743 and $656,123, respectively, for the three and six months ended February 28, 2022. The expense was largely due to foreign operations. The Company has federal and state tax credit carry forwards, net operating loss carry forwards and foreign tax carry forwards. The Company has recorded a full valuation allowance against the U.S. deferred tax assets as of February 28, 2023 and August 31, 2022.

Note 16 - Subsequent Events

Note 16 - Subsequent Events	6 Months Ended
Note 16 - Subsequent Events	Feb. 28, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	16. SUBSEQUENT EVENTS On April 7, 2023, the Company’s wholly-owned subsidiary in China, NTIC China, entered into a line of credit agreement with China Construction Bank Corporation, which provides NTIC China with a RMB 10,000,000 (USD $1.45 million) revolving line of credit. The term of the credit agreement is for one

Note 1 - Interim Financial In_2

Note 1 - Interim Financial Information (Tables)	6 Months Ended
Note 1 - Interim Financial Information (Tables)	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 )

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	6 Months Ended
Note 3 - Inventories (Tables)	Feb. 28, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	February 28, 2023 August 31, 2022 Production materials $ 5,629,424 $ 6,496,656 Finished goods 9,550,815 9,845,073 $ 15,180,239 $ 16,341,729

Note 4 - Property and Equipme_2

Note 4 - Property and Equipment, Net (Tables)	6 Months Ended
Note 4 - Property and Equipment, Net (Tables)	Feb. 28, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	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

Note 5 - Intangible Assets, N_2

Note 5 - Intangible Assets, Net (Tables)	6 Months Ended
Note 5 - Intangible Assets, Net (Tables)	Feb. 28, 2023
Notes Tables
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of fiscal 2023 $ 294,873 Fiscal 2024 589,746 Fiscal 2025 589,746 Fiscal 2026 589,746 Fiscal 2027 589,746 Thereafter 3,755,171 Total $ 6,409,028
Customer Relationships and Assembled Workforce [Member]
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	As of February 28, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and trademarks $ 3,295,678 $ (2,598,950 ) $ 696,728 Customer relationships 6,347,000 (634,700 ) 5,712,300 Total intangible assets, net $ 9,642,678 $ (3,233,650 ) $ 6,409,028 As of August 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents and trademarks $ 3,225,655 $ (2,515,644 ) $ 710,011 Customer relationships 6,347,000 (423,133 ) 5,923,867 Total intangible assets, net $ 9,572,655 $ (2,938,777 ) $ 6,633,878

Note 6 - Investments in Joint_2

Note 6 - Investments in Joint Ventures (Tables)	6 Months Ended
Note 6 - Investments in Joint Ventures (Tables)	Feb. 28, 2023
Notes Tables
Condensed Balance Sheet [Table Text Block]	As of February 28, 2023 Total EXCOR All Other Current assets $ 54,425,899 $ 25,538,114 $ 28,887,785 Total assets 57,924,227 27,376,219 30,548,008 Current liabilities 14,002,680 3,163,365 10,839,315 Noncurrent liabilities 346,645 - 346,645 Joint ventures’ equity 43,574,902 24,212,854 19,362,048 Northern Technologies International Corporation’s share of joint ventures’ equity 21,522,496 12,106,429 9,416,067 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 20,493,861 12,075,524 8,418,337 As of August 31, 2022 Total EXCOR All Other Current assets $ 52,428,831 $ 26,047,914 $ 26,380,917 Total assets 55,854,457 27,932,532 27,921,925 Current liabilities 10,981,833 2,943,895 8,037,938 Noncurrent liabilities 1,138,980 — 1,138,980 Joint ventures’ equity 43,733,644 24,988,637 18,745,007 Northern Technologies International Corporation’s share of joint ventures’ equity 21,814,754 12,494,320 9,320,434 Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 21,256,923 $ 12,463,415 $ 8,793,508
Condensed Income Statement [Table Text Block]	Three Months Ended February 28, 2023 Total EXCOR All Other Net sales $ 25,482,590 $ 9,708,482 $ 15,774,108 Gross profit 10,035,811 4,733,435 5,302,376 Net income 1,969,046 1,365,170 603,876 Northern Technologies International Corporation’s share of equity in income from joint ventures 1,128,731 676,800 451,931 Northern Technologies International Corporation's dividends received from joint ventures 422,048 — 422,048 Six Months Ended February 28, 2023 Total EXCOR All Other Net sales $ 50,212,879 $ 19,854,403 $ 30,358,476 Gross profit 19,729,379 9,453,477 10,275,902 Net income 4,615,954 3,107,457 1,508,497 Northern Technologies International Corporation’s share of equity in income from joint ventures 2,318,135 1,547,944 770,191 Northern Technologies International Corporation's dividends received from joint ventures $ 3,464,736 $ 2,459,500 $ 1,005,236 Three Months Ended February 28, 2022 Total EXCOR All Other Net sales $ 24,601,767 $ 9,312,434 $ 15,289,333 Gross profit 9,845,002 4,658,450 5,186,552 Net income 1,851,591 1,170,187 681,404 Northern Technologies International Corporation’s share of equity in income from joint ventures 922,832 589,048 333,784 Northern Technologies International Corporation's dividends received from joint ventures $ 320,365 — $ 320,365 Six Months Ended February 28, 2022 Total EXCOR All Other Net sales $ 51,624,762 $ 20,612,662 $ 31,012,100 Gross profit 20,877,961 10,127,436 10,750,525 Net income 4,629,196 2,991,734 1,637,462 Northern Technologies International Corporation’s share of equity in income from joint ventures 2,297,581 1,499,821 797,760 Northern Technologies International Corporation's dividends received from joint ventures $ 5,362,636 $ 4,255,200 $ 1,107,436

