0001171843-16-011028.txt : 20160711 0001171843-16-011028.hdr.sgml : 20160711 20160711090111 ACCESSION NUMBER: 0001171843-16-011028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20160531 FILED AS OF DATE: 20160711 DATE AS OF CHANGE: 20160711 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTHERN TECHNOLOGIES INTERNATIONAL CORP CENTRAL INDEX KEY: 0000875582 STANDARD INDUSTRIAL CLASSIFICATION: COATING, ENGRAVING & ALLIED SERVICES [3470] IRS NUMBER: 410857886 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11038 FILM NUMBER: 161760853 BUSINESS ADDRESS: STREET 1: 4201 WOODLAND ROAD STREET 2: PO BOX 69 CITY: CIRCLE PINES STATE: MN ZIP: 55014 BUSINESS PHONE: (763) 225-6601 MAIL ADDRESS: STREET 1: 4201 WOODLAND ROAD STREET 2: PO BOX 69 CITY: CIRCLE PINES STATE: MN ZIP: 55014 FORMER COMPANY: FORMER CONFORMED NAME: NORTHERN INSTRUMENTS CORP DATE OF NAME CHANGE: 19930328 10-Q 1 f10q_071116p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 2016

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to __________________.

Commission File Number: 001-11038

____________________

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	41-0857886
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

4201 Woodland Road

P.O. Box 69

Circle Pines, Minnesota 55014

(Address of principal executive offices) (Zip code)

(763) 225-6600
(Registrant’s telephone number including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer (Do not check if a smaller reporting company) ☐	Smaller reporting company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒

As of July 8, 2016, there were 4,537,116 shares of common stock of the registrant outstanding.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION

FORM 10-Q

May 31, 2016

TABLE OF CONTENTS

Description		Page

PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets as of May 31, 2016 (unaudited) and August 31, 2015	3

	Consolidated Statements of Operations (unaudited) for the Three and Nine Months
	Ended May 31, 2016 and 2015	4

	Consolidated Statements of Comprehensive Income (unaudited) for the Three and
	Nine Months Ended May 31, 2016 and 2015	5

	Consolidated Statements of Cash Flows (unaudited) for the Nine Months Ended
	May 31, 2016 and 2015	6

	Notes to Consolidated Financial Statements (unaudited)	7-17

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results
	of Operations	18-31

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	31

Item 4.	Controls and Procedures	32

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	33

Item 1A.	Risk Factors	33

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33–34

Item 3.	Defaults Upon Senior Securities	34

Item 4.	Mine Safety Disclosures	34

Item 5.	Other Information	34

Item 6.	Exhibits	34

SIGNATURE PAGE		35

EXHIBIT INDEX		36

_________________

This quarterly report on Form 10-Q contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. For more information, see “Part I. Financial Information – Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward-Looking Statements.”

_________________

As used in this report, references to “NTIC,” the “Company,” “we,” “our” or “us,” unless the context otherwise requires, refer to Northern Technologies International Corporation and its wholly-owned subsidiaries, NTIC (Shanghai) Co., Ltd., NTI Facilities, Inc. and Northern Technologies Holding Company, LLC, and its majority-owned subsidiaries, Zerust Prevenção de Corrosão S.A., NTI Asean LLC and Natur-Tec India Private Limited, all of which are consolidated on NTIC’s consolidated financial statements.

NTIC’s consolidated financial statements do not include the accounts of any of its joint ventures. Except as otherwise indicated, references in this report to NTIC’s joint ventures do not include: (1) NTIC’s majority-owned Brazilian subsidiary, Zerust Prevenção de Corrosão S.A.; (2) NTIC’s majority-owned subsidiary, NTI Asean LLC, which is a holding company that holds investments in eight entities that operate in the Association of Southeast Asian Nations (ASEAN) region, including the following countries: China (although the joint venture agreements for the Chinese joint venture were terminated as of December 31, 2014 and liquidation of this joint venture is anticipated), Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand; or (3) NTIC’s majority-owned subsidiary, Natur-Tec India Private Limited, in India.

As used in this report, references to “Zerust Brazil” refer to NTIC’s majority-owned Brazilian subsidiary, Zerust Prevenção de Corrosão S.A.

As used in this report, references to “NTI Asean” refer to NTIC’s majority-owned holding company subsidiary, NTI Asean LLC.

As used in this report, references to “Natur-Tec India” refer to NTIC’s majority-owned subsidiary in India, Natur-Tec India Private Limited.

As used in this report, references to “EXCOR” refer to NTIC’s joint venture in Germany, Excor Korrosionsschutz – Technologien und Produkte GmbH.

As used in this report, references to “NTIC China” refer to NTIC’s wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd.

As used in this report, references to “Tianjin Zerust” refer to NTIC’s former joint venture in China, Tianjin-Zerust Anticorrosion Co., Ltd.

All trademarks, trade names or service marks referred to in this report are the property of their respective owners.

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS AS OF MAY 31, 2016 (UNAUDITED)

AND AUGUST 31, 2015 (AUDITED)

	May 31, 2016			August 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	4,626,538		$	2,623,981
Available for sale securities		2,239,792			2,027,441
Receivables:
Trade excluding joint ventures, less allowance for doubtful accounts of $40,000 at May 31, 2016 and August 31, 2015		4,573,671			4,027,167
Trade joint ventures		718,899			645,377
Fees for services provided to joint ventures		1,351,593			1,449,162
Income taxes		510,288			198,462
Inventories		7,411,006			7,468,441
Prepaid expenses		489,946			411,473
Deferred income taxes		424,108			424,108
Total current assets		22,345,841			19,275,612

PROPERTY AND EQUIPMENT, NET		7,298,036			7,293,163

OTHER ASSETS:
Investments in joint ventures		18,604,871			20,544,238
Investments at carrying value (Note 7)		1,883,668			1,883,668
Deferred income taxes		1,175,170			1,176,012
Patents and trademarks, net		1,264,780			1,262,219
Other		199,216			130,736
Total other assets		23,127,705			24,996,873
Total assets	$	52,771,582		$	51,565,648

LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,769,347		$	2,101,175
Accrued liabilities:
Payroll and related benefits		819,302			1,056,257
Other		364,405			514,409
Total current liabilities		3,953,054			3,671,841

COMMITMENTS AND CONTINGENCIES (Note 13)

EQUITY:
Preferred stock, no par value; authorized 10,000 shares; none issued and outstanding		—			—
Common stock, $0.02 par value per share; authorized 10,000,000 shares; issued and outstanding 4,537,116 and 4,539,045, respectively		90,742			90,781
Additional paid-in capital		13,738,062			13,441,264
Retained earnings		35,098,104			34,522,871
Accumulated other comprehensive loss		(3,239,074	)		(3,180,811	)
Stockholders’ equity		45,687,834			44,874,105
Non-controlling interest		3,130,694			3,019,702
Total equity		48,818,528			47,893,807
Total liabilities and equity	$	52,771,582		$	51,565,648

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2016 AND 2015

	Three Months Ended						Nine Months Ended
	May 31, 2016			May 31, 2015			May 31, 2016			May 31, 2015
NET SALES:
Net sales, excluding joint ventures	$	7,925,357		$	7,553,957		$	21,454,381		$	20,030,491
Net sales, to joint ventures		761,218			723,618			1,961,565			2,189,888
Total net sales		8,686,575			8,277,575			23,415,946			22,220,379
Cost of goods sold		5,777,249			5,595,207			15,920,896			15,059,558
Gross profit		2,909,326			2,682,368			7,495,050			7,160,821

JOINT VENTURE OPERATIONS:
Equity in income of joint ventures		1,664,464			1,724,915			3,600,884			4,806,247
Fees for services provided to joint ventures		1,351,913			1,303,964			3,808,384			4,432,494
Total joint venture operations		3,016,377			3,028,879			7,409,268			9,238,741

OPERATING EXPENSES:
Selling expenses		1,507,200			1,434,627			4,507,716			4,168,955
General and administrative expenses		1,691,077			1,703,083			5,057,777			4,794,206
Expenses incurred in support of joint ventures		266,791			327,586			881,255			1,510,830
Research and development expenses		1,231,950			1,064,710			3,349,572			2,968,879
Total operating expenses		4,697,018			4,530,006			13,796,320			13,442,870

OPERATING INCOME		1,228,685			1,181,241			1,107,998			2,956,692

INTEREST INCOME		29,868			7,943			58,425			25,504
INTEREST EXPENSE		(15,465	)		(6,004	)		(30,987	)		(14,232	)
OTHER INCOME		6,294			—			7,255			2,145

INCOME BEFORE INCOME TAX EXPENSE		1,249,382			1,183,180			1,142,691			2,970,109

INCOME TAX EXPENSE		225,395			114,180			262,359			495,478

NET INCOME		1,023,987			1,069,000			880,332			2,474,631

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		106,614			163,565			305,099			689,575

NET INCOME ATTRIBUTABLE TO NTIC	$	917,373		$	905,435		$	575,233		$	1,785,056

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:
Basic	$	0.20		$	0.20		$	0.13		$	0.40
Diluted	$	0.20		$	0.20		$	0.13		$	0.39

WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:
Basic		4,538,970			4,525,109			4,538,005			4,519,279
Diluted		4,563,801			4,594,992			4,587,064			4,635,561

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MAY 31, 2016 AND 2015

	Three Months Ended					Nine Months Ended
	May 31, 2016		May 31, 2015			May 31, 2016			May 31, 2015
NET INCOME	$	1,023,987	$	1,069,000		$	880,332		$	2,474,631
OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT		432,360		(439,459	)		(52,370	)		(3,695,884	)

COMPREHENSIVE INCOME (LOSS)		1,456,347		629,541			827,962			(1,221,253	)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS		124,840		130,133			310,992			372,690
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NTIC	$	1,331,507	$	499,408		$	516,970		$	(1,593,943	)

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED MAY 31, 2016 AND 2015

	Nine Months Ended
	May 31, 2016			May 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	880,332		$	2,474,631
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		325,576			378,421
Depreciation expense		482,576			385,126
Amortization expense		89,275			65,747
Loss on disposal of assets		—			20,689
Equity in income from joint ventures		(3,600,884	)		(4,806,247	)
Dividends received from joint ventures		5,449,543			2,767,771
Deferred income taxes		—			(27,558	)
Changes in current assets and liabilities:
Receivables:
Trade, excluding joint ventures		(570,647	)		(896,173	)
Trade, joint ventures		(73,522	)		324,338
Fees for services provided to joint ventures		97,569			1,257,998
Income taxes		(314,038	)		(217,055	)
Inventories		17,185			(887,748	)
Prepaid expenses and other		(58,518	)		(95,316	)
Accounts payable		692,741			82,550
Income tax payable		(377	)		22,943
Accrued liabilities		(363,514	)		(813,896	)
Net cash provided by operating activities		3,053,297			36,221

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of available for sale securities		—			2,991,919
Purchase of available for sale securities		(212,351	)		—
Additions to property and equipment		(490,481	)		(1,098,035	)
Additions to patents		(91,836	)		(138,786	)
Net cash (used in) provided by investing activities		(794,668	)		1,755,098

CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest		(200,000	)		(560,000	)
Repurchase of common stock		(97,450	)		—
Proceeds from employee stock purchase plan		68,633			57,980
Proceeds from exercise of stock options		—			99,450
Net cash used in financing activities		(228,817	)		(402,570	)

EFFECT OF EXCHANGE RATE CHANGES ON CASH:		(27,255	)		(72,195	)

NET INCREASE IN CASH AND CASH EQUIVALENTS		2,002,557			1,316,554
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		2,623,981			2,477,017

CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	4,626,538		$	3,793,571

See notes to consolidated financial statements.

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 May 31, 2016 and August 31, 2015 and the results of their operations for the three and nine months ended May 31, 2016 and 2015 and their cash flows for the nine months ended May 31, 2016 and 2015, 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, 2015. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report.

Operating results for the three and nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2016.

The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.

2. Recently Issued Accounting PronouncementS

In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any.

In July 2015, the FASB issued ASU No. 2015-11, “Inventory”, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company’s fiscal year 2018, with prospective application. The Company does not expect the adoption of the provisions of ASU 2015-11 to have a material impact on its consolidated financial statements.

In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The amendment takes effect for public entities for fiscal years beginning after December 15, 2017, with early adoption available. The Company is currently assessing the impact that ASU 2015-17 will have on its consolidated financial statements.

During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “Leases.” ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting.” Among other things, the amendments in ASU 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently assessing the impact that ASU 2016-07 will have on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, Stock Compensation, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

3. INVENTORIES

Inventories consisted of the following:

	May 31, 2016		August 31, 2015
Production materials	$	1,337,225	$	1,445,014
Finished goods		6,073,781		6,023,427
	$	7,411,006	$	7,468,441

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

	May 31, 2016			August 31, 2015
Land	$	310,365		$	310,365
Buildings and improvements		6,469,887			6,180,089
Machinery and equipment		4,273,741			4,090,619
		11,053,993			10,581,073
Less accumulated depreciation		(3,755,957	)		(3,287,910	)
	$	7,298,036		$	7,293,163

5. PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

	May 31, 2016			August 31, 2015
Patents and trademarks	$	2,531,858		$	2,440,022
Less accumulated amortization		(1,267,078	)		(1,177,803	)
	$	1,264,780		$	1,262,219

Patent and trademark costs are amortized over seven years. Costs incurred related to patents and trademarks are capitalized until filed and approved, at which time the amounts capitalized to date are amortized and any further costs, including maintenance costs, are expensed as incurred. Amortization expense is estimated to approximate $115,000 in each of the next five fiscal years.

6. INVESTMENTS IN JOINT VENTURES

The 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 accounting principles generally accepted in the United States of America in all material respects. All material profits recorded on sales 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 of the Company’s other joint ventures, are summarized as follows:

	May 31, 2016
	Total		EXCOR		All Other
Current assets	$	47,930,421	$	22,433,723	$	25,496,698
Total assets		51,389,757		24,189,092		27,200,665
Current liabilities		13,952,018		4,602,925		9,349,093
Noncurrent liabilities		103,392		—		103,392
Joint ventures’ equity		37,334,348		19,586,166		17,748,182
Northern Technologies International Corporation’s share of joint ventures’ equity		18,604,871		9,793,085		8,811,786
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	$	15,892,135	$	9,416,694	$	6,475,441

	August 31, 2015
	Total		EXCOR		All Other
Current assets	$	49,295,116	$	22,620,323	$	26,674,793
Total assets		52,853,938		24,606,880		28,247,058
Current liabilities		12,288,383		3,360,142		8,928,241
Noncurrent liabilities		1,215,139		—		1,215,139
Joint ventures’ equity		39,350,417		21,246,738		18,103,679
Northern Technologies International Corporation’s share of joint ventures’ equity		20,544,238		11,571,361		8,972,877
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	$	18,483,377	$	11,540,456	$	6,942,921

	Nine Months Ended May 31, 2016
	Total		EXCOR		All Other
Net sales	$	66,223,514	$	25,314,260	$	40,909,254
Gross profit		29,745,795		13,512,404		16,233,391
Net income		7,188,274		5,409,407		1,778,867
Northern Technologies International Corporation’s share of equity in income of joint ventures	$	3,600,884	$	2,714,905	$	885,979

	Nine Months Ended May 31, 2015
	Total		EXCOR		Tianjin Zerust		All Other
Net sales	$	75,974,770	$	27,580,051	$	3,735,457	$	44,659,262
Gross profit		37,469,186		15,113,100		1,783,673		20,572,413
Net income		9,634,318		6,334,009		265,648		3,034,661
Northern Technologies International Corporation’s share of equity in income of joint ventures	$	4,806,247	$	3,152,489	$	132,824	$	1,520,934

On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture arrangement in China, Tianjin-Zerust Anticorrosion Co., Ltd. (Tianjin Zerust), and began the process of liquidating the joint venture entity. Since December 31, 2014, the Company has conducted business in China through a wholly-owned subsidiary, NTIC (Shanghai) Co. Ltd. (NTIC China). As of December 31, 2014, the Company started recognizing Tianjin Zerust based on its carrying value instead of the equity method since the Company no longer expects to significantly affect the joint venture’s operations or decision making. See Note 7.