Note 8 - Stockholders' Equity (

Note 8 - Stockholders' Equity (Tables)	6 Months Ended
Note 8 - Stockholders' Equity (Tables)	Feb. 28, 2023
Notes Tables
Dividends Declared [Table Text Block]	Declaration Date Amount Record Date Payable Date October 20, 2022 $0.07 November 3, 2022 November 16, 2022 January 20, 2023 $0.07 February 1, 2023 February 15, 2023 Declaration Date Amount Record Date Payable Date October 20, 2021 $0.07 November 3, 2021 November 17, 2021 January 21, 2022 $0.07 February 2, 2022 February 16, 2022

Note 9 - Net Income Per Commo_2

Note 9 - Net Income Per Common Share (Tables)	6 Months Ended
Note 9 - Net Income Per Common Share (Tables)	Feb. 28, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended February 28, Six Months Ended February 28, Numerator: 2023 (Restated) 2022 2023 (Restated) 2022 Net income attributable to NTIC $ 411,497 $ 182,847 $ 913,739 $ 4,676,606 Denominator: Basic – weighted shares outstanding 9,366,357 9,214,817 9,353,989 9,211,858 Weighted shares assumed upon exercise of stock options 381,104 468,609 391,177 524,202 Diluted – weighted shares outstanding 9,747,461 9,683,426 9,745,166 9,736,060 Basic net income per share: $ 0.04 $ 0.02 $ 0.10 $ 0.51 Diluted net income per share: $ 0.04 $ 0.02 $ 0.09 $ 0.48

Note 10 - Stock-based Compens_2

Note 10 - Stock-based Compensation (Tables)	6 Months Ended
Note 10 - Stock-based Compensation (Tables)	Feb. 28, 2023
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Outstanding Weighted Average Exercise Price Outstanding as of August 31, 2022 1,544,727 $ 10.23 Granted 277,613 $ 11.41 Exercised (178,331 ) $ 6.03 Outstanding as of February 28, 2023 1,644,009 $ 10.52