The Company records expenses that are directly attributable to the joint ventures on its consolidated statements of operations in the line item “Expenses incurred in support of joint ventures.” The expenses include items such as employee compensation and benefit expenses, travel expense and consulting expense. See Note 13 regarding pending litigation involving Tianjin Zerust.

The Company did not make any joint venture investments during the nine months ended May 31, 2016 and 2015.

7. CHINA OPERATIONS

Effective December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, began the process of liquidating the joint venture entity, and commenced operations in China through a wholly-owned subsidiary, NTIC (Shanghai) Co. Ltd. on January 1, 2015. Effective December 31, 2014, the Company’s investment in Tianjin Zerust is reported at carrying value based on the Company’s decreased level of influence over the entity, and the Company has reclassified previously unrecognized gains on foreign currency translation from accumulated other comprehensive income. Any declines in the fair value are reflected as adjustments to the carrying value. No such adjustments were recorded during the nine months ended May 31, 2016.

Because of the lack of financial and other information received from Tianjin Zerust, it is possible that receipt of future financial and other information from Tianjin Zerust may impact the realization of the Company’s investment in and realization of a receivable from Tianjin Zerust. The last time the Company received financial information from Tianjin Zerust was through November 2014. The Company, as of May 31, 2016, does not believe there are any triggering events that would require an impairment test. The Company’s current net investment is approximately $1,130,200, which is 60% of its investment in Tianjin Zerust, which was $1,883,668 as of May 31, 2016. The Company will continue to evaluate the realization of this asset on an ongoing basis and adjust if necessary.

The Company incurred expenses of $1,425,000 and $1,138,000 during the nine months ended May 31, 2016 and 2015, respectively, related to the termination of the joint venture agreement with Tianjin Zerust, the initiation of the liquidation of Tianjin Zerust, the formation and initial operation of NTIC China and the litigation in North America. Such expenses consisted primarily of legal expenses and personnel expenses associated with the establishment of the subsidiary and the hiring of new personnel. These expenses are recorded as operating expenses on the consolidated statements of operations and are partially offset by the gross margin contribution from sales of NTIC China.

See Note 13 regarding pending litigation involving Tianjin Zerust.

8. CORPORATE DEBT

The Company has a revolving line of credit with PNC Bank of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2016 and August 31, 2015. At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate. Interest is payable in arrears (a) for the portion of advances bearing interest under the prime rate on the last day of each month during the term thereof and (b) for the portion of advances bearing interest under the LIBOR option on the last day of the respective LIBOR interest period selected for such advance. Any unpaid interest is payable on the maturity date. The revolving line of credit is secured by cash, receivables and inventory.

The line of credit is governed under a loan agreement. The loan agreement contains standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2016, the Company was in compliance with all debt covenants.

On January 6, 2016, PNC Bank extended the maturity date of the line of credit from January 7, 2016 to January 7, 2017. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

9. STOCKHOLDERS’ EQUITY

During the nine months ended May 31, 2016, the Company repurchased and retired 7,511 shares of its common stock. During the nine months ended May 31, 2015, the Company did not repurchase or retire any shares of its common stock.

The Company granted stock options under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) to purchase an aggregate of 53,447 shares of its common stock to various employees and directors during the nine months ended May 31, 2016. The weighted average per share exercise price of the stock options is $14.85, which is equal to the fair market value of the Company’s common stock on the date of grant.

During the nine months ended May 31, 2016, no stock options to purchase shares of common stock were exercised.

The Company granted stock options under the 2007 Plan to purchase an aggregate of 45,067 shares of its common stock to various employees and directors during the nine months ended May 31, 2015. The weighted average per share exercise price of the stock options is $20.10, which was equal to the fair market value of the Company’s common stock on the date of grant.

The following stock options to purchase shares of common stock were exercised during the nine months ended May 31, 2015:

Options Exercised	Exercise Price
18,000	$7.65
2,333	$10.20

10. 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 income per share computation:

	Three Months Ended				Nine Months Ended
Numerators:	May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015
Net income attributable to NTIC	$	917,373	$	905,435	$	575,233	$	1,785,056

Denominators:
Basic – weighted shares outstanding		4,538,970		4,525,109		4,538,005		4,519,279
Weighted shares assumed upon exercise of stock options		24,831		69,883		49,059		116,282
Diluted – weighted shares outstanding		4,563,801		4,594,992		4,587,064		4,635,561
Basic income per share:	$	0.20	$	0.20	$	0.13	$	0.40
Diluted income per share:	$	0.20	$	0.20	$	0.13	$	0.39

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. Income per share was based on the weighted average number of shares of common stock outstanding during the periods when computing the basic income per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted income per share.

Excluded from the computation of diluted income per share for the three and nine months ended May 31, 2016 were options outstanding to purchase 170,887 shares of common stock. Excluded from the computation of diluted income per share for the three and nine months ended May 31, 2015 were options outstanding to purchase 45,067 shares of common stock.

11. STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which stock options and other stock-based awards have been granted, the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan and the Northern Technologies International Corporation Employee Stock Purchase Plan (the ESPP). The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The 2007 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the 2007 Plan, up to a maximum of 800,000 shares of the Company’s common stock are issuable under the 2007 Plan. Options granted under the 2007 Plan generally have a term of ten years and become exercisable over a three- or four-year period beginning on the one-year anniversary of the date of grant. Options are granted at per share exercise prices equal to the market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of options. As of May 31, 2016, only stock options and stock bonuses had been granted under the 2007 Plan.

The maximum number of shares of common stock of the Company available for issuance under the ESPP is 100,000 shares, subject to adjustment as provided in the ESPP. The ESPP provides for six-month offering periods beginning on September 1 and March 1 of each year. The purchase price of the shares is 90% of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount may not exceed the maximum discount rate permitted for plans of this type under Section 423 of the Internal Revenue Code of 1986, as amended. The ESPP is compensatory for financial reporting purposes. The Company issued 2,439 and 1,948 shares on September 1, 2015 and 2014, respectively, under the ESPP. The Company issued 3,144 shares on March 1, 2016 under the ESPP.

The Company granted options to purchase an aggregate of 53,447 and 45,067 shares of its common stock during the nine months ended May 31, 2016 and 2015, respectively. The fair value of option grants is determined at date of grant, using the Black-Scholes option pricing model with the assumptions listed below. The Company recognized compensation expense of $325,576 and $378,421 during the nine months ended May 31, 2016 and 2015, respectively, related to the options that vested during such time period. As of May 31, 2016, the total compensation cost for nonvested options not yet recognized in the Company’s consolidated statements of operations was $341,261, net of estimated forfeitures. Stock-based compensation expense of $101,861 is expected through the remainder of fiscal year 2016, and $159,600 and $79,800 is expected to be recognized during fiscal 2017 and fiscal 2018, respectively, based on outstanding options as of May 31, 2016. Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

The Company currently estimates a ten percent forfeiture rate for stock options and continually reviews this estimate for future periods.

The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions and results for the grants:

	Nine Months Ended
	May 31, 2016			May 31, 2015
Dividend yield		0.00	%		0.00	%
Expected volatility		46.0	%		46.6	%
Expected life of option (years)		10			10
Average risk-free interest rate		1.63	%		1.63	%

The weighted average per share fair value of options granted during nine months ended May 31, 2016 and 2015 was $8.48 and $11.58, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2016 and 2015 was 6.71 years and 6.56 years, respectively.

12. 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 reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and more recently, has targeted and expanded into the oil and gas industry. The Company also sells a portfolio of bio-based and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand.

The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2016 and 2015 by segment:

	Three Months Ended				Nine Months Ended
	May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015
ZERUST® net sales	$	7,185,955	$	7,076,760	$	19,548,974	$	19,098,816
Natur-Tec® net sales		1,500,620		1,200,815		3,866,972		3,121,563
Total net sales	$	8,686,575	$	8,277,575	$	23,415,946	$	22,220,379

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2016 and 2015 by segment:

	Three Months Ended										Nine Months Ended
	May 31, 2016		% of Segment Sales*			May 31, 2015		% of Segment Sales*			May 31, 2016		% of Segment Sales*			May 31, 2015		% of Segment Sales*
Direct cost of goods sold
ZERUST®	$	4,028,114		56.1	%	$	3,942,776		55.7	%	$	10,968,742		56.1	%	$	10,452,467		54.7	%
Natur-Tec®		1,119,730		74.6	%		889,976		74.1	%		2,938,927		76.0	%		2,391,599		76.6	%
Indirect cost of goods sold		629,405		—			762,455		—			2,013,227		—			2,215,492		—
Total net cost of goods sold	$	5,777,249				$	5,595,207				$	15,920,896				$	15,059,558

__________________________

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 nine months ended May 31, 2016 and 2015 were as follows:

	Three Months Ended				Nine Months Ended
	May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015
Inside the U.S.A. to unaffiliated customers	$	5,559,885	$	5,337,090	$	14,762,170	$	14,200,121
Outside the U.S.A to:
Joint ventures in which the Company is a shareholder directly and indirectly		446,322		580,622		1,967,370		2,588,501
Unaffiliated customers		2,680,368		2,359,863		6,686,406		5,431,757
	$	8,686,575	$	8,277,575	$	23,415,946	$	22,220,379

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 nine months ended May 31, 2016 and 2015 were as follows:

	Three Months Ended
	May 31, 2016		% of Total Fees for Services Provided to Joint Ventures			May 31, 2015		% of Total Fees for Services Provided to Joint Ventures
Germany	$	242,158		17.9	%	$	219,182		16.8	%
Poland		167,237		12.4	%		149,771		11.5	%
Japan		148,091		11.0	%		124,772		9.6	%
United Kingdom		135,068		10.0	%		93,229		7.2	%
Thailand		132,548		9.8	%		128,164		9.8	%
France		87,588		6.5	%		108,788		8.4	%
Korea		74,085		5.5	%		70,984		5.4	%
India		70,610		5.2	%		72,285		5.5	%
Sweden		66,239		4.9	%		103,234		7.9	%
Finland		55,876		4.1	%		74,711		5.7	%
Czech Republic		54,537		4.0	%		56,843		4.3	%
Other		117,876		8.7	%		102,001		7.8	%
	$	1,351,913		100.0	%	$	1,303,964		100.0	%

	Nine Months Ended
	May 31, 2016		% of Total Fees for Services Provided to Joint Ventures			May 31, 2015		% of Total Fees for Services Provided to Joint Ventures
Germany	$	664,812		17.4	%	$	660,135		14.9	%
Poland		452,260		11.8	%		437,607		9.9	%
Japan		416,241		10.9	%		409,316		9.2	%
Thailand		395,611		10.4	%		425,316		9.6	%
United Kingdom		292,216		7.7	%		304,600		6.9	%
France		250,373		6.6	%		318,686		7.2	%
Korea		247,730		6.5	%		133,405		3.0	%
India		223,137		5.9	%		215,548		4.9	%
Sweden		189,556		5.0	%		262,451		5.9	%
Finland		177,704		4.7	%		220,926		5.0	%
Czech Republic		176,470		4.6	%		165,492		3.7	%
China		—		0.0	%		516,139		11.6	%
Other		322,274		8.5	%		362,872		8.2	%
	$	3,808,384		100.0	%	$	4,432,494		100.0	%

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 and cost of goods sold recognized directly by the Company.

The geographical distribution of key financial statement data is as follows:

	May 31, 2016		August 31, 2015
Brazil	$	64,050	$	46,918
India		13,664		16,402
China		164,765		45,220
United States		7,055,557		7,184,623
Total long-lived assets	$	7,298,036	$	7,293,163

	Nine Months Ended
	May 31, 2016		May 31, 2015
Brazil	$	1,509,659	$	2,103,589
India		911,227		708,635
China		2,473,733		442,262
United States		18,521,327		18,965,893
Total net sales	$	23,415,946	$	22,220,379

Total long-lived assets located in Brazil, India and China primarily consist of property, plant 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.

13. COMMITMENTS AND CONTINGENCIES

On August 18, 2015, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2016. For fiscal 2016 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2016 compared to a pre-established target Adjusted EBITOI for fiscal 2016 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2016. There was $215,000 accrued for management bonuses for the nine months ended May 31, 2016 compared to an accrual of $466,000 for management bonuses for the nine months ended May 31, 2015.

Four joint ventures (consisting of the Company’s joint ventures in Korea, India, Thailand and Tianjin Zerust) accounted for 65.6% of the Company’s trade joint venture receivables at May 31, 2016 and accounted for 67.0% of the Company’s trade joint venture receivables at August 31, 2015.

On March 23, 2015, the Company and NTI Asean filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to the Company’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd. The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. As of May 31, 2016, the Company is not able to reasonably estimate the amount of any recovery to NTI Asean, if any.

On April 21, 2015, the Company and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to the Company’s joint venture in China, Tianjin Zerust.

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 be have been incurred. In the opinion of management, as of May 31, 2016, 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.

14. 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.

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 May 31, 2016		Level 1		Level 2		Level 3
Available for sale securities	$	2,239,792	$	2,239,792	$	—	$	—

			Fair Value Measurements Using Inputs Considered as
	Fair Value as of August 31, 2015		Level 1		Level 2		Level 3
Available for sale securities	$	2,027,441	$	2,027,441	$	—	$	—

There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended May 31, 2016 and 2015.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis provides material historical and prospective disclosures intended to enable investors and other users to assess NTIC’s financial condition and results of operations. Statements that are not historical are forward-looking and involve risks and uncertainties discussed under the heading “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Forward-Looking Statements” in this report and under “Part 1. Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended August 31, 2015 and “Part II. Item 1A. Risk Factors” in this report. The following discussion of the results of the operations and financial condition of NTIC should be read in conjunction with NTIC’s consolidated financial statements and the related notes thereto included under the heading “Part I. Item 1. Financial Statements.”

Business Overview

NTIC develops and markets proprietary environmentally beneficial products and services in over 60 countries either directly or via a network of subsidiaries, joint ventures, independent distributors and agents. NTIC’s primary business is corrosion prevention marketed mainly under the ZERUST® brand. NTIC has been selling its proprietary ZERUST® products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and in recent years, has targeted and expanded into the oil and gas industry. NTIC also markets and sells a portfolio of biobased and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand. These products are intended to reduce NTIC’s customers’ carbon footprint and provide environmentally sound waste disposal options.

NTIC’s ZERUST® rust and corrosion inhibiting products include plastic and paper packaging, liquids and coatings, rust removers and cleaners, diffusers and engineered solutions designed specifically for the oil and gas industry. NTIC also offers worldwide on-site technical consulting for rust and corrosion prevention issues. NTIC’s technical service consultants work directly with the end users of NTIC’s ZERUST® rust and corrosion inhibiting products to analyze their specific needs and develop systems to meet their technical requirements. In North America, NTIC sells its ZERUST® corrosion prevention solutions through a direct sales force as well as a network of independent distributors and agents. Internationally, NTIC sells its ZERUST® corrosion prevention solutions through its wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd. (NTIC China), its majority-owned joint venture holding company for NTIC’s joint venture investments in the Association of Southeast Asian Nations (ASEAN) region, its majority-owned subsidiary in Brazil, Zerust Prevenção de Corrosão S.A. (Zerust Brazil), and joint venture arrangements in North America, Europe and Asia.

One of NTIC’s strategic initiatives is to expand into and penetrate other markets for its ZERUST® corrosion prevention solutions. Consequently, for the past several years, NTIC has focused its sales and marketing efforts on the oil and gas industry, as the infrastructure that supports that industry is typically constructed using metals that are highly susceptible to corrosion. NTIC believes that its ZERUST® corrosion prevention solutions will minimize maintenance downtime on critical oil and gas industry infrastructure, extend the life of such infrastructure and reduce the risk of environmental pollution due to corrosion leaks.

NTIC markets and sells its ZERUST® rust and corrosion prevention solutions to customers in the oil and gas industry across several countries either directly, through its subsidiaries or through its joint venture partners and other strategic partners. The sale of ZERUST® corrosion prevention solutions to customers in the oil and gas industry typically involves a long sales cycle, often including a one- to multi-year trial period with each customer and a slow integration process thereafter.

Natur-Tec® biobased and compostable plastics are manufactured using NTIC’s patented and/or proprietary technologies and are intended to replace conventional petroleum-based plastics. The Natur-Tec® biopolymer resin compound portfolio includes formulations that have been optimized for a variety of applications including blown-film extrusion, extrusion coating, injection molding, and engineered plastics. These resins are fully biodegradable in a composting environment and are currently being used to produce finished products including can liners, shopping and grocery bags, lawn and leaf bags, pet waste collection bags, cutlery, packaging foam and coated paper products. In North America, NTIC markets its Natur-Tec® resins and finished products primarily through a network of regional and national distributors as well as independent agents. NTIC continues to see significant opportunities for finished bioplastic products and, therefore, continues to strengthen and expand its North American distribution network for finished Natur-Tec® bioplastic products. Internationally, NTIC sells its Natur-Tec® resins and finished products both directly and through its majority- owned subsidiary in India, Natur-Tec India Private Limited (Natur-Tec India), and through certain joint ventures. In November 2014, NTIC entered into an agreement with NatureWorks LLC for joint marketing and sales of Ingeo® based packaging solutions to customers in India. With recent Indian government mandates banning use of non-biodegradable plastics in certain types of food and consumer packaging, NTIC expects the market in India for bioplastic packaging solutions to grow substantially.

Termination of Chinese Joint Venture

On January 2, 2015, NTIC announced that, effective as of December 31, 2014, it is selling its ZERUST® products and services in China through a wholly-owned subsidiary, NTIC (Shanghai) Co., Ltd., and has terminated its joint venture agreements with Tianjin-Zerust Anticorrosion Co., Ltd. (Tianjin Zerust). NTIC and NTI Asean LLC have filed a lawsuit against Mr. Tao Meng, a Chinese national and the former joint venture entity’s other shareholder, and his spouse in the Chinese court of Tianjin, seeking, among other things, an orderly liquidation of Tianjin Zerust.

NTIC indirectly has a 30% ownership interest in Tianjin Zerust through its 60% owned holding company subsidiary, NTI Asean LLC. Commencing during the second quarter of fiscal 2015, NTIC’s consolidated financial statements include the financial results of NTIC China.

NTIC anticipates that it may take several quarters to transition many of the previous customers of Tianjin Zerust to NTIC China and no assurance can be provided that NTIC China will be able to achieve the net sales and income levels previously achieved by Tianjin Zerust. For fiscal 2014, Tianjin Zerust had net sales of $15.9 million and net income of $1.3 million. The operating income of the joint venture before paying royalties in an aggregate amount of $4.2 million to all shareholders was over $5.5 million; NTIC’s indirect ownership of Tianjin Zerust is 30%.

During fiscal 2015, NTIC incurred approximately $1,640,000 and during the first nine months of fiscal 2016, NTIC incurred approximately $1,425,000 in expenses related either directly or indirectly to the establishment and initial business operations of NTIC China, the termination of the joint venture agreements with Tianjin Zerust, its pending litigation against Mr. Tao Meng and his spouse and Cortec Corporation, and the anticipated liquidation of Tianjin Zerust. These expenses are recorded as selling, general and administrative expenses and expenses incurred in support of joint ventures on the consolidated statements of operations.

NTIC expects that its operating results may be volatile over the next few quarters as a result of NTIC’s Chinese operations.

NTIC’s Joint Venture Network

NTIC participates in 19 active joint venture arrangements in North America, Europe and Asia. Each of these joint ventures generally manufactures and markets products in the geographic territory to which it is assigned. While most of NTIC’s joint ventures exclusively sell rust and corrosion inhibiting products, some of the joint ventures also sell NTIC’s Natur-Tec® resin compounds. NTIC has historically funded its investments in joint ventures with cash generated from operations.

NTIC’s receipt of funds from its joint ventures is dependent upon fees for services that NTIC provides to its joint ventures, based primarily on the net sales of the individual joint ventures, and NTIC’s receipt of dividend distributions from the joint ventures. The fees for services provided to joint ventures are determined based on either a flat fee or a percentage of sales depending on local laws and tax regulations. With respect to NTIC’s joint venture in Germany (EXCOR), NTIC recognizes an agreed upon quarterly fee for such services. NTIC recognizes equity income from its joint ventures based on the overall profitability of its joint ventures. Such profitability is subject to variability from quarter to quarter which subjects NTIC’s earnings to variability from quarter to quarter. The profits of NTIC’s joint ventures are shared by the respective joint venture owners in accordance with their respective ownership percentages. NTIC typically directly or indirectly owns 50% or less of each of its joint venture entities and thus does not control the decisions of these entities regarding whether to pay dividends and, if paid, how much they should be in a given year. The payment of a dividend by an entity is determined by a joint vote of the owners and is not at the sole discretion of NTIC.

NTIC accounts for the investments and financial results of its joint ventures in its financial statements utilizing the equity method of accounting.

The results of Zerust Brazil, NTI Asean and Natur-Tec India, and as of December 31, 2014, NTIC China, are fully consolidated in NTIC’s consolidated financial statements. NTIC holds 85% of the equity and 85% of the voting rights of Zerust Brazil. NTIC holds 60% of the equity and 60% of the voting rights of NTI Asean. NTI Asean holds investments in eight entities that operate in the following eight territories located in the ASEAN region: China (although liquidation was initiated December 31, 2014), Indonesia, South Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand. NTIC holds 90% of the equity and 90% of the voting rights of Natur-Tec India. NTIC China is a wholly-owned subsidiary of NTIC.

NTIC considers EXCOR to be individually significant to NTIC’s consolidated assets and income; and therefore, provides certain additional information regarding EXCOR in the notes to NTIC’s consolidated financial statements and in this section of this report.

Financial Overview

NTIC’s management, including its chief executive officer who is NTIC’s chief operating decision maker, reports and manages NTIC’s operations in two reportable business segments based on products sold, customer base and distribution center: ZERUST® products and services and Natur-Tec® products.

NTIC’s consolidated net sales increased 4.9% and 5.4% during the three and nine months ended May 31, 2016, respectively, compared to the three and nine months ended May 31, 2015. These increases were primarily a result of increased sales at NTIC China and increased sales of Natur-Tec® products, partially offset by decreased sales of Zerust industrial products. During the three and nine months ended May 31, 2016, 82.7% and 83.5% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST® products and services, which increased 1.5% and 2.4% to $7,185,955 and $19,548,974 during the three and nine months ended May 31, 2016, respectively, compared to $7,076,760 and $19,098,816 during the three and nine months ended May 31, 2015, respectively, due to increased demand from new customers, primarily at NTIC China.

NTIC has focused its sales efforts of ZERUST® products and services by strategically targeting customers with specific corrosion issues in new market areas, including the oil and gas industry and other industrial sectors that offer sizable growth opportunities. NTIC’s consolidated net sales for the nine months ended May 31, 2016 included $1,229,426 of sales made to customers in the oil and gas industry compared to $1,382,423 for the nine months ended May 31, 2015. Overall demand for ZERUST® products and services depends heavily on the overall health of the markets in which NTIC sells its products, including the automotive, oil and gas, agriculture, and mining markets in particular. In addition, we believe demand for ZERUST® products and services in the oil and gas industry is dependent upon oil prices, with low oil prices causing existing or potential customers to delay purchases and installations.

During the three and nine months ended May 31, 2016, 17.3% and 16.5%, of NTIC’s consolidated net sales were derived from sales of Natur-Tec® products compared to 14.5% and 14.0% during the three and nine months ended May 31, 2015, respectively. Net sales of Natur-Tec® products increased 25.0% and 23.9% during the three and nine months ended May 31, 2016 compared to the three and nine months ended May 31, 2015, respectively. These increases were primarily due to increases in finished product sales in North America and finished product sales at NTIC’s majority owned subsidiary in India, Natur-Tec India Private Limited (Natur-Tec India).

Cost of goods sold as a percentage of net sales decreased to 66.5% during the three months ended May 31, 2016 compared to 67.6% during the three months ended May 31, 2015 and increased to 68.0% during the nine months ended May 31, 2016 compared to 67.8% during the prior fiscal year period. These small variances were primarily as a result of small variances in raw material prices during the various periods and better margins on sales of Natur-Tec® products.

NTIC’s equity in income of joint ventures decreased 3.5% and 25.1% to $1,664,464 and $3,600,884, respectively, during the three and nine months ended May 31, 2016 compared to $1,724,915 and $4,806,247 during the three and nine months ended May 31, 2015. These decreases were primarily a result of decreases in profitability at the joint ventures, decreases associated with the anticipated liquidation of Tianjin Zerust and adverse effects of foreign currency exchange rate fluctuations, including in particular the Euro compared to the U.S. dollar. Equity in income provided by Tianjin Zerust was $0 for the nine months ended May 31, 2016 compared to $132,824 for the nine months ended May 31, 2015.

NTIC recognized a 3.7% increase and a 14.1% decrease in fees for services provided to joint ventures during the three and nine months ended May 31, 2016, compared to the three and nine months ended May 31, 2015, respectively. The decrease for the nine-month period was primarily a result of the anticipated liquidation of Tianjin Zerust and a decrease in sales at the joint ventures. Fees for services provided to Tianjin Zerust were $0 for the nine months ended May 31, 2016 compared to $516,000 for the nine months ended May 31, 2015. Additionally, there was a decrease in sales at the joint ventures, which were $66,223,514 during the nine months ended May 31, 2016, compared to $75,974,770 for the nine months ended May 31, 2015. This decrease in the net sales of NTIC’s joint ventures was primarily the result of adverse effects of foreign currency exchange rate fluctuations and weaker economic trends, especially in Europe. This decrease resulted in a corresponding decrease in fees for services provided to joint ventures as such fees are a function of net sales of NTIC’s joint ventures.

NTIC’s total operating expenses increased 3.6% and 2.6% to $4,697,018 and $13,796,320 during the three and nine months ended May 31, 2016 compared to the nine months ended May 31, 2015, respectively. This increase was primarily the result of the expenses related to the formation and establishment of NTIC China and the anticipated liquidation of Tianjin Zerust, partially offset by decreases in expenses in North America due to companywide cost cutting initiatives. Such expenses in China consisted primarily of legal and personnel expenses associated with the establishment of the subsidiary, the hiring of new personnel and initial operations.

NTIC expenses all costs related to product research and development as incurred. NTIC incurred $3,349,572 and $2,968,879 of expense during the nine months ended May 31, 2016 and 2015, respectively, in connection with its research and development activities. NTIC anticipates that it will spend between $4,000,000 and $4,400,000 in total during fiscal 2016 on research and development activities related to its new technologies.

Net income attributable to NTIC was $917,373, or $0.20 per diluted common share, for the three months ended May 31, 2016 compared to $905,435, or $0.20 per diluted common share, for the three months ended May 31, 2015. Net income attributable to NTIC decreased 67.8%, to $575,233, or $0.13 per diluted common share, for the nine months ended May 31, 2016 compared to $1,785,056 or $0.39 per diluted common share, for the nine months ended May 31, 2015.

NTIC anticipates that its quarterly net income will continue to remain subject to significant volatility primarily due to the financial performance of its subsidiaries and joint ventures and sales of its ZERUST® products and services into the oil and gas industry and Natur-Tec® bioplastics products, which sales fluctuate more on a quarterly basis than the traditional ZERUST® business. NTIC also anticipates that its operating results during the next few quarters will be particularly volatile as a result of the changes in its Chinese operations.

NTIC’s working capital was $18,392,783 at May 31, 2016, including $4,626,538 in cash and cash equivalents and $2,239,792 in available for sale securities, compared to $15,603,771 at August 31, 2015, including $2,623,981 in cash and cash equivalents and $2,027,441 in available for sale securities.

Results of Operations

The following tables set forth NTIC’s results of operations for the three and nine months ended May 31, 2016 and 2015.

	Three Months Ended
	May 31, 2016		% of Net Sales			May 31, 2015		% of Net Sales			$ Change			% Change
Net sales, excluding joint ventures	$	7,925,357		91.2	%	$	7,553,957		91.3	%	$	371,400			4.9	%
Net sales, to joint ventures		761,218		8.8	%		723,618		8.7	%		37,600			5.2	%
Cost of goods sold		5,777,249		66.5	%		5,595,207		67.6	%		182,042			3.3	%
Equity in income of joint ventures		1,664,464		19.2	%		1,724,915		20.8	%		(60,451	)		(3.5	%)
Fees for services provided to joint ventures		1,351,913		15.6	%		1,303,964		15.8	%		47,949			3.7	%
Selling expenses		1,507,200		17.4	%		1,434,627		17.3	%		72,573			5.1	%
General and administrative expenses		1,691,077		19.5	%		1,703,083		20.6	%		(12,006	)		(0.7	%)
Expenses incurred in support of joint ventures		266,791		3.1	%		327,586		4.0	%		(60,795	)		(18.6	%)
Research and development expenses		1,231,950		14.2	%		1,064,710		12.9	%		167,240			15.7	%

	Nine Months Ended
	May 31, 2016		% of Net Sales			May 31, 2015		% of Net Sales			$ Change			% Change
Net sales, excluding joint ventures	$	21,454,381		91.6	%	$	20,030,491		90.1	%	$	1,423,890			7.1	%
Net sales, to joint ventures		1,961,565		8.4	%		2,189,888		9.9	%		(228,323	)		(10.4	%)
Cost of goods sold		15,920,896		68.0	%		15,059,558		67.8	%		861,338			5.7	%
Equity in income of joint ventures		3,600,884		15.4	%		4,806,247		21.6	%		(1,205,363	)		(25.1	%)
Fees for services provided to joint ventures		3,808,384		16.3	%		4,432,494		19.9	%		(624,110	)		(14.1	%)
Selling expenses		4,507,716		19.3	%		4,168,955		18.8	%		338,761			8.1	%
General and administrative expenses		5,057,777		21.6	%		4,794,206		21.6	%		263,571			5.5	%
Expenses incurred in support of joint ventures		881,255		3.8	%		1,510,830		6.8	%		(629,575	)		(41.7	%)
Research and development expenses		3,349,572		14.3	%		2,968,879		13.4	%		380,693			12.8	%

Net Sales. NTIC’s consolidated net sales increased 4.9% and 5.4% to $8,686,575 and $23,415,946, respectively, during the three and nine months ended May 31, 2016 compared to the three and nine months ended May 31, 2015. NTIC’s consolidated net sales excluding NTIC’s joint ventures increased 4.9% and 7.1% to $7,925,357 and $21,454,381, respectively, during the three and nine months ended May 31, 2016 compared to the same respective prior fiscal year periods. These increases were primarily a result of increased demand and sales of ZERUST^® rust and corrosion inhibiting packaging products and services at NTIC China and Natur-Tec® products. Net sales to joint ventures increased 5.2% and decreased 10.4% to $761,218 and $1,961,565 during the three and nine months ended May 31, 2016, respectively, compared to the same respective prior fiscal year periods.