Note 11 - Segment and Geograp_2

Note 11 - Segment and Geographic Information (Tables)	6 Months Ended
Note 11 - Segment and Geographic Information (Tables)	Feb. 28, 2023
Notes Tables
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 ZERUST® net sales $ 14,458,747 $ 13,117,777 $ 29,828,748 $ 27,541,562 Natur-Tec® net sales 3,812,078 3,630,862 8,394,843 7,400,490 Total net sales $ 18,270,825 $ 16,748,639 $ 38,223,591 $ 34,942,052 Three Months Ended February 28, 2023 % of Total Fees for Services Provided to Joint Ventures 2022 % of Total Fees for Services Provided to Joint Ventures Germany $ 202,964 16.2 % $ 216,992 17.4 % Poland 199,927 16.0 % 172,700 13.9 % Japan 153,795 12.3 % 151,933 12.2 % France 118,938 9.5 % 115,663 9.3 % Sweden 112,615 9.0 % 99,178 8.0 % Finland 91,620 7.3 % 85,426 6.9 % Thailand 91,601 7.3 % 87,918 7.1 % Czech Republic 91,001 7.3 % 69,386 5.6 % South Korea 65,803 5.3 % 64,173 5.1 % United Kingdom 65,648 5.2 % 86,736 7.0 % Other 58,834 4.6 % 96,803 7.5 % $ 1,252,746 100.0 % $ 1,246,908 100.0 % Six Months Ended February 28, 2023 % of Total Fees for Services Provided to Joint Ventures 2022 % of Total Fees for Services Provided to Joint Ventures Germany $ 396,792 16.3 % $ 435,422 17.4 % Poland 386,623 15.9 % 349,626 14.0 % Japan 301,715 12.4 % 318,740 12.7 % France 228,295 9.4 % 231,958 9.3 % Sweden 213,051 8.8 % 207,248 8.3 % Finland 182,052 7.5 % 165,599 6.6 % Thailand 174,557 7.2 % 175,472 7.0 % Czech Republic 171,333 7.0 % 139,483 5.6 % South Korea 129,197 5.3 % 126,800 5.1 % United Kingdom 123,339 5.1 % 181,663 7.2 % Other 127,597 5.1 % 173,756 6.8 % $ 2,434,551 100.0 % $ 2,505,767 100.0 %
Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block]	Three Months Ended February 28, Six Months Ended February 28, 2023 (Restated) % of Product Sales* 2022 % of Product Sales* 2023 (Restated) % of Product Sales* 2022 % of Product Sales* Direct cost of goods sold ZERUST® $ 8,115,451 56.1 % $ 8,151,274 62.1 % $ 17,294,705 58.0 % $ 16,857,941 61.2 % Natur-Tec® 2,931,036 76.9 % 2,775,436 76.4 % 6,501,709 77.4 % 5,697,533 77.0 % Indirect cost of goods sold 921,270 — 837,594 — 1,770,985 — 1,699,313 — Total net cost of goods sold $ 11,967,757 $ 11,764,304 $ 25,567,399 $ 24,254,787
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]	Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 Inside the U.S.A. to unaffiliated customers $ 6,750,997 $ 5,115,963 $ 14,229,158 $ 11,272,285 Outside the U.S.A. to: Joint ventures in which the Company is a shareholder directly and indirectly 1,529,763 883,513 2,163,228 1,723,952 Unaffiliated customers 9,990,065 10,749,163 21,831,205 21,945,815 $ 18,270,825 $ 16,748,639 $ 38,223,591 $ 34,942,052
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	At February 28, 2023 At August 31, 2021 China $ 5,885,664 $ 5,826,898 Other 668,910 565,022 United States 6,891,392 5,778,573 Total property and equipment, net $ 13,445,966 $ 12,170,493
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended February 28, 2023 2022 China $ 2,871,795 $ 4,163,741 Brazil 1,206,790 936,089 India 4,364,358 4,068,781 Other 3,076,885 2,464,066 United States 6,750,997 5,115,962 Total net sales $ 18,270,825 $ 16,748,639 Six Months Ended February 28, 2023 2022 China $ 6,618,435 $ 8,221,593 Brazil 2,574,208 2,232,306 India 9,211,285 8,545,765 Other 5,590,505 4,670,103 United States 14,229,158 11,272,285 Total net sales $ 38,223,591 $ 34,942,052

Note 13 - Fair Value Measurem_2

Note 13 - Fair Value Measurements (Tables)	6 Months Ended
Note 13 - Fair Value Measurements (Tables)	Feb. 28, 2023
Notes Tables
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Fair Value Measurements Using Inputs Considered as Fair value as of February 28, 2023 Level 1 Level 2 Level 3 Available for sale securities $ — $ — $ — $ — Fair Value Measurements Using Inputs Considered as Fair value as of August 31, 2022 Level 1 Level 2 Level 3 Available for sale securities $ 5,590 $ 5,590 $ — $ —

Note 14 - Supplemental Cash F_2

Note 14 - Supplemental Cash Flow Information (Tables)	6 Months Ended
Note 14 - Supplemental Cash Flow Information (Tables)	Feb. 28, 2023
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Three Months Ended February 28, Six Months Ended February 28, 2023 2022 2023 2022 Cash paid for interest $ 115,144 $ 7,404 $ 206,475 $ 10,295

Note 1 - Interim Financial In_3

Note 1 - Interim Financial Information (Details Textual) - Employee Retention Credit [Member] - USD ($)	May 31, 2023	Feb. 28, 2023
Grants Receivable		$ 573,751
Forecast [Member]
Grants Receivable	$ 566,006