The following table sets forth NTIC’s net sales for the three and nine months ended May 31, 2016 and 2015 by segment:

	Three Months Ended				Nine Months Ended
	May 31, 2016		May 31, 2015		May 31, 2016		May 31, 2015
ZERUST® sales	$	7,185,955	$	7,076,760	$	19,548,974	$	19,098,816
Natur-Tec® sales		1,500,620		1,200,815		3,866,972		3,121,563
Total net sales	$	8,686,575	$	8,277,575	$	23,415,946	$	22,220,379

During the three and nine months ended May 31, 2016, 82.7% and 83.5% of NTIC’s consolidated net sales, respectively, were derived from sales of ZERUST^® products and services, which increased 1.5% and 2.4% to $7,185,955 and $19,548,974 during the three and nine months ended May 31, 2016, respectively, compared to $7,076,760 and $19,098,816 during the three and nine months ended May 31, 2015, respectively. These increases were due to increased demand from existing customers and the addition of new customers, primarily at NTIC China. NTIC has strategically focused its sales efforts for ZERUST^® products and services on customers with sizeable corrosion problems in industry sectors that offer sizable growth opportunities, including the oil and gas sector. Overall demand for ZERUST^® products and services depends heavily on the overall health of the market segments to which NTIC sells its products, including the automotive, oil and gas, agriculture, and mining markets in particular. In addition, we believe demand for ZERUST® products and services in the oil and gas industry is dependent upon oil prices, with low oil prices causing existing or potential customers to delay purchases and installations.

The following table sets forth NTIC’s net sales of ZERUST^® products for the three and nine months ended May 31, 2016 and 2015:

	Three Months Ended
	May 31, 2016		May 31, 2015		$ Change			% Change
ZERUST® industrial net sales	$	6,018,276	$	5,849,301	$	168,975			2.9	%
ZERUST® joint venture net sales		655,823		723,618		(67,795	)		(9.4	%)
ZERUST® oil & gas net sales		511,856		503,841		8,015			1.6	%
Total ZERUST® net sales	$	7,185,955	$	7,076,760	$	109,195			1.5	%

	Nine Months Ended
	May 31, 2016		May 31, 2015		$ Change			% Change
ZERUST® industrial net sales	$	16,357,983	$	15,526,505	$	831,478			5.4	%
ZERUST® joint venture net sales		1,961,565		2,189,888		(228,323	)		(10.4	%)
ZERUST® oil & gas net sales		1,229,426		1,382,423		(152,997	)		(11.1	%)
Total ZERUST® net sales	$	19,548,974	$	19,098,816	$	450,158			2.4	%

NTIC’s net sales to the oil and gas industry sector were up slightly for the three-month comparison and decreased for the nine-month comparison. NTIC anticipates that its sales of ZERUST® products and services into the oil and gas industry will continue to remain subject to significant volatility from quarter to quarter as sales are recognized.

During the three and nine months ended May 31, 2016, 17.3% and 16.5% of NTIC’s consolidated net sales, respectively, were derived from sales of Natur-Tec® products, which increased 25.0% and 23.9% to $1,500,620 and $3,866,972 during the three and nine months ended May 31, 2016, respectively, compared to the three and nine months ended May 31, 2015. These increases were due to increased demand from Natur-Tec customers in North America and India. Demand for Natur-Tec® products around the world depends primarily on market acceptance and the reach of NTIC’s distribution network. Because of the typical size of individual orders and overall size of NTIC’s net sales derived from sales of Natur-Tec® products, the timing of one or more orders could materially affect NTIC’s quarterly sales of Natur-Tec® products and the comparisons to prior fiscal year quarters.

Cost of Goods Sold. Cost of goods sold increased 3.3% and 5.7% for the three and nine months ended May 31, 2016, respectively, compared to the three and nine months ended May 31, 2015 primarily as a result of increased net sales as described above. Cost of goods sold as a percentage of net sales decreased to 66.5% during the three months ended May 31, 2016 compared to 67.6% during the three months ended May 31, 2015 and increased to 68.0% during the nine months ended May 31, 2016 compared to 67.8% during the nine months ended May 31, 2015. These changes in cost of goods sold as a percentage of net sales were primarily the result of changes in raw material costs and margins on sales of Natur-Tec® products.

Equity in Income of Joint Ventures. NTIC’s equity in income of joint ventures decreased 3.5% and 25.1% to $1,664,464 and $3,600,884 during the three and nine months ended May 31, 2016, respectively, compared to equity in income of joint ventures of $1,724,915 and $4,806,247 during the three and nine months ended May 31, 2015, respectively. These decreases were primarily a result of decreases in the profitability at the joint ventures, a decrease in profitability associated with the anticipated liquidation of Tianjin Zerust and adverse effects of foreign currency exchange rate fluctuations, including in particular the Euro compared to the U.S. dollar. Equity in income provided by Tianjin Zerust was $0 for the nine months ended May 31, 2016 compared to $132,824 for the nine months ended May 31, 2015. Of the total equity in income of joint ventures, NTIC had equity in income of joint ventures of $2,714,905 attributable to EXCOR during the nine months ended May 31, 2016 compared to $3,152,489 attributable to EXCOR during the nine months ended May 31, 2015. NTIC had equity in income of all other joint ventures of $885,979 during the nine months ended May 31, 2016 compared to $1,520,934 during the nine months ended May 31, 2015.

Fees for Services Provided to Joint Ventures. NTIC recognized fee income for services provided to joint ventures of $1,351,913 and $3,808,384 during the three and nine months ended May 31, 2016, respectively, compared to $1,303,964 and $4,432,494 during the three and nine months ended May 31, 2015, respectively, representing an increase of 3.7% and decrease of 14.1%, respectively. The decrease for the nine-month comparison was primarily a result of the anticipated liquidation Tianjin Zerust as fees for services provided to joint ventures from Tianjin Zerust were $0 for the nine months ended May 31, 2016 compared to $516,000 for the nine months ended May 31, 2015. Additionally, there was a decrease in total sales at all joint ventures for the nine-month comparison which adversely affected fees for services provided to joint ventures since fees for services provided to joint ventures are largely a function of the net sales of NTIC’s joint ventures. Total sales at all joint ventures were $24,223,090 and $66,223,514 during the three and nine months ended May 31, 2016, respectively, compared to $23,796,532 and $75,974,770 for the three and nine months ended May 31, 2015, respectively. Net sales of NTIC’s joint ventures decreased for the nine-month comparison due primarily to the adverse effects of foreign currency exchange rate fluctuations and weaker economic trends, especially in Europe. Net sales of NTIC’s European joint ventures were adversely affected by a downturn in European manufacturing. Future net sales of NTIC’s joint ventures, including in particular its European joint ventures, may be adversely affected by the recent referendum vote of the United Kingdom to exit the European Union. Sales of NTIC’s joint ventures are not included in NTIC’s product sales and are not combined with NTIC’s sales in NTIC’s consolidated financial statements or in any description of NTIC’s sales. Of the total fee income for services provided to joint ventures, fees of $664,812 were attributable to EXCOR during the nine months ended May 31, 2016 compared to $660,135 attributable to EXCOR during the nine months ended May 31, 2015.

Selling Expenses. NTIC’s selling expenses increased 5.1% and 8.1% for the three and nine months ended May 31, 2016, respectively, compared to the same respective periods in fiscal 2015 due to increases in compensation and employee benefits, lab testing related expenses, commission expenses, travel and related expenses, and consulting expenses, each due in part to NTIC’s Chinese operations. Selling expenses as a percentage of net sales increased to 17.4% and 19.3% for the three and nine months ended May 31, 2016, respectively, from 17.3% and 18.8% and during the three and nine months ended May 31, 2015, respectively. The increases in selling expenses as a percentage of net sales were due primarily to the increase in net sales partially offset by the increase in selling expenses as previously described.

General and Administrative Expenses. NTIC’s general and administrative expenses decreased 0.7% and increased 5.5% for the three and nine months ended May 31, 2016, respectively, compared to the same respective periods in fiscal 2015. NTIC implemented cost cutting measures companywide in the third quarter of fiscal year 2016, which partially offset the expenses incurred in connection with NTIC’s Chinese operations. As a percentage of net sales, general and administrative expenses decreased to 19.5% and remained unchanged at 21.6% for the three and nine months ended May 31, 2016, respectively, from 20.6% and 21.6% for the three and nine months ended May 31, 2015, respectively. The decrease in general and administrative expenses as a percentage of net sales for the three-month comparison was due primarily to the decrease in general and administrative expenses as previously described.

Expenses Incurred in Support of Joint Ventures. Expenses incurred in support of NTIC’s joint ventures were $266,791 and $881,255 during the three and nine months ended May 31, 2016, respectively, compared to $327,586 and $1,510,830 during the three and nine months ended May 31, 2015, respectively, representing decreases of 18.6% and 41.7%, respectively. These decreases were primarily due to expenses incurred by NTIC’s Chinese operations being classified as selling expenses and general and administrative expenses upon the formation of NTIC’s subsidiary in January 2015.

Research and Development Expenses. NTIC’s research and development expenses increased 15.7% for the three months ended May 31, 2016 compared to the same period in fiscal 2015 and increased 12.8% for the nine months ended May 31, 2016 compared to the same period in fiscal 2015. These increases were due primarily to increases in personnel and consulting expenses.

Interest Income. NTIC’s interest income increased to $29,868 and $58,425 during the three and nine months ended May 31, 2016, respectively, compared to $7,943 and $25,504 during the three and nine months ended May 31, 2015, respectively.

Interest Expense. NTIC’s interest expense increased to $15,465 during the three months ended May 31, 2016 compared to $6,004 during the three months ended May 31, 2015 and increased to $30,987 during the nine months ended May 31, 2016 compared to $14,232 during the nine months ended May 31, 2015.

Income Before Income Tax Expense. NTIC incurred income before income tax expense of $1,249,382 and $1,142,691 for the three and nine months ended May 31, 2016, respectively, compared to $1,183,180 and $2,970,109 for the three and nine months ended May 31, 2015, respectively.

Income Tax Expense. Income tax expense was $225,395 and $262,359 during the three and nine months ended May 31, 2016, respectively, compared income tax expense of $114,180 and $495,478 during the three and nine months ended May 31, 2015, respectively. Income tax expense was calculated based on management’s estimate of NTIC’s annual effective income tax rate. NTIC’s annual effective income tax rate during the three and nine months ended May 31, 2016 and 2015 was lower than the statutory rate primarily due to NTIC’s equity in income of joint ventures being recognized based on after-tax earnings of these entities. To the extent undistributed earnings of NTIC’s joint ventures are distributed to NTIC, any material additional income tax liability after the application of foreign tax credits is not expected. NTIC records a tax valuation allowance when it is more likely than not that some portion or all of its deferred tax assets will not be realized to reduce deferred tax assets to the amount expected to be realized. NTIC determined based on all available evidence, including historical data and projections of future results, that it is more likely than not that all of its deferred tax assets, except for its foreign tax credit carryforwards and Minnesota state research and development credit carryforwards, will be fully realized. In addition, NTIC determined based upon all available evidence, including new IRS guidance, historical results, projected future taxable income and foreign tax credit utilization, that it was not more likely than not that the federal research and development credits would be utilized during the carryforward period and as a result, a valuation allowance was recorded against all of NTIC’s federal research and development credits. In addition, NTIC continues to believe that its deferred tax asset related to foreign tax credit carryforwards will not be realized due to insufficient federal taxable income within the carryforward period and the fact that for ordering purposes the foreign tax credit carryforwards are not allowed to be used until after any current year foreign tax credits are utilized.

NTIC considers the earnings of certain foreign joint ventures to be indefinitely invested outside the United States on the basis of estimates that NTIC’s future domestic cash generation will be sufficient to meet its future domestic cash needs. As a result, U.S. income and foreign withholding taxes have not been recognized on the cumulative undistributed earnings of $15,892,135 and $18,483,377 at May 31, 2016 and August 31, 2015, respectively. To the extent undistributed earnings of NTIC’s joint ventures are distributed in the future, they are not expected to result in any material additional income tax liability after the application of foreign tax credits.

Other Comprehensive (Loss) Income - Foreign Currency Translations Adjustment. The significant changes in the foreign currency translations adjustment were due to the strengthening of the U.S. dollar compared to the Euro and other foreign currencies during the three and nine months ended May 31, 2016 compared to the same respective periods in fiscal 2015.

Liquidity and Capital Resources

Sources of Cash and Working Capital. As of May 31, 2016, NTIC’s working capital was $18,392,783, including $4,626,538 in cash and cash equivalents and $2,239,792 in available for sale securities, compared to $15,603,771 at August 31, 2015, including $2,623,981 in cash and cash equivalents and $2,027,441 in available for sale securities.

As of May 31, 2016, NTIC had a revolving line of credit with PNC Bank of $3,000,000, with no amounts outstanding. The line of credit is evidenced by an amended and restated committed line of credit note in the principal amount of up to $3,000,000. The line of credit has a $1,200,000 standby letter of credit sub-facility, with any standby letters of credit issued thereunder being at the sole discretion of PNC Bank. The line of credit is subject to standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, NTIC is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2016, NTIC was in compliance with all debt covenants. On January 6, 2016, PNC Bank extended the maturity date of the line of credit from January 7, 2016 to January 7, 2017. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same. It is anticipated that, as historically has been the practice, the line of credit will be renewed each year for one additional year for the immediate foreseeable future.

NTIC believes that a combination of its existing cash and cash equivalents, forecasted cash flows from future operations, anticipated distributions of earnings, anticipated fees to NTIC for services provided to its joint ventures, and funds available through existing or anticipated financing arrangements, will be adequate to fund its existing operations, investments in new or existing joint ventures or subsidiaries, capital expenditures, debt repayments and any stock repurchases for at least the next 12 months. During the remainder of fiscal 2016, NTIC expects to continue to invest its Chinese operations, research and development and in marketing efforts and resources into the application of its corrosion prevention technology into the oil and gas industry and its Natur-Tec® bio-plastics business. In order to take advantage of such new product and market opportunities to expand its business and increase its revenues, NTIC may decide to finance such opportunities by borrowing under its revolving line of credit or raising additional financing through the issuance of debt or equity securities. There is no assurance that any financing transaction will be available on terms acceptable to NTIC or at all, or that any financing transaction will not be dilutive to NTIC’s current stockholders.

NTIC traditionally has used the cash generated from its operations, distributions of earnings and fees for services provided to its joint ventures to fund NTIC’s new technology investments and capital contributions to new and existing subsidiaries and joint ventures. NTIC’s joint ventures traditionally have operated with little or no debt and have been self-financed with minimal initial capital investment and minimal additional capital investment from their respective owners. Therefore, NTIC believes it is not likely that there exists any exposure to debt by NTIC’s joint ventures that could materially impact their respective operations and/or liquidity.

Uses of Cash and Cash Flows. Net cash provided by operating activities during the nine months ended May 31, 2016 was $3,053,297, which resulted principally from dividends received from NTIC’s joint ventures, NTIC’s net income, the expensing of fair value of stock options vested, depreciation and amortization expense, and an increase in accounts payable, partially offset by equity income from NTIC’s joint ventures, and a decrease in trade receivables and accrued liabilities. Net cash provided by operating activities during the nine months ended May 31, 2015 was $36,221, which resulted principally from dividends received from NTIC’s joint ventures, NTIC’s net income, fees for services provided to NTIC’s joint ventures, stock-based compensation, depreciation and amortization, partially offset by NTIC’s equity in income from joint ventures and increases in receivables, inventories, accrued liabilities and prepaid expenses.

NTIC’s cash flows from operations are impacted by significant changes in certain components of NTIC’s working capital, including inventory turnover and changes in receivables. NTIC considers internal and external factors when assessing the use of its available working capital, specifically when determining inventory levels and credit terms of customers. Key internal factors include existing inventory levels, stock reorder points, customer forecasts and customer requested payment terms, and key external factors include the availability of primary raw materials and sub-contractor production lead times. NTIC’s typical contractual terms for trade receivables excluding joint ventures are traditionally 30 days and for trade receivables from its joint ventures are 90 days. Before extending unsecured credit to customers, excluding NTIC’s joint ventures, NTIC reviews customers’ credit histories and will establish an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific customers and other information. Accounts receivable over 30 days are considered past due for most customers. NTIC does not accrue interest on past due accounts receivable. If accounts receivables in excess of the provided allowance are determined uncollectible, they are charged to selling expense in the period that determination is made. Accounts receivable are deemed uncollectible based on NTIC exhausting reasonable efforts to collect. NTIC’s typical contractual terms for receivables for services provided to its joint ventures are 90 days. NTIC records receivables for services provided to its joint ventures on an accrual basis, unless circumstances exist that make the collection of the balance uncertain in which case the fee income will be recorded on a cash basis until there is consistency in payments. This determination is handled on a case by case basis.

NTIC experienced an increase in receivables and a decrease in inventory as of May 31, 2016 compared to August 31, 2015 due to the increase in net sales and a desire to stock more products to shorten lead times and anticipate customer demand. Trade receivables excluding joint ventures as of May 31, 2016 increased $570,647 compared to August 31, 2015, primarily related to the increase in NTIC’s net sales. Outstanding trade receivables excluding joint ventures balances as of May 31, 2016 increased 56 days to an average of 106 days from balances outstanding from these customers as of August 31, 2015. Outstanding trade receivables from joint ventures as of May 31, 2016 increased $73,522 compared to August 31, 2015 primarily due to the timing of payments. There was an increase of outstanding balances from trade receivables from joint ventures as of May 31, 2016 of an average of 80 days from an average of 93 days from balances outstanding from these customers compared to August 31, 2015. The significant average days outstanding of trade receivables from joint ventures as of May 31, 2016 were primarily due to the receivable balance at NTIC’s joint venture in in South Korea and Tianjin Zerust. Because of the lack of financial and other information received from Tianjin Zerust, it is possible that if and when financial and other information is received from Tianjin Zerust that NTIC may need to recognize an impairment charge on its receivable from Tianjin Zerust. NTIC estimates that its maximum exposure in terms of an impairment charge on this receivable would be approximately $114,000.

Outstanding receivables for services provided to joint ventures as of May 31, 2016 decreased $97,569 compared to August 31, 2015, which resulted in a decrease of 79 days of fees receivable outstanding as of May 31, 2016 to an average of 183 days compared to August 31, 2015.

Net cash used in investing activities for the nine months ended May 31, 2016 was $794,668, which was primarily the result of additions to property and equipment, cash used in the purchase of available for sale securities, and additions to patents. Net cash provided by investing activities for the nine months ended May 31, 2015 was $1,755,098, which was primarily the result of cash proceeds from the sale of available for sale securities, partially offset by additions to property and equipment and additions to patents.

Net cash used in financing activities for the nine months ended May 31, 2016 was $228,817, which resulted from a dividend paid to a non-controlling interest and the repurchase of common stock, and offset by proceeds from NTIC’s employee stock purchase plan. Net cash used in financing activities for the nine months ended May 31, 2015 was $402,570, which resulted from a dividend paid to a non-controlling interest, and offset by proceeds from stock option exercises and NTIC’s employee stock purchase plan.

Stock Repurchase Program. On January 15, 2015, NTIC’s Board of Directors authorized the repurchase of up to $3,000,000 in shares of NTIC common stock through open market purchases or unsolicited or solicited privately negotiated transactions. This program has no expiration date but may be terminated by NTIC’s Board of Directors at any time. During the nine months ended May 31, 2016, NTIC repurchased an aggregate of 7,511 shares for an aggregate purchase price of $97,400. As of May 31, 2016, up to $2,878,197 in shares of NTIC common stock remained available for repurchase under NTIC’s stock repurchase program.

Capital Expenditures and Commitments. NTIC spent $490,483 on capital expenditures during the nine months ended May 31, 2016 and expects to spend an aggregate of approximately $100,000 to $150,000 on capital expenditures during the remainder of fiscal 2016. Anticipated capital expenditures for fiscal 2016 relate primarily to the purchase of new equipment.

Contractual Obligations

There has been no material change to NTIC’s contractual obligations as provided in “Part II. Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Contractual Obligations,” included in NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2015.

Off-Balance Sheet Arrangements

NTIC does not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet financial arrangements. As such, NTIC is not materially exposed to any financing, liquidity, market or credit risk that could arise if NTIC had engaged in such arrangements.

Inflation and Seasonality

Inflation in the United States and abroad historically has had little effect on NTIC. NTIC’s business has not historically been seasonal.

Market Risk

NTIC is exposed to some market risk stemming from changes in foreign currency exchange rates, commodity prices and interest rates.

Because the functional currency of NTIC’s foreign operations and investments in its foreign joint ventures is the applicable local currency, NTIC is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business. NTIC’s principal exchange rate exposure is with the Euro, the Japanese yen, Indian Rupee, Chinese Renminbi, Korean won and the English pound against the U.S. dollar. NTIC’s fees for services provided to joint ventures and dividend distributions from these foreign entities are paid in foreign currencies and thus fluctuations in foreign currency exchange rates could result in declines in NTIC’s reported net income. Since NTIC’s investments in its joint ventures are accounted for using the equity method, any changes in foreign currency exchange rates would be reflected as a foreign currency translation adjustment and would not change NTIC’s equity in income of joint ventures reflected in its consolidated statements of income. NTIC does not hedge against its foreign currency exchange rate risk.

Some raw materials used in NTIC’s products are exposed to commodity price changes. The primary commodity price exposures are with a variety of plastic resins.

At the option of NTIC, outstanding advances under NTIC’s $3,000,000 revolving line of credit with PNC Bank bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by NTIC or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate, and thus may subject NTIC to some market risk on interest rates. As of May 31, 2016, NTIC had no borrowings under the line of credit.

Critical Accounting Policies and Estimates

There have been no material changes to NTIC’s critical accounting policies and estimates from the information provided in “Part II. Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies”, included in NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2015.

Recent Accounting Pronouncements

See Note 2 to NTIC’s consolidated financial statements for a discussion of recent accounting pronouncements.

Forward-Looking Statements

This quarterly report on Form 10-Q contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created by those sections. In addition, NTIC or others on NTIC’s behalf may make forward-looking statements from time to time in oral presentations, including telephone conferences and/or web casts open to the public, in press releases or reports, on NTIC’s Internet web site or otherwise. All statements other than statements of historical facts included in this report or expressed by NTIC orally from time to time that address activities, events or developments that NTIC expects, believes or anticipates will or may occur in the future are forward-looking statements including, in particular, the statements about NTIC’s plans, objectives, strategies and prospects regarding, among other things, NTIC’s financial condition, results of operations and business, the outcome of contingencies such as legal proceedings and the effect of the liquidation of Tianjin Zerust and the establishment of NTIC China. NTIC has identified some of these forward-looking statements in this report with words like “believe,” “may,” “could,” “would,” “might,” “forecast,” “possible,” “potential,” “project,” “will,” “should,” “expect,” “intend,” “plan,” “predict,” “anticipate,” “estimate,” “approximate,” “outlook” or “continue” or the negative of these words or other words and terms of similar meaning. The use of future dates is also an indication of a forward-looking statement. Forward-looking statements may be contained in the notes to NTIC’s consolidated financial statements and elsewhere in this report, including under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Forward-looking statements are based on current expectations about future events affecting NTIC and are subject to uncertainties and factors that affect all businesses operating in a global market as well as matters specific to NTIC. These uncertainties and factors are difficult to predict and many of them are beyond NTIC’s control. The following are some of the uncertainties and factors known to us that could cause NTIC’s actual results to differ materially from what NTIC has anticipated in its forward-looking statements:

	·	NTIC’s operations in China, the termination of the joint venture agreements with Tianjin Zerust, the pending litigation against Mr. Tao Meng and Cortec Corporation and the anticipated liquidation of Tianjin Zerust and the effect on NTIC’s business and future operating results, including possible future impairment charges on NTIC’s investment in Tianjin Zerust and a receivable from Tianjin Zerust;

	·	The effect of current worldwide economic conditions, the European sovereign debt crisis and turmoil and disruption in the global credit and financial markets on NTIC’s business;

	·	The effect of the recent referendum vote of the United Kingdom to exit the European Union on NTIC’s operating results, including in particular future net sales of NTIC’s European and other joint ventures;

	·	The variability in NTIC’s sales of ZERUST® products and services into oil and gas industry and Natur-Tec^® products and NTIC’s equity income of joint ventures, which variability in sales and equity in income of joint venture in turn, subject NTIC’s earnings to quarterly fluctuations;

	·	Risks associated with NTIC’s international operations and exposure to fluctuations in foreign currency exchange rates and import duties and taxes;

	·	The health of the U.S. automotive industry on NTIC’s business;

	·	NTIC’s dependence on the success of its joint ventures and fees and dividend distributions that NTIC receives from them;

	·	NTIC’s relationships with its joint ventures and its ability to maintain those relationships, especially in light of anticipated succession planning issues;

	·	NTIC’s dependence upon sales by Zerust Brazil to Petroleo Brasileiro S.A. (Petrobras), an oil company located in Brazil, and the effect of such sales on NTIC’s quarterly operating results, including in particular its net sales and margins;

	·	Fluctuations in the cost and availability of raw materials, including resins and other commodities;

	·	The success of and risks associated with NTIC’s emerging new businesses and products and services, including in particular NTIC’s ability and the ability of NTIC’s joint ventures to sell ZERUST® products and services into oil and gas industry and Natur-Tec^® products and the often lengthy and extensive sales process involved in selling such products and services;

	·	NTIC’s ability to introduce new products and services that respond to changing market conditions and customer demand;

	·	Market acceptance of NTIC’s existing and new products, especially in light of existing and new competitive products;

	·	Maturation of certain existing markets for NTIC’s ZERUST^® products and services and NTIC’s ability to grow market share and succeed in penetrating other existing and new markets;

	·	Increased competition, especially with respect to NTIC’s ZERUST^® products and services, and the effect of such competition on NTIC’s and its joint ventures’ pricing, net sales and margins;

	·	NTIC’s reliance upon and its relationships with its distributors, independent sales representatives and joint ventures;

	·	NTIC’s reliance upon suppliers;

	·	Oil prices, which may affect sales of NTIC’s ZERUST^® products and services into the oil and gas industry;

	·	The costs and effects of complying with laws and regulations and changes in tax, fiscal, government and other regulatory policies, including rules relating to environmental, health and safety matters;

	·	Unforeseen product quality or other problems in the development, production and usage of new and existing products;

	·	Unforeseen production expenses incurred in connection with new customers and new products;

	·	Loss of or changes in executive management or key employees;

	·	Ability of management to manage around unplanned events;

	·	Pending and future litigation;

	·	NTIC’s reliance on its intellectual property rights and the absence of infringement of the intellectual property rights of others;

	·	NTIC’s ability to maintain effective internal control over financial reporting, especially in light of its accelerated filer status and its joint venture arrangements;

	·	Changes in applicable laws or regulations and NTIC’s failure to comply with applicable laws, rules and regulations;

	·	Changes in generally accepted accounting principles and the effect of new accounting pronouncements;

	·	Fluctuations in NTIC’s effective tax rate; and

NTIC’s reliance upon its management information systems.

For more information regarding these and other uncertainties and factors that could cause NTIC’s actual results to differ materially from what NTIC has anticipated in its forward-looking statements or otherwise could materially adversely affect its business, financial condition or operating results, see NTIC’s annual report on Form 10-K for the fiscal year ended August 31, 2015 under the heading “Part I. Item 1A. Risk Factors.”

All forward-looking statements included in this report are expressly qualified in their entirety by the foregoing cautionary statements. NTIC wishes to caution readers not to place undue reliance on any forward-looking statement that speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the uncertainties and factors described above, as well as others that NTIC may consider immaterial or does not anticipate at this time. Although NTIC believes that the expectations reflected in its forward-looking statements are reasonable, NTIC does not know whether its expectations will prove correct. NTIC’s expectations reflected in its forward-looking statements could be affected by inaccurate assumptions NTIC might make or by known or unknown uncertainties and factors, including those described above. The risks and uncertainties described above are not exclusive and further information concerning NTIC and its business, including factors that potentially could materially affect its financial results or condition, may emerge from time to time. NTIC assumes no obligation to update, amend or clarify forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. NTIC advises you, however, to consult any further disclosures NTIC makes on related subjects in its annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K NTIC files with or furnishes to the Securities and Exchange Commission.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

NTIC is exposed to some market risk stemming from changes in foreign currency exchange rates, commodity prices and interest rates.

Some raw materials used in NTIC’s products are exposed to commodity price changes. The primary commodity price exposures are with a variety of plastic resins.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

NTIC maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to provide reasonable assurance that information required to be disclosed by NTIC in the reports it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to NTIC’s management, including NTIC’s principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. NTIC’s management evaluated, with the participation of its Chief Executive Officer and its Chief Financial Officer, the effectiveness of the design and operation of NTIC’s disclosure controls and procedures as of the end of the period covered in this report. Based on that evaluation, NTIC’s Chief Executive Officer and Chief Financial Officer concluded that NTIC’s disclosure controls and procedures were effective as of the end of such period to provide reasonable assurance that information required to be disclosed in the reports that NTIC files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to NTIC’s management, including NTIC’s Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There was no change in NTIC’s internal control over financial reporting that occurred during the quarter ended May 31, 2016 that has materially affected, or is reasonably likely to materially affect NTIC’s internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On March 23, 2015, NTIC and NTI Asean LLC, a majority-owned subsidiary of NTIC, filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to NTIC’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd. The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. At this point it is too early in the lawsuit to reasonably estimate the amount of any recovery to NTI Asean.

On April 21, 2015, NTIC and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to NTIC’s joint venture in China, Tianjin Zerust. On November 4, 2015, NTIC and NTI Asean were permitted to file an amended complaint adding new counts, including, but not limited to, one for breach of contract, arising out of Cortec’s breach of a 2005 Settlement Agreement and Consent Order. The case was subsequently assigned to the complex civil jury trial calendar, extending deadlines for discovery and trial. The current discovery deadline is September 23, 2016 and the trial will be scheduled during the March 27-April 14, 2017 jury trial block in Ramsey County. The parties attended a court ordered mediation on September 24, 2015 which did not result in a settlement. A second mediation deadline of August 12, 2016 was set by the court in the amended scheduling order.

In addition, from time to time we are involved in routine litigation that arises in the ordinary course of our business.

From time to time, we are subject to various pending or threatened legal actions and proceedings, including those that arise in the ordinary course of our business, which may include employment matters and breach of contract disputes. Such matters are subject to many uncertainties and to outcomes that are not predictable with assurance and that may not be known for extended periods of time. In the opinion of management, the outcome of such routine pending litigation is not expected to have a material adverse effect on our results of operations or financial condition.

ITEM 1A. RISK FACTORS

This Item 1A is inapplicable to NTIC as a smaller reporting company.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Recent Sales of Unregistered Equity Securities

During the three months ended May 31, 2016, NTIC did not issue any shares of its common stock or other equity securities of NTIC that were not registered under the Securities Act of 1933, as amended.