Note 1 - Interim Financial In_4

Note 1 - Interim Financial Information - Schedule of Error Corrections (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2022	Aug. 31, 2022	Nov. 30, 2021	Aug. 31, 2021
Cost of goods sold	$ 11,967,757	$ 11,764,304	$ 25,567,399	$ 24,254,787
Net income	520,068	295,985	1,153,748	5,017,818
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023	14,101,266		14,101,266			$ 14,136,930
Gross profit	6,303,068	4,984,335	12,656,192	10,687,265
Comprehensive income	1,054,781	322,280	1,634,544	4,635,049
Trade, excluding joint ventures			(338,014)	321,322
Total current assets	39,602,851		39,602,851			40,234,881
Selling expenses	3,595,717	2,971,391	7,103,151	6,209,149
Comprehensive income attributable to NTIC	1,166,739	458,317	1,884,727	4,927,151
Accrued liabilities			(488,221)	(1,715,302)
Total assets	86,136,754		86,136,754			86,193,953
General and administrative expenses	3,134,189	2,518,788	6,264,788	5,115,135
Accrued liabilities: Payroll and related benefits	1,204,717		1,204,717			2,297,543
Research and development expenses	1,141,083	1,218,674	2,397,807	2,454,495
Total current liabilities	16,078,289		16,078,289			17,065,401
Total operating expenses	7,870,989	6,708,853	15,765,746	13,778,779
Retained earnings	50,319,062		50,319,062			50,716,613
Operating income	813,556	445,223	1,643,132	1,711,834
Stockholders’ equity	64,790,600		64,790,600			63,595,262
Income before income tax expense	701,863	447,728	1,446,276	5,673,941
Total equity	68,234,243	69,437,767	68,234,243	69,437,767	$ 67,873,195	67,244,296	$ 69,630,844	$ 65,750,581
Total liabilities and equity	86,136,754		86,136,754			$ 86,193,953
Net income attributable to NTIC	$ 411,497	$ 182,847	$ 913,739	$ 4,676,606
Basic (in dollars per share)	$ 0.04	$ 0.02	$ 0.1	$ 0.51
Diluted (in dollars per share)	$ 0.04	$ 0.02	$ 0.09	$ 0.48
Previously Reported [Member]
Cost of goods sold	$ 11,867,639		$ 25,467,281
Net income	993,819		1,627,499
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023	14,675,017		14,675,017
Gross profit	6,403,186		12,756,310
Comprehensive income	1,528,532		2,108,295
Trade, excluding joint ventures			(911,765)
Total current assets	40,176,602		40,176,602
Selling expenses	3,418,717		6,926,151
Comprehensive income attributable to NTIC	1,640,490		2,358,478
Accrued liabilities			(388,221)
Total assets	86,710,505		86,710,505
General and administrative expenses	3,084,189		6,214,788
Accrued liabilities: Payroll and related benefits	1,304,717		1,304,717
Research and development expenses	994,450		2,251,174
Total current liabilities	16,178,289		16,178,289
Total operating expenses	7,497,356		15,392,113
Retained earnings	50,792,813		50,792,813
Operating income	1,287,307		2,116,883
Stockholders’ equity	65,264,351		65,264,351
Income before income tax expense	1,175,614		1,920,027
Total equity	68,707,994		68,707,994
Total liabilities and equity	86,710,505		86,710,505
Net income attributable to NTIC	$ 885,248		$ 1,387,490
Basic (in dollars per share)	$ 0.1		$ 0.15
Diluted (in dollars per share)	$ 0.09		$ 0.14
Revision of Prior Period, Adjustment [Member]
Cost of goods sold	$ 100,118		$ 100,118
Net income	(473,751)		(473,751)
Receivables: Trade, excluding joint ventures, less allowance for doubtful accounts of $439,000 as of February 28, 2023	(573,751)		(573,751)
Gross profit	(100,118)		(100,118)
Comprehensive income	(473,751)		(473,751)
Trade, excluding joint ventures			573,751
Total current assets	(573,751)		(573,751)
Selling expenses	177,000		177,000
Comprehensive income attributable to NTIC	(473,751)		(473,751)
Accrued liabilities			(100,000)
Total assets	(573,751)		(573,751)
General and administrative expenses	50,000		50,000
Accrued liabilities: Payroll and related benefits	(100,000)		(100,000)
Research and development expenses	146,633		146,633
Total current liabilities	(100,000)		(100,000)
Total operating expenses	373,633		373,633
Retained earnings	(473,751)		(473,751)
Operating income	(473,751)		(473,751)
Stockholders’ equity	(473,751)		(473,751)
Income before income tax expense	(473,751)		(473,751)
Total equity	(473,751)		(473,751)
Total liabilities and equity	(573,751)		(573,751)
Net income attributable to NTIC	$ (473,751)		$ (473,751)
Basic (in dollars per share)	$ (0.06)		$ 0.05
Diluted (in dollars per share)	$ (0.05)		$ 0.05

Note 1 - Interim Financial In_5

Note 1 - Interim Financial Information - Schedule of Error Corrections (Details) (Parentheticals) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 439,000	$ 439,000

Note 3 - Inventories - Inventor

Note 3 - Inventories - Inventories (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Production materials	$ 5,629,424	$ 6,496,656
Finished goods	9,550,815	9,845,073
Inventory, Net	$ 15,180,239	$ 16,341,729

Note 4 - Property and Equipme_3

Note 4 - Property and Equipment, Net (Details Textual)		3 Months Ended		6 Months Ended
Note 4 - Property and Equipment, Net (Details Textual)	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2022 USD ($)	Feb. 28, 2023 USD ($) ft²	Feb. 28, 2022 USD ($)
Payments to Acquire Property, Plant, and Equipment				$ 1,871,903	$ 618,533
Depreciation		$ 225,962	$ 215,685	488,838	430,991
Depreciation expense		$ 225,962	$ 215,685	$ 488,838	$ 430,991
Property Immediately Adjacent to NTIC’s Headquarters in Circle Pines, Minnesota [Member]
Area of Real Estate Property \| ft²	26,000	26,000		26,000
Payments to Acquire Property, Plant, and Equipment	$ 1,200,000

Note 4 - Property and Equipme_4

Note 4 - Property and Equipment, Net - Components of Property and Equipment, Net (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022	Aug. 31, 2021
Land	$ 310,365	$ 310,365
Buildings and improvements	16,428,804	14,778,759
Machinery and equipment	5,792,363	5,643,320
Property, Plant and Equipment, Gross	22,531,532	20,732,444
Less accumulated depreciation	(9,085,566)	(8,561,951)
Property, Plant and Equipment, Net	$ 13,445,966	$ 12,170,493	$ 12,170,493

Note 5 - Intangible Assets, N_3

Note 5 - Intangible Assets, Net (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 5 - Intangible Assets, Net (Details Textual) - USD ($)	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Amortization of Intangible Assets	$ 147,062	$ 195,737	$ 294,873	$ 315,631

Note 5 - Intangible Assets, N_4

Note 5 - Intangible Assets, Net - Intangible Assets, Net (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Patents and trademarks	$ 9,642,678	$ 9,572,655
Patents and trademarks	(3,233,650)	(2,938,777)
Patents and trademarks	6,409,028	6,633,878
Patents and Trademarks [Member]
Patents and trademarks	3,295,678	3,225,655
Patents and trademarks	(2,598,950)	(2,515,644)
Patents and trademarks	696,728	710,011
Customer Relationships [Member]
Patents and trademarks	6,347,000	6,347,000
Patents and trademarks	(634,700)	(423,133)
Patents and trademarks	$ 5,712,300	$ 5,923,867

Note 5 - Intangible Assets, N_5

Note 5 - Intangible Assets, Net - Future Amortization Expense (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Remainder of fiscal 2023	$ 294,873
Fiscal 2024	589,746
Fiscal 2025	589,746
Fiscal 2026	589,746
Fiscal 2027	589,746
Thereafter	3,755,171
Total	$ 6,409,028	$ 6,633,878

Note 6 - Investments in Joint_3

Note 6 - Investments in Joint Ventures - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Current assets	$ 39,602,851	$ 40,234,881
Total assets	86,136,754	86,193,953
Current liabilities	16,078,289	17,065,401
Noncurrent liabilities	1,824,222	1,884,256
Stockholders’ equity	64,790,600	63,595,262
Investments in joint ventures	21,522,496	21,814,754
EXCOR and All Other Joint Venturs [Member]
Investments in joint ventures	21,522,496	21,814,754
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	20,493,861	21,256,923
EXCOR [Member]
Investments in joint ventures	12,106,429	12,494,320
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	12,075,524	12,463,415
All Other [Member]
Investments in joint ventures	9,416,067	9,320,434
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	8,418,337	8,793,508
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Current assets	54,425,899	52,428,831
Total assets	57,924,227	55,854,457
Current liabilities	14,002,680	10,981,833
Noncurrent liabilities	346,645	1,138,980
Stockholders’ equity	43,574,902	43,733,644
EXCOR [Member]
Current assets	25,538,114	26,047,914
Total assets	27,376,219	27,932,532
Current liabilities	3,163,365	2,943,895
Noncurrent liabilities		0
Stockholders’ equity	24,212,854	24,988,637
Joint Ventures in France [Member]
Current assets		26,380,917
Total assets		27,921,925
Current liabilities		8,037,938
Noncurrent liabilities		1,138,980
Stockholders’ equity		$ 18,745,007
All Other [Member]
Current assets	28,887,785
Total assets	30,548,008
Current liabilities	10,839,315
Noncurrent liabilities	346,645
Stockholders’ equity	$ 19,362,048