Issuer Purchases of Equity Securities

The following table shows NTIC’s stock repurchase activity during the three months ended May 31, 2016.

Period	Total Number of Shares (or Units) Purchased	Average Price Paid Per Share (or Unit)	Total Number of Shares (or Units) Purchased As Part of Publicly Announced Plans or Programs	Maximum Number of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
March 1, 2016 through March 31, 2016	0	N/A	0	(1)
April 1, 2016 through April 30, 2016	0	N/A	0	(1)
May 1, 2016 through May 31, 2016	2,050	$13.12	2,050	(1)(2)
Total	2,050	$13.12	2,050	(1)(2)

(1)

On January 15, 2015, NTIC’s Board of Directors authorized the repurchase of up to $3,000,000 in shares of NTIC common stock through open market purchases or unsolicited or solicited privately negotiated transactions. This program has no expiration date but may be terminated by NTIC’s Board of Directors at any time.

(2)

As of May 31, 2016, up to $2,878,197 in shares of NTIC common stock remained available for repurchase under NTIC’s stock repurchase program.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS

The following exhibits are being filed or furnished with this quarterly report on Form 10-Q:

Exhibit No.		Description
31.1		Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
31.2		Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)
32.1		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
32.2		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101		The following materials from NTIC’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statements of Operations, (iii) the unaudited Consolidated Statements of Comprehensive Income, (iv) the unaudited Consolidated Statements of Cash Flows, and (v) Notes to Condensed Financial Statements (filed herewith)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION


Date: July 11, 2016		Matthew C. Wolsfeld, CPA
		Chief Financial Officer
		(Principal Financial and Accounting Officer and
		Duly Authorized to Sign on Behalf of the Registrant)

NORTHERN TECHNOLOGIES INTERNATIONAL CORPORATION
QUARTERLY REPORT ON FORM 10-Q

EXHIBIT INDEX

Exhibit No.	Description	Method of Filing
31.1	Certification of Chief Executive Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
31.2	Certification of Chief Financial Officer Pursuant to Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	Filed herewith
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	Furnished herewith
101	The following materials from Northern Technologies International Corporation’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2016, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Consolidated Balance Sheets, (ii) the unaudited Consolidated Statements of Operations, (iii) the unaudited Consolidated Statements of Comprehensive Income, (iv) the unaudited Consolidated Statements of Cash Flows, and (v) Notes to Condensed Financial Statements	Filed herewith

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, G. Patrick Lynch, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 11, 2016
		G. Patrick Lynch
		President and Chief Executive Officer
		(principal executive officer)

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

I, Matthew C. Wolsfeld, certify that:

	1.	I have reviewed this quarterly report on Form 10-Q of Northern Technologies International Corporation;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 11, 2016
		Matthew C. Wolsfeld, CPA
		Chief Financial Officer and Corporate Secretary
		(principal financial officer)

EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Northern Technologies International Corporation (the “Company”) on Form 10-Q for the period ended May 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, G. Patrick Lynch, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

____________________________

G. Patrick. Lynch

President and Chief Executive Officer

(principal executive officer)

Circle Pines, Minnesota

July 11, 2016

EX-32.2 5 exh_322.htm EXHIBIT 32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Northern Technologies International Corporation (the “Company”) on Form 10-Q for the period ended May 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Matthew C. Wolsfeld, Chief Financial Officer and Corporate Secretary of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

____________________________

Matthew C. Wolsfeld, CPA

Chief Financial Officer and Corporate Secretary
(principal financial officer and principal accounting
officer)

Circle Pines, Minnesota

July 11, 2016

EX-101.INS 6 ntic-20160531.xml XBRL INSTANCE FILE false --08-31 Q3 2016 2016-05-31 10-Q 0000875582 4537116 Yes Accelerated Filer Northern Technologies International Corporation No No ntic 79800 159600 341261 101861 0.561 0.557 0.561 0.547 0.746 0.741 0.76 0.766 1.1 0.179 0.168 0.124 0.115 0.11 0.096 0.1 0.072 0.098 0.098 0.065 0.084 0.055 0.054 0.052 0.055 0.049 0.079 0.041 0.057 0.04 0.043 0.087 0.078 1 1 0.174 0.149 0.118 0.099 0.109 0.092 0.104 0.096 0.077 0.069 0.066 0.072 0.065 0.03 0.059 0.049 0.05 0.059 0.047 0.05 0.046 0.037 0 0.116 0.085 0.082 1 1 0.656 0.67 0.1 1351913 1303964 3808384 4432494 1351593 1449162 -97569 -1257998 570647 896173 73522 -324338 7925357 7553957 21454381 20030491 761218 723618 1961565 2189888 4 2 0.6 0.75 0.25 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Direct cost of goods sold</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 12%; font-size: 10pt; text-indent: 10pt">ZERUST®</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">4,028,114</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">56.1</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">3,942,776</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">55.7</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">10,968,742</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">56.1</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">10,452,467</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">54.7</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Natur-Tec®</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,119,730</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">889,976</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74.1</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,938,927</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">76.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,391,599</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">76.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Indirect cost of goods sold</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">629,405</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">762,455</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,013,227</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,215,492</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Total net cost of goods sold</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">5,777,249</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">5,595,207</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">15,920,896</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">15,059,558</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table></div> 242158 219182 167237 149771 148091 124772 135068 93229 132548 128164 87588 108788 74085 70984 70610 72285 66239 103234 55876 74711 54537 56843 117876 102001 1351913 1303964 664812 660135 452260 437607 416241 409316 395611 425316 292216 304600 250373 318686 247730 133405 223137 215548 189556 262451 177704 220926 176470 165492 516139 322274 362872 3808384 4432494 4573671 4027167 718899 645377

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">2. <div style="display: inline; text-transform: uppercase">Recently Issued Accounting PronouncementS</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-transform: uppercase"> </div></div></div> <div style=" font-size: 10pt; margin: 0pt 0">In May 2014, the Financial Accounting Standards Board (FASB) issued <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers, Topic 606</div> (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">In July 2015, the FASB issued ASU No. 2015-11, “<div style="display: inline; font-style: italic;">Inventory</div>”, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company’s fiscal year 2018, with prospective application. The Company does not expect the adoption of the provisions of ASU 2015-11 to have a material impact on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0">In November 2015, FASB issued ASU 2015-17, <div style="display: inline; font-style: italic;">Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes</div> which requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The amendment takes effect for public entities for fiscal years beginning after December 15, 2017, with early adoption available. The Company is currently assessing the impact that ASU 2015-17 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “<div style="display: inline; font-style: italic;">Leases</div>.” ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div>   <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">In March 2016, the FASB issued ASU No. 2016-07, “<div style="display: inline; font-style: italic;">Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting</div>.” Among other things, the amendments in ASU 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently assessing the impact that ASU 2016-07 will have on its consolidated financial statements.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">In March 2016, the FASB issued ASU 2016-09, <div style="display: inline; font-style: italic;">Stock Compensation</div>, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.</div></div>

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">14. <div style="display: inline; text-transform: uppercase">Fair Value Measurements</div></div></div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">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.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following tables provide information by level for assets and liabilities that are measured at fair value on a recurring basis:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements <br />Using Inputs Considered as</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as of <br />May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Available for sale securities</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">2,239,792</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">2,239,792</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">—</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">—</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="11" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements <br />Using Inputs Considered as</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as of <br />August 31, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Available for sale securities</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">2,027,441</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">2,027,441</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">—</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">—</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">There were no transfers between Level 1, Level 2, or Level 3 during the three and nine months ended May 31, 2016 and 2015.</div></div>

P7Y

1267078

1177803

115000

2531858

2440022

1264780

1262219

1264780

1262219

-20689

1691077

1703083

5057777

4794206

2909326

2682368

7495050

7160821

1664464

1724915

3600884

4806247

2714905

885979

3152489

132824

1520934

1249382

1183180

1142691

2970109

225395

114180

262359

495478

510288

198462

692741

82550

-377

22943

-363514

-813896

27558

314038

217055

-17185

887748

58518

95316

24831

69883

49059

116282

15465

6004

30987

14232

6073781

6023427

7411006

7468441

7411006

7468441

1337225

1445014

29868

7943

58425

25504

310365

52771582

51565648

3953054

3671841

3000000

4273741

4090619

3130694

3019702

-228817

-402570

-794668

1755098

3053297

36221

917373

905435

575233

1785056

106614

163565

305099

689575

4697018

4530006

13796320

13442870

1228685

1181241

1107998

2956692

364405

514409

199216

130736

432360

-439459

-52370

-3695884

266791

327586

881255

1510830

6294

7255

2145

3016377

3028879

7409268

9238741

97450

200000

560000

212351

91836

138786

490481

1098035

10000

489946

411473

5449543

2767771

2991919

99450

68633

57980

1425000

1138000

1023987

1069000

880332

2474631

11053993

10581073

7298036

7293163

64050

46918

13664

16402

164765

45220

7055557

7184623

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">242,158</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">17.9</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">219,182</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">16.8</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">167,237</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">12.4</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">149,771</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.5</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">148,091</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">124,772</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">135,068</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">93,229</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">132,548</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">128,164</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.8</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87,588</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">108,788</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8.4</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74,085</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">70,984</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.4</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">70,610</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.2</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">72,285</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.5</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">66,239</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">103,234</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">55,876</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.1</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74,711</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.7</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54,537</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">56,843</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.3</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">117,876</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.7</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">102,001</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7.8</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1,351,913</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1,303,964</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">664,812</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">17.4</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">660,135</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14.9</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">452,260</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">437,607</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">416,241</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">409,316</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">395,611</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.4</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">425,316</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">292,216</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.7</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">304,600</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">250,373</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">318,686</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">247,730</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">133,405</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">223,137</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">215,548</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">189,556</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">262,451</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">177,704</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.7</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">220,926</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">176,470</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">165,492</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3.7</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">China</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">—</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">0.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">516,139</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">322,274</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.5</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">362,872</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,808,384</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">4,432,494</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div>

1231950

1064710

3349572

2968879

4626538

2623981

35098104

34522871

15892135

9416694

6475441

18483377

11540456

6942921

8686575

8277575

23415946

22220379

7185955

7076760

19548974

19098816

1500620

1200815

3866972

3121563

5559885

5337090

14762170

14200121

446322

580622

1967370

2588501

2680368

2359863

6686406

5431757

1509659

2103589

911227

708635

2473733

442262

18521327

18965893

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; border-collapse: collapse; font-size: 10pt;; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 52%; text-decoration: underline; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; text-decoration: underline;">Options Exercised</div></div></td> <td style="width: 48%; text-decoration: underline; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; text-decoration: underline;">Exercise Price</div></div></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">18,000</td> <td style="text-align: center">$7.65</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">2,333</td> <td style="text-align: center">$10.20</td> </tr> </table></div>

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">12. SEGMENT AND GEOGRAPHIC INFORMATION</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Segment Information</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">The Company’s chief operating decision maker is its Chief Executive Officer. The Company’s business is organized into two reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and more recently, has targeted and expanded into the oil and gas industry. The Company also sells a portfolio of bio-based and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2016 and 2015 by segment:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">ZERUST® net sales</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,185,955</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">7,076,760</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">19,548,974</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">19,098,816</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Natur-Tec® net sales</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,500,620</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,200,815</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,866,972</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,121,563</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total net sales</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">8,686,575</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">8,277,575</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">23,415,946</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">22,220,379</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2016 and 2015 by segment:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Segment Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, <br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of <br /> Segment <br /> Sales*</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Direct cost of goods sold</td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> <td style="font-size: 10pt"> </td> <td colspan="3" style="font-size: 10pt; text-align: center"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 12%; font-size: 10pt; text-indent: 10pt">ZERUST®</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">4,028,114</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">56.1</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">3,942,776</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">55.7</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">10,968,742</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">56.1</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 8%; font-size: 10pt; text-align: right">10,452,467</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 8%; font-size: 10pt; text-align: right">54.7</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Natur-Tec®</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,119,730</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">889,976</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74.1</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,938,927</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">76.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,391,599</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">76.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Indirect cost of goods sold</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">629,405</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">762,455</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,013,227</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,215,492</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">—</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td nowrap="nowrap" style="font-size: 10pt; text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Total net cost of goods sold</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">5,777,249</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">5,595,207</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">15,920,896</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">15,059,558</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin-top: 0pt; text-align: left; margin-bottom: 0pt">__________________________</div> <table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 0.3in">*</td> <td>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.</td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">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.</div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"> </div> <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></div>   <div style=" font-size: 10pt; margin: 0pt 0; text-indent: 0.5in"></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Geographic Information</div></div> <div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;"> </div></div> <div style=" font-size: 10pt; margin: 0pt 0">Net sales by geographic location for the three and nine months ended May 31, 2016 and 2015 were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt; text-align: left">Inside the U.S.A. to unaffiliated customers</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,559,885</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">5,337,090</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">14,762,170</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">14,200,121</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Outside the U.S.A to:</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-left: 10pt">Joint ventures in which the Company is a shareholder directly and indirectly</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">446,322</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">580,622</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">1,967,370</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,588,501</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 10pt">Unaffiliated customers</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,680,368</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,359,863</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,686,406</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,431,757</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">8,686,575</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">8,277,575</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">23,415,946</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">22,220,379</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">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 nine months ended May 31, 2016 and 2015 were as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">242,158</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">17.9</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">219,182</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">16.8</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">167,237</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">12.4</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">149,771</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.5</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">148,091</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">124,772</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">135,068</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">93,229</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">132,548</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">128,164</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.8</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">87,588</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">108,788</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">8.4</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74,085</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">70,984</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.4</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">70,610</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.2</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">72,285</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.5</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">66,239</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">103,234</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">55,876</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.1</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">74,711</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.7</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">54,537</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">56,843</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.3</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">117,876</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.7</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">102,001</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7.8</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1,351,913</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">1,303,964</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31,<br /> 2015</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">% of Total Fees for Services Provided to Joint Ventures</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; font-size: 10pt">Germany</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">664,812</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">17.4</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right">660,135</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 10%; font-size: 10pt; text-align: right">14.9</td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Poland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">452,260</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.8</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">437,607</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Japan</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">416,241</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">409,316</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Thailand</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">395,611</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">10.4</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">425,316</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">9.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">United Kingdom</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">292,216</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.7</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">304,600</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">France</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">250,373</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">318,686</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">7.2</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Korea</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">247,730</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">6.5</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">133,405</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">223,137</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.9</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">215,548</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Sweden</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">189,556</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">262,451</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.9</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Finland</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">177,704</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.7</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">220,926</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">5.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Czech Republic</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">176,470</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">4.6</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">165,492</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">3.7</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">China</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">—</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">0.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">516,139</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">11.6</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">Other</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">322,274</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.5</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">362,872</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">8.2</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: right"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">3,808,384</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right">4,432,494</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">100.0</td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0"></div>   <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">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 and cost of goods sold recognized directly by the Company.</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">The geographical distribution of key financial statement data is as follows:</div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">August 31, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify; text-indent: 10pt">Brazil</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">64,050</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">46,918</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">13,664</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">16,402</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 10pt">China</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">164,765</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">45,220</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; text-indent: 10pt">United States</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,055,557</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,184,623</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total long-lived assets</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,298,036</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">7,293,163</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify"> </td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2016</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">May 31, 2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: justify; text-indent: 10pt">Brazil</td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">1,509,659</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> <td style="width: 1%; font-size: 10pt"> </td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right">2,103,589</td> <td style="width: 1%; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; text-indent: 10pt">India</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">911,227</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">708,635</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; text-indent: 10pt">China</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">2,473,733</td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; text-align: right">442,262</td> <td style="font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 1pt; text-indent: 10pt">United States</td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,521,327</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,965,893</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: justify; padding-bottom: 2.25pt">Total net sales</td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">23,415,946</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> <td style="font-size: 10pt; padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">22,220,379</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td> </tr> </table> </div> <div style=" font-size: 10pt; margin: 0pt 0"> </div> <div style=" font-size: 10pt; margin: 0pt 0">Total long-lived assets located in Brazil, India and China primarily consist of property, plant 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.</div></div>

1507200

1434627

4507716

4168955

325576

378421

P3Y

P4Y

0.46

0.466

0.0163

800000

100000

53447

45067

53447

45067

8.48

11.58

7.65

10.20

14.85

20.10

P10Y

P6Y259D

P6Y204D

0.9

2439

1948

3144

18000

2333

325576

378421

7511

45687834

44874105

48818528

47893807

4563801

4594992

4587064

4635561

4538970

4525109

4538005

4519279

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Document And Entity Information - shares
9 Months Ended

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Entity Registrant Name Northern Technologies International Corporation

Entity Central Index Key 0000875582

Trading Symbol ntic

Current Fiscal Year End Date --08-31

Entity Filer Category Accelerated Filer

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Well-known Seasoned Issuer No

Entity Common Stock, Shares Outstanding (in shares) 4,537,116

Document Type 10-Q

Document Period End Date May 31, 2016

Document Fiscal Year Focus 2016

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Consolidated Balance Sheets (Current Period Unaudited) - USD ($)

May 31, 2016

Aug. 31, 2015

CURRENT ASSETS:

Cash and cash equivalents $ 4,626,538 $ 2,623,981

Available for sale securities 2,239,792 2,027,441

Trade excluding joint ventures, less allowance for doubtful accounts of $40,000 at May 31, 2016 and August 31, 2015 4,573,671 4,027,167

Trade joint ventures 718,899 645,377

Fees for services provided to joint ventures 1,351,593 1,449,162

Income taxes 510,288 198,462

Inventories 7,411,006 7,468,441

Prepaid expenses 489,946 411,473

Deferred income taxes 424,108 424,108

Total current assets 22,345,841 19,275,612

PROPERTY AND EQUIPMENT, NET 7,298,036 7,293,163

OTHER ASSETS:

Investments in joint ventures 18,604,871 20,544,238

Investments at carrying value (Note 7) 1,883,668 1,883,668

Deferred income taxes 1,175,170 1,176,012

Patents and trademarks, net 1,264,780 1,262,219

Other 199,216 130,736

Total other assets 23,127,705 24,996,873

Total assets 52,771,582 51,565,648

CURRENT LIABILITIES:

Accounts payable 2,769,347 2,101,175

Accrued liabilities:

Payroll and related benefits 819,302 1,056,257

Other 364,405 514,409

Total current liabilities 3,953,054 3,671,841

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 10,000,000 shares; issued and outstanding 4,537,116 and 4,539,045, respectively 90,742 90,781

Additional paid-in capital 13,738,062 13,441,264

Retained earnings 35,098,104 34,522,871

Accumulated other comprehensive loss (3,239,074) (3,180,811)

Stockholders’ equity 45,687,834 44,874,105

Non-controlling interest 3,130,694 3,019,702

Total equity 48,818,528 47,893,807

Total liabilities and equity $ 52,771,582 $ 51,565,648

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Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)

May 31, 2016

Aug. 31, 2015

Trade allowance $ 40,000 $ 40,000

Preferred stock, 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 value (in dollars per share) $ 0.02 $ 0.02

Common stock, shares authorized (in shares) 10,000,000 10,000,000

Common stock, shares issued (in shares) 4,537,116 4,539,045

Common stock, shares outstanding (in shares) 4,537,116 4,539,045

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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

NET SALES:

Net sales, excluding joint ventures $ 7,925,357 $ 7,553,957 $ 21,454,381 $ 20,030,491

Net sales, to joint ventures 761,218 723,618 1,961,565 2,189,888

Total net sales 8,686,575 8,277,575 23,415,946 22,220,379

Cost of goods sold 5,777,249 5,595,207 15,920,896 ^[1] 15,059,558 ^[1]

Gross profit 2,909,326 2,682,368 7,495,050 7,160,821

JOINT VENTURE OPERATIONS:

Equity in income of joint ventures 1,664,464 1,724,915 3,600,884 4,806,247

Fees for services provided to joint ventures 1,351,913 1,303,964 3,808,384 4,432,494

Total joint venture operations 3,016,377 3,028,879 7,409,268 9,238,741

OPERATING EXPENSES:

Selling expenses 1,507,200 1,434,627 4,507,716 4,168,955

General and administrative expenses 1,691,077 1,703,083 5,057,777 4,794,206

Expenses incurred in support of joint ventures 266,791 327,586 881,255 1,510,830

Research and development expenses 1,231,950 1,064,710 3,349,572 2,968,879

Total operating expenses 4,697,018 4,530,006 13,796,320 13,442,870

OPERATING INCOME 1,228,685 1,181,241 1,107,998 2,956,692

INTEREST INCOME 29,868 7,943 58,425 25,504

INTEREST EXPENSE (15,465) (6,004) (30,987) (14,232)

OTHER INCOME 6,294 7,255 2,145

INCOME BEFORE INCOME TAX EXPENSE 1,249,382 1,183,180 1,142,691 2,970,109

INCOME TAX EXPENSE 225,395 114,180 262,359 495,478

NET INCOME 1,023,987 1,069,000 880,332 2,474,631

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 106,614 163,565 305,099 689,575

NET INCOME ATTRIBUTABLE TO NTIC $ 917,373 $ 905,435 $ 575,233 $ 1,785,056

NET INCOME ATTRIBUTABLE TO NTIC PER COMMON SHARE:

Basic (in dollars per share) $ 0.20 $ 0.20 $ 0.13 $ 0.40

Diluted (in dollars per share) $ 0.20 $ 0.20 $ 0.13 $ 0.39

WEIGHTED AVERAGE COMMON SHARES ASSUMED OUTSTANDING:

Basic (in shares) 4,538,970 4,525,109 4,538,005 4,519,279

Diluted (in shares) 4,563,801 4,594,992 4,587,064 4,635,561

[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.

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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended

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May 31, 2015

May 31, 2016

May 31, 2015

NET INCOME $ 1,023,987 $ 1,069,000 $ 880,332 $ 2,474,631

OTHER COMPREHENSIVE INCOME (LOSS) – FOREIGN CURRENCY TRANSLATION ADJUSTMENT 432,360 (439,459) (52,370) (3,695,884)

COMPREHENSIVE INCOME (LOSS) 1,456,347 629,541 827,962 (1,221,253)

COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 124,840 130,133 310,992 372,690

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NTIC $ 1,331,507 $ 499,408 $ 516,970 $ (1,593,943)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
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May 31, 2015

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 880,332 $ 2,474,631

Adjustments to reconcile net income to net cash provided by operating activities:

Stock-based compensation 325,576 378,421

Depreciation expense 482,576 385,126

Amortization expense 89,275 65,747

Loss on disposal of assets 20,689

Equity in income from joint ventures (3,600,884) (4,806,247)

Dividends received from joint ventures 5,449,543 2,767,771

Deferred income taxes (27,558)

Receivables:

Trade, excluding joint ventures (570,647) (896,173)

Trade, joint ventures (73,522) 324,338

Fees for services provided to joint ventures 97,569 1,257,998

Income taxes (314,038) (217,055)

Inventories 17,185 (887,748)

Prepaid expenses and other (58,518) (95,316)

Accounts payable 692,741 82,550

Income tax payable (377) 22,943

Accrued liabilities (363,514) (813,896)

Net cash provided by operating activities 3,053,297 36,221

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from the sale of available for sale securities 2,991,919

Purchase of available for sale securities (212,351)

Additions to property and equipment (490,481) (1,098,035)

Additions to patents (91,836) (138,786)

Net cash (used in) provided by investing activities (794,668) 1,755,098

CASH FLOWS FROM FINANCING ACTIVITIES:

Dividend received by non-controlling interest (200,000) (560,000)

Repurchase of common stock (97,450)

Proceeds from employee stock purchase plan 68,633 57,980

Proceeds from exercise of stock options 99,450

Net cash used in financing activities (228,817) (402,570)

EFFECT OF EXCHANGE RATE CHANGES ON CASH: (27,255) (72,195)

NET INCREASE IN CASH AND CASH EQUIVALENTS 2,002,557 1,316,554

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,623,981 2,477,017

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 4,626,538 $ 3,793,571

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Note 1 - Interim Financial Information
9 Months Ended

May 31, 2016

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 May 31, 2016 and August 31, 2015 and the results of their operations for the three and nine months ended May 31, 2016 and 2015 and their cash flows for the nine months ended May 31, 2016 and 2015, 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, 2015. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report.

Operating results for the three and nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2016.

The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.

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Note 2 - Recently Issued Accounting Pronouncements
9 Months Ended

May 31, 2016

Notes to Financial Statements

Description of New Accounting Pronouncements Not yet Adopted [Text Block]
2.
Recently Issued Accounting PronouncementS

In May 2014, the Financial Accounting Standards Board (FASB) issued
Revenue from Contracts with Customers, Topic 606
(Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any.

In July 2015, the FASB issued ASU No. 2015-11, “
Inventory
”, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company’s fiscal year 2018, with prospective application. The Company does not expect the adoption of the provisions of ASU 2015-11 to have a material impact on its consolidated financial statements.

In November 2015, FASB issued ASU 2015-17,
Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes
which requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The amendment takes effect for public entities for fiscal years beginning after December 15, 2017, with early adoption available. The Company is currently assessing the impact that ASU 2015-17 will have on its consolidated financial statements.

During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “
Leases
.” ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements.

In March 2016, the FASB issued ASU No. 2016-07, “
Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting
.” Among other things, the amendments in ASU 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently assessing the impact that ASU 2016-07 will have on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09,
Stock Compensation
, which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU.

Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

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Note 3 - Inventories
9 Months Ended

May 31, 2016

Notes to Financial Statements

Inventory Disclosure [Text Block]
3. INVENTORIES

Inventories consisted of the following:

May 31, 2016 August 31, 2015

Production materials $ 1,337,225 $ 1,445,014

Finished goods 6,073,781 6,023,427

$ 7,411,006 $ 7,468,441

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Note 4 - Property and Equipment, Net
9 Months Ended

May 31, 2016

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]
4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:

May 31, 2016 August 31, 2015

Land $ 310,365 $ 310,365

Buildings and improvements 6,469,887 6,180,089

Machinery and equipment 4,273,741 4,090,619

11,053,993 10,581,073

Less accumulated depreciation (3,755,957 ) (3,287,910 )

$ 7,298,036 $ 7,293,163

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Note 5 - Patents and Trademarks, Net
9 Months Ended

May 31, 2016

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]
5. PATENTS AND TRADEMARKS, NET

Patents and trademarks, net consisted of the following:

May 31, 2016 August 31, 2015

Patents and trademarks $ 2,531,858 $ 2,440,022

Less accumulated amortization (1,267,078 ) (1,177,803 )

$ 1,264,780 $ 1,262,219

Patent and trademark costs are amortized over seven years. Costs incurred related to patents and trademarks are capitalized until filed and approved, at which time the amounts capitalized to date are amortized and any further costs, including maintenance costs, are expensed as incurred. Amortization expense is estimated to approximate $115,000 in each of the next five fiscal years.

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Note 6 - Investments in Joint Ventures
9 Months Ended

May 31, 2016

Notes to Financial Statements

Equity Method Investments and Joint Ventures Disclosure [Text Block]
6. INVESTMENTS IN JOINT VENTURES

The 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 accounting principles generally accepted in the United States of America in all material respects. All material profits recorded on sales 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 of the Company’s other joint ventures, are summarized as follows:

May 31, 2016

Total EXCOR All Other

Current assets $ 47,930,421 $ 22,433,723 $ 25,496,698

Total assets 51,389,757 24,189,092 27,200,665

Current liabilities 13,952,018 4,602,925 9,349,093

Noncurrent liabilities 103,392 — 103,392

Joint ventures’ equity 37,334,348 19,586,166 17,748,182

Northern Technologies International Corporation’s share of joint ventures’ equity 18,604,871 9,793,085 8,811,786

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 15,892,135 $ 9,416,694 $ 6,475,441

August 31, 2015

Total EXCOR All Other

Current assets $ 49,295,116 $ 22,620,323 $ 26,674,793

Total assets 52,853,938 24,606,880 28,247,058

Current liabilities 12,288,383 3,360,142 8,928,241

Noncurrent liabilities 1,215,139 — 1,215,139

Joint ventures’ equity 39,350,417 21,246,738 18,103,679

Northern Technologies International Corporation’s share of joint ventures’ equity 20,544,238 11,571,361 8,972,877

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 18,483,377 $ 11,540,456 $ 6,942,921

Nine Months Ended May 31, 2016

Total EXCOR All Other

Net sales $ 66,223,514 $ 25,314,260 $ 40,909,254

Gross profit 29,745,795 13,512,404 16,233,391

Net income 7,188,274 5,409,407 1,778,867

Northern Technologies International Corporation’s share of equity in income of joint ventures $ 3,600,884 $ 2,714,905 $ 885,979

Nine Months Ended May 31, 2015

Total EXCOR Tianjin
Zerust All Other

Net sales $ 75,974,770 $ 27,580,051 $ 3,735,457 $ 44,659,262

Gross profit 37,469,186 15,113,100 1,783,673 20,572,413

Net income 9,634,318 6,334,009 265,648 3,034,661

Northern Technologies International Corporation’s share of equity in income of joint ventures $ 4,806,247 $ 3,152,489 $ 132,824 $ 1,520,934

On January 2, 2015, the Company announced that, effective as of December 31, 2014, the Company terminated its joint venture arrangement in China, Tianjin-Zerust Anticorrosion Co., Ltd. (Tianjin Zerust), and began the process of liquidating the joint venture entity. Since December 31, 2014, the Company has conducted business in China through a wholly-owned subsidiary, NTIC (Shanghai) Co. Ltd. (NTIC China). As of December 31, 2014, the Company started recognizing Tianjin Zerust based on its carrying value instead of the equity method since the Company no longer expects to significantly affect the joint venture’s operations or decision making. See Note 7.

The Company records expenses that are directly attributable to the joint ventures on its consolidated statements of operations in the line item “Expenses incurred in support of joint ventures.” The expenses include items such as employee compensation and benefit expenses, travel expense and consulting expense. See Note 13 regarding pending litigation involving Tianjin Zerust.

The Company did not make any joint venture investments during the nine months ended May 31, 2016 and 2015.

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Note 7 - China Operations
9 Months Ended

May 31, 2016

Notes to Financial Statements

Fair Value Disclosures [Text Block]
7. CHINA OPERATIONS

Effective December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, began the process of liquidating the joint venture entity, and commenced operations in China through a wholly-owned subsidiary, NTIC (Shanghai) Co. Ltd. on January 1, 2015. Effective December 31, 2014, the Company’s investment in Tianjin Zerust is reported at carrying value based on the Company’s decreased level of influence over the entity, and the Company has reclassified previously unrecognized gains on foreign currency translation from accumulated other comprehensive income. Any declines in the fair value are reflected as adjustments to the carrying value. No such adjustments were recorded during the nine months ended May 31, 2016.