Note 6 - Investments in Joint_4

Note 6 - Investments in Joint Ventures - Condensed Income Statement of EXCOR and All Other Joint Ventures (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net sales	$ 18,270,825	$ 16,748,639	$ 38,223,591	$ 34,942,052
Gross profit	6,303,068	4,984,335	12,656,192	10,687,265
Net income	411,497	182,847	913,739	4,676,606
Northern Technologies International Corporation’s share of equity in income from joint ventures	1,128,731	922,832	2,318,135	2,297,581
EXCOR and All Other Joint Venturs [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	1,128,731	922,832	2,318,135	2,297,581
Northern Technologies International Corporation's dividends received from joint ventures	422,048	320,365	3,464,736	5,362,636
EXCOR [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	676,800	589,048	1,547,944	1,499,821
Northern Technologies International Corporation's dividends received from joint ventures	0	0	2,459,500	4,255,200
All Other [Member]
Northern Technologies International Corporation’s share of equity in income from joint ventures	451,931	333,784	770,191	797,760
Northern Technologies International Corporation's dividends received from joint ventures	422,048	320,365	1,005,236	1,107,436
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]
Net sales	25,482,590	24,601,767	50,212,879	51,624,762
Gross profit	10,035,811	9,845,002	19,729,379	20,877,961
Net income	1,969,046	1,851,591	4,615,954	4,629,196
EXCOR [Member]
Net sales	9,708,482	9,312,434	19,854,403	20,612,662
Gross profit	4,733,435	4,658,450	9,453,477	10,127,436
Net income	1,365,170	1,170,187	3,107,457	2,991,734
All Other [Member]
Net sales	15,774,108		30,358,476	31,012,100
Gross profit	5,302,376		10,275,902	10,750,525
Net income	$ 603,876		$ 1,508,497	$ 1,637,462
Joint Ventures in France [Member]
Net sales		15,289,333
Gross profit		5,186,552
Net income		$ 681,404

Note 7 - Corporate Debt (Detail

Note 7 - Corporate Debt (Details Textual) - USD ($)	Jan. 06, 2023	Feb. 28, 2023	Aug. 31, 2022
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Long-Term Line of Credit		$ 7,100,000
CB Floating Rate Floor	2.50%
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.25
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.10%
Revolving Credit Facility [Member] \| JP Morgan Chase Bank [Member] \| Adjusted SOFR Rate Applicable Margin [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
Revolving Credit Facility [Member] \| PNC Bank [Member]
Long-Term Line of Credit			$ 5,900,000
Standby Letters of Credit [Member] \| JP Morgan Chase Bank [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 5,000,000

Note 8 - Stockholders' Equity_2

Note 8 - Stockholders' Equity (Details Textual) - shares			6 Months Ended
Note 8 - Stockholders' Equity (Details Textual) - shares	Sep. 01, 2022	Sep. 01, 2021	Feb. 28, 2023	Feb. 28, 2022
Stock Repurchased and Retired During Period, Shares (in shares)			0	0
Stock Issued During Period, Shares, Employee Stock Purchase Plans	3,620	2,636
ESPP [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant			65,600

Note 8 - Stockholders' Equity -

Note 8 - Stockholders' Equity - Cash Dividends Declared (Details) - $ / shares					3 Months Ended		6 Months Ended
	Jan. 20, 2023	Oct. 20, 2022	Jan. 21, 2022	Oct. 20, 2021	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
CASH DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.14	$ 0.14
Date of record	Feb. 01, 2023	Nov. 03, 2022	Feb. 02, 2022	Nov. 03, 2021
Date to be paid	Feb. 15, 2023	Nov. 16, 2022	Feb. 16, 2022	Nov. 17, 2021

Note 9 - Net Income Per Commo_3

Note 9 - Net Income Per Common Share (Details Textual) - shares	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	305,514	311,061	305,514	311,061

Note 9 - Net Income Per Commo_4

Note 9 - Net Income Per Common Share - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net income	$ 411,497	$ 182,847	$ 913,739	$ 4,676,606
Basic – weighted shares outstanding (in shares)	9,366,357	9,214,817	9,353,989	9,211,858
Weighted shares assumed upon exercise of stock options (in shares)	381,104	468,609	391,177	524,202
Diluted – weighted shares outstanding (in shares)	9,747,461	9,683,426	9,745,166	9,736,060
Basic net income per share: (in dollars per share)	$ 0.04	$ 0.02	$ 0.1	$ 0.51
Diluted net income per share: (in dollars per share)	$ 0.04	$ 0.02	$ 0.09	$ 0.48

Note 10 - Stock-based Compens_3

Note 10 - Stock-based Compensation (Details Textual) - USD ($)	6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.75	$ 7.29
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)	6 years 5 months 1 day	6 years 3 months
Share-Based Payment Arrangement, Expense	$ 674,971	$ 465,766
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 1,686,298
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 6 months

Note 10 - Stock-based Compens_4

Note 10 - Stock-based Compensation - Stock Option Activity (Details)	6 Months Ended
	Feb. 28, 2023 $ / shares shares
Outstanding as of August 31, 2022 (in shares) \| shares	1,544,727
Outstanding as of August 31, 2022 (in dollars per share) \| $ / shares	$ 10.23
Granted (in shares) \| shares	277,613
Granted (in dollars per share) \| $ / shares	$ 11.41
Exercised (in shares) \| shares	(178,331)
Exercised (in dollars per share) \| $ / shares	$ 6.03
Outstanding as of February 28, 2023 (in shares) \| shares	1,644,009
Outstanding as of February 28, 2023 (in dollars per share) \| $ / shares	$ 10.52

Note 11 - Segment and Geograp_3

Note 11 - Segment and Geographic Information (Details Textual)	6 Months Ended
	Feb. 28, 2023
Number of Reportable Segments	2

Note 11 - Segment and Geograp_4

Note 11 - Segment and Geographic Information - Net Sales by Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net sales	$ 18,270,825	$ 16,748,639	$ 38,223,591	$ 34,942,052
Fee	$ 1,252,746	$ 1,246,908	$ 2,434,551	$ 2,505,767
Percentage of fee	100%	100%	100%	100%
GERMANY
Fee	$ 202,964	$ 216,992	$ 396,792	$ 435,422
Percentage of fee	16.20%	17.40%	16.30%	17.40%
POLAND
Fee	$ 199,927	$ 172,700	$ 386,623	$ 349,626
Percentage of fee	16%	13.90%	15.90%	14%
JAPAN
Fee	$ 153,795	$ 151,933	$ 301,715	$ 318,740
Percentage of fee	12.30%	12.20%	12.40%	12.70%
FRANCE
Fee	$ 118,938	$ 115,663	$ 228,295	$ 231,958
Percentage of fee	9.50%	9.30%	9.40%	9.30%
SWEDEN
Fee	$ 112,615	$ 99,178	$ 213,051	$ 207,248
Percentage of fee	9%	8%	8.80%	8.30%
FINLAND
Fee	$ 91,620	$ 85,426	$ 182,052	$ 165,599
Percentage of fee	7.30%	6.90%	7.50%	6.60%
THAILAND
Fee	$ 91,601	$ 87,918	$ 174,557	$ 175,472
Percentage of fee	7.30%	7.10%	7.20%	7%
CZECHIA
Fee	$ 91,001	$ 69,386	$ 171,333	$ 139,483
Percentage of fee	7.30%	5.60%	7%	5.60%
KOREA, REPUBLIC OF
Fee	$ 65,803	$ 64,173	$ 129,197	$ 126,800
Percentage of fee	5.30%	5.10%	5.30%	5.10%
UNITED KINGDOM
Fee	$ 65,648	$ 86,736	$ 123,339	$ 181,663
Percentage of fee	5.20%	7%	5.10%	7.20%
Other Countries [Member]
Net sales	$ 3,076,885	$ 2,464,066	$ 5,590,505	$ 4,670,103
Fee	$ 58,834	$ 96,803	$ 127,597	$ 173,756
Percentage of fee	4.60%	7.50%	5.10%	6.80%
ZERUST [Member]
Net sales	$ 14,458,747	$ 13,117,777	$ 29,828,748	$ 27,541,562
NaturTec [Member]
Net sales	$ 3,812,078	$ 3,630,862	$ 8,394,843	$ 7,400,490

Note 11 - Segment and Geograp_5

Note 11 - Segment and Geographic Information - Cost of Goods Sold by Segment (Details) - USD ($)		3 Months Ended		6 Months Ended
		Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
ZERUST®		$ 11,967,757	$ 11,764,304	$ 25,567,399	$ 24,254,787
Indirect Cost of Goods Sold [Member]
ZERUST®		921,270	837,594	1,770,985	1,699,313
ZERUST [Member] \| Direct Cost of Goods Sold [Member]
ZERUST®		$ 8,115,451	$ 8,151,274	$ 17,294,705	$ 16,857,941
ZERUST®	[1]	56.10%	62.10%	58%	61.20%
NaturTec [Member] \| Direct Cost of Goods Sold [Member]
ZERUST®		$ 2,931,036	$ 2,775,436	$ 6,501,709	$ 5,697,533
ZERUST®	[1]	76.90%	76.40%	77.40%	77%

[1]The percent of segment sales is calculated by dividing the direct cost of goods sold for each individual segment category by the net sales for each segment category.

Note 11 - Segment and Geograp_6

Note 11 - Segment and Geographic Information - Net Sales by Geographic Location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net sales	$ 18,270,825	$ 16,748,639	$ 38,223,591	$ 34,942,052
Inside the USA to Unaffiliated Customers [Member]
Net sales	6,750,997	5,115,963	14,229,158	11,272,285
Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]
Net sales	1,529,763	883,513	2,163,228	1,723,952
Unaffiliated Customers Outside the USA [Member]
Net sales	$ 9,990,065	$ 10,749,163	$ 21,831,205	$ 21,945,815

Note 11 - Segment and Geograp_7

Note 11 - Segment and Geographic Information - Total Long-lived Assets by Geographic Distribution (Details) - USD ($)	Feb. 28, 2023	Aug. 31, 2022	Aug. 31, 2021
PROPERTY AND EQUIPMENT, NET	$ 13,445,966	$ 12,170,493	$ 12,170,493
CHINA
PROPERTY AND EQUIPMENT, NET	5,885,664		5,826,898
Other Countries [Member]
PROPERTY AND EQUIPMENT, NET	668,910		565,022
UNITED STATES
PROPERTY AND EQUIPMENT, NET	$ 6,891,392		$ 5,778,573

Note 11 - Segment and Geograp_8

Note 11 - Segment and Geographic Information - Total Net Sales by Geographic Distribution (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net sales	$ 18,270,825	$ 16,748,639	$ 38,223,591	$ 34,942,052
CHINA
Net sales	2,871,795	4,163,741	6,618,435	8,221,593
BRAZIL
Net sales	1,206,790	936,089	2,574,208	2,232,306
INDIA
Net sales	4,364,358	4,068,781	9,211,285	8,545,765
Other Countries [Member]
Net sales	3,076,885	2,464,066	5,590,505	4,670,103
UNITED STATES
Net sales	$ 6,750,997	$ 5,115,962	$ 14,229,158	$ 11,272,285

Note 12 - Commitments and Con_2

Note 12 - Commitments and Contingencies (Details Textual)	Feb. 28, 2023	Feb. 28, 2022
Entity Wide Trade Joint Venture Receivables, Two Joint Ventures, Percentage	68.10%
Entity Wide Trade, Joint Venture Receivables, One Joint Venture		33.80%

Note 13 - Fair Value Measurem_3

Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($)	Feb. 28, 2023	Aug. 31, 2022
Available for sale securities	$ 0	$ 5,590
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	0	5,590
Fair Value, Inputs, Level 2 [Member]
Available for sale securities	0	0
Fair Value, Inputs, Level 3 [Member]
Available for sale securities	$ 0	$ 0

Note 14 - Supplemental Cash F_3

Note 14 - Supplemental Cash Flow Information - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Cash paid for interest	$ 115,144	$ 7,404	$ 206,475	$ 10,295

Note 15 - Income Taxes (Details

Note 15 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
Note 15 - Income Taxes (Details Textual) - USD ($)	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Income Tax Expense (Benefit)	$ 181,795	$ 151,743	$ 292,528	$ 656,123

Note 16 - Subsequent Events (De

Note 16 - Subsequent Events (Details Textual) - Revolving Credit Facility [Member] - China Construction Bank Corporation [Member] - NTIC China [Member] - Subsequent Event [Member] $ in Thousands	Apr. 07, 2023 USD ($)	Apr. 07, 2023 CNY (¥)
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,450	¥ 10,000,000
Debt Instrument, Term	1 year
Debt Instrument, Interest Rate, Stated Percentage	3.25%	3.25%