Because of the lack of financial and other information received from Tianjin Zerust, it is possible that receipt of future financial and other information from Tianjin Zerust may impact the realization of the Company’s investment in and realization of a receivable from Tianjin Zerust. The last time the Company received financial information from Tianjin Zerust was through November 2014. The Company, as of May 31, 2016, does not believe there are any triggering events that would require an impairment test. The Company’s current net investment is approximately $1,130,200, which is 60% of its investment in Tianjin Zerust, which was $1,883,668 as of May 31, 2016. The Company will continue to evaluate the realization of this asset on an ongoing basis and adjust if necessary.

The Company incurred expenses of $1,425,000 and $1,138,000 during the nine months ended May 31, 2016 and 2015, respectively, related to the termination of the joint venture agreement with Tianjin Zerust, the initiation of the liquidation of Tianjin Zerust, the formation and initial operation of NTIC China and the litigation in North America. Such expenses consisted primarily of legal expenses and personnel expenses associated with the establishment of the subsidiary and the hiring of new personnel. These expenses are recorded as operating expenses on the consolidated statements of operations and are partially offset by the gross margin contribution from sales of NTIC China.

See Note 13 regarding pending litigation involving Tianjin Zerust.

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Note 8 - Corporate Debt
9 Months Ended

May 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]
8. CORPORATE DEBT

The Company has a revolving line of credit with PNC Bank of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2016 and August 31, 2015. At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate. Interest is payable in arrears (a) for the portion of advances bearing interest under the prime rate on the last day of each month during the term thereof and (b) for the portion of advances bearing interest under the LIBOR option on the last day of the respective LIBOR interest period selected for such advance. Any unpaid interest is payable on the maturity date. The revolving line of credit is secured by cash, receivables and inventory.

The line of credit is governed under a loan agreement. The loan agreement contains standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2016, the Company was in compliance with all debt covenants.

On January 6, 2016, PNC Bank extended the maturity date of the line of credit from January 7, 2016 to January 7, 2017. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

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Note 9 - Stockholders' Equity
9 Months Ended

May 31, 2016

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]
9. STOCKHOLDERS’ EQUITY

During the nine months ended May 31, 2016, the Company repurchased and retired 7,511 shares of its common stock. During the nine months ended May 31, 2015, the Company did not repurchase or retire any shares of its common stock.

The Company granted stock options under the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) to purchase an aggregate of 53,447 shares of its common stock to various employees and directors during the nine months ended May 31, 2016. The weighted average per share exercise price of the stock options is $14.85, which is equal to the fair market value of the Company’s common stock on the date of grant.

During the nine months ended May 31, 2016, no stock options to purchase shares of common stock were exercised.

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The following stock options to purchase shares of common stock were exercised during the nine months ended May 31, 2015:

Options Exercised

Exercise Price

18,000 $7.65

2,333 $10.20

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Note 10 - Net Income Per Common Share
9 Months Ended

May 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]
10. 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 income per share computation:

Three Months Ended Nine Months Ended

Numerators: May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

Net income attributable to NTIC $ 917,373 $ 905,435 $ 575,233 $ 1,785,056

Denominators:

Basic – weighted shares outstanding 4,538,970 4,525,109 4,538,005 4,519,279

Weighted shares assumed upon exercise of stock options 24,831 69,883 49,059 116,282

Diluted – weighted shares outstanding 4,563,801 4,594,992 4,587,064 4,635,561

Basic income per share: $ 0.20 $ 0.20 $ 0.13 $ 0.40

Diluted income per share: $ 0.20 $ 0.20 $ 0.13 $ 0.39

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. Income per share was based on the weighted average number of shares of common stock outstanding during the periods when computing the basic income per share. When dilutive, stock options are included as equivalents using the treasury stock market method when computing the diluted income per share.

Excluded from the computation of diluted income per share for the three and nine months ended May 31, 2016 were options outstanding to purchase 170,887 shares of common stock. Excluded from the computation of diluted income per share for the three and nine months ended May 31, 2015 were options outstanding to purchase 45,067 shares of common stock.

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Note 11 - Stock-based Compensation
9 Months Ended

May 31, 2016

Notes to Financial Statements

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
11. STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which stock options and other stock-based awards have been granted, the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan and the Northern Technologies International Corporation Employee Stock Purchase Plan (the ESPP). The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.

The 2007 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, stock unit awards, performance awards and stock bonuses to eligible recipients to enable the Company and its subsidiaries to attract and retain qualified individuals through opportunities for equity participation in the Company, and to reward those individuals who contribute to the achievement of the Company’s economic objectives. Subject to adjustment as provided in the 2007 Plan, up to a maximum of 800,000 shares of the Company’s common stock are issuable under the 2007 Plan. Options granted under the 2007 Plan generally have a term of ten years and become exercisable over a three- or four-year period beginning on the one-year anniversary of the date of grant. Options are granted at per share exercise prices equal to the market value of the Company’s common stock on the date of grant. The Company issues new shares upon the exercise of options. As of May 31, 2016, only stock options and stock bonuses had been granted under the 2007 Plan.

The maximum number of shares of common stock of the Company available for issuance under the ESPP is 100,000 shares, subject to adjustment as provided in the ESPP. The ESPP provides for six-month offering periods beginning on September 1 and March 1 of each year. The purchase price of the shares is 90% of the lower of the fair market value of common stock at the beginning or end of the offering period. This discount may not exceed the maximum discount rate permitted for plans of this type under Section 423 of the Internal Revenue Code of 1986, as amended. The ESPP is compensatory for financial reporting purposes. The Company issued 2,439 and 1,948 shares on September 1, 2015 and 2014, respectively, under the ESPP. The Company issued 3,144 shares on March 1, 2016 under the ESPP.

The Company granted options to purchase an aggregate of 53,447 and 45,067 shares of its common stock during the nine months ended May 31, 2016 and 2015, respectively. The fair value of option grants is determined at date of grant, using the Black-Scholes option pricing model with the assumptions listed below. The Company recognized compensation expense of $325,576 and $378,421 during the nine months ended May 31, 2016 and 2015, respectively, related to the options that vested during such time period. As of May 31, 2016, the total compensation cost for nonvested options not yet recognized in the Company’s consolidated statements of operations was $341,261, net of estimated forfeitures. Stock-based compensation expense of $101,861 is expected through the remainder of fiscal year 2016, and $159,600 and $79,800 is expected to be recognized during fiscal 2017 and fiscal 2018, respectively, based on outstanding options as of May 31, 2016. Future option grants will impact the compensation expense recognized. Stock-based compensation expense is included in general and administrative expense on the consolidated statements of operations.

The Company currently estimates a ten percent forfeiture rate for stock options and continually reviews this estimate for future periods.

The fair value of each option grant is estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions and results for the grants:

Nine Months Ended

May 31, 2016 May 31, 2015

Dividend yield 0.00 % 0.00 %

Expected volatility 46.0 % 46.6 %

Expected life of option (years) 10 10

Average risk-free interest rate 1.63 % 1.63 %

The weighted average per share fair value of options granted during nine months ended May 31, 2016 and 2015 was $8.48 and $11.58, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2016 and 2015 was 6.71 years and 6.56 years, respectively.

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Note 12 - Segment and Geographic Information
9 Months Ended

May 31, 2016

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]
12. 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 reportable segments: ZERUST® and Natur-Tec®. The Company has been selling its proprietary ZERUST® rust and corrosion inhibiting products and services to the automotive, electronics, electrical, mechanical, military and retail consumer markets for over 40 years, and more recently, has targeted and expanded into the oil and gas industry. The Company also sells a portfolio of bio-based and compostable (fully biodegradable) polymer resins and finished products under the Natur-Tec® brand.

The following table sets forth the Company’s net sales for the three and nine months ended May 31, 2016 and 2015 by segment:

Three Months Ended Nine Months Ended

May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

ZERUST® net sales $ 7,185,955 $ 7,076,760 $ 19,548,974 $ 19,098,816

Natur-Tec® net sales 1,500,620 1,200,815 3,866,972 3,121,563

Total net sales $ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

The following table sets forth the Company’s cost of goods sold for the three and nine months ended May 31, 2016 and 2015 by segment:

Three Months Ended Nine Months Ended

May 31,
2016 % of Segment Sales* May 31,
2015 % of
Segment
Sales* May 31,
2016 % of
Segment
Sales* May 31,
2015 % of
Segment
Sales*

Direct cost of goods sold

ZERUST® $ 4,028,114 56.1 % $ 3,942,776 55.7 % $ 10,968,742 56.1 % $ 10,452,467 54.7 %

Natur-Tec® 1,119,730 74.6 % 889,976 74.1 % 2,938,927 76.0 % 2,391,599 76.6 %

Indirect cost of goods sold 629,405 — 762,455 — 2,013,227 — 2,215,492 —

Total net cost of goods sold $ 5,777,249 $ 5,595,207 $ 15,920,896 $ 15,059,558

__________________________

* 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 nine months ended May 31, 2016 and 2015 were as follows:

Three Months Ended Nine Months Ended

May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

Inside the U.S.A. to unaffiliated customers $ 5,559,885 $ 5,337,090 $ 14,762,170 $ 14,200,121

Outside the U.S.A to:

Joint ventures in which the Company is a shareholder directly and indirectly 446,322 580,622 1,967,370 2,588,501

Unaffiliated customers 2,680,368 2,359,863 6,686,406 5,431,757

$ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

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 nine months ended May 31, 2016 and 2015 were as follows:

Three Months Ended

May 31,
2016 % of Total Fees for Services Provided to Joint Ventures May 31,
2015 % of Total Fees for Services Provided to Joint Ventures

Germany $ 242,158 17.9 % $ 219,182 16.8 %

Poland 167,237 12.4 % 149,771 11.5 %

Japan 148,091 11.0 % 124,772 9.6 %

United Kingdom 135,068 10.0 % 93,229 7.2 %

Thailand 132,548 9.8 % 128,164 9.8 %

France 87,588 6.5 % 108,788 8.4 %

Korea 74,085 5.5 % 70,984 5.4 %

India 70,610 5.2 % 72,285 5.5 %

Sweden 66,239 4.9 % 103,234 7.9 %

Finland 55,876 4.1 % 74,711 5.7 %

Czech Republic 54,537 4.0 % 56,843 4.3 %

Other 117,876 8.7 % 102,001 7.8 %

$ 1,351,913 100.0 % $ 1,303,964 100.0 %

Nine Months Ended

May 31,
2016 % of Total Fees for Services Provided to Joint Ventures May 31,
2015 % of Total Fees for Services Provided to Joint Ventures

Germany $ 664,812 17.4 % $ 660,135 14.9 %

Poland 452,260 11.8 % 437,607 9.9 %

Japan 416,241 10.9 % 409,316 9.2 %

Thailand 395,611 10.4 % 425,316 9.6 %

United Kingdom 292,216 7.7 % 304,600 6.9 %

France 250,373 6.6 % 318,686 7.2 %

Korea 247,730 6.5 % 133,405 3.0 %

India 223,137 5.9 % 215,548 4.9 %

Sweden 189,556 5.0 % 262,451 5.9 %

Finland 177,704 4.7 % 220,926 5.0 %

Czech Republic 176,470 4.6 % 165,492 3.7 %

China — 0.0 % 516,139 11.6 %

Other 322,274 8.5 % 362,872 8.2 %

$ 3,808,384 100.0 % $ 4,432,494 100.0 %

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 and cost of goods sold recognized directly by the Company.

The geographical distribution of key financial statement data is as follows:

May 31, 2016 August 31, 2015

Brazil $ 64,050 $ 46,918

India 13,664 16,402

China 164,765 45,220

United States 7,055,557 7,184,623

Total long-lived assets $ 7,298,036 $ 7,293,163

Nine Months Ended

May 31, 2016 May 31, 2015

Brazil $ 1,509,659 $ 2,103,589

India 911,227 708,635

China 2,473,733 442,262

United States 18,521,327 18,965,893

Total net sales $ 23,415,946 $ 22,220,379

Total long-lived assets located in Brazil, India and China primarily consist of property, plant 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.

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Note 13 - Commitments and Contingencies
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May 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]
13. COMMITMENTS AND CONTINGENCIES

On August 18, 2015, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2016. For fiscal 2016 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2016 compared to a pre-established target Adjusted EBITOI for fiscal 2016 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2016. There was $215,000 accrued for management bonuses for the nine months ended May 31, 2016 compared to an accrual of $466,000 for management bonuses for the nine months ended May 31, 2015.

Four joint ventures (consisting of the Company’s joint ventures in Korea, India, Thailand and Tianjin Zerust) accounted for 65.6% of the Company’s trade joint venture receivables at May 31, 2016 and accounted for 67.0% of the Company’s trade joint venture receivables at August 31, 2015.

On March 23, 2015, the Company and NTI Asean filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to the Company’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd. The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. As of May 31, 2016, the Company is not able to reasonably estimate the amount of any recovery to NTI Asean, if any.

On April 21, 2015, the Company and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to the Company’s joint venture in China, Tianjin Zerust.

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 be have been incurred. In the opinion of management, as of May 31, 2016, 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.

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Note 14 - Fair Value Measurements
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May 31, 2016

Notes to Financial Statements

Fair Value, Measurement Inputs, Disclosure [Text Block]
14.
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.

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
May 31, 2016 Level 1 Level 2 Level 3

Available for sale securities $ 2,239,792 $ 2,239,792 $ — $ —

Fair Value Measurements
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Fair Value as of
August 31, 2015 Level 1 Level 2 Level 3

Available for sale securities $ 2,027,441 $ 2,027,441 $ — $ —

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Note 3 - Inventories (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Schedule of Inventory, Current [Table Text Block]

May 31, 2016 August 31, 2015

Production materials $ 1,337,225 $ 1,445,014

Finished goods 6,073,781 6,023,427

$ 7,411,006 $ 7,468,441

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Note 4 - Property and Equipment, Net (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Property, Plant and Equipment [Table Text Block]

May 31, 2016 August 31, 2015

Land $ 310,365 $ 310,365

Buildings and improvements 6,469,887 6,180,089

Machinery and equipment 4,273,741 4,090,619

11,053,993 10,581,073

Less accumulated depreciation (3,755,957 ) (3,287,910 )

$ 7,298,036 $ 7,293,163

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Note 5 - Patents and Trademarks, Net (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

May 31, 2016 August 31, 2015

Patents and trademarks $ 2,531,858 $ 2,440,022

Less accumulated amortization (1,267,078 ) (1,177,803 )

$ 1,264,780 $ 1,262,219

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Note 6 - Investments in Joint Ventures (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Condensed Balance Sheet [Table Text Block]

May 31, 2016

Total EXCOR All Other

Current assets $ 47,930,421 $ 22,433,723 $ 25,496,698

Total assets 51,389,757 24,189,092 27,200,665

Current liabilities 13,952,018 4,602,925 9,349,093

Noncurrent liabilities 103,392 — 103,392

Joint ventures’ equity 37,334,348 19,586,166 17,748,182

Northern Technologies International Corporation’s share of joint ventures’ equity 18,604,871 9,793,085 8,811,786

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 15,892,135 $ 9,416,694 $ 6,475,441

August 31, 2015

Total EXCOR All Other

Current assets $ 49,295,116 $ 22,620,323 $ 26,674,793

Total assets 52,853,938 24,606,880 28,247,058

Current liabilities 12,288,383 3,360,142 8,928,241

Noncurrent liabilities 1,215,139 — 1,215,139

Joint ventures’ equity 39,350,417 21,246,738 18,103,679

Northern Technologies International Corporation’s share of joint ventures’ equity 20,544,238 11,571,361 8,972,877

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 18,483,377 $ 11,540,456 $ 6,942,921

Condensed Income Statement [Table Text Block]

Nine Months Ended May 31, 2016

Total EXCOR All Other

Net sales $ 66,223,514 $ 25,314,260 $ 40,909,254

Gross profit 29,745,795 13,512,404 16,233,391

Net income 7,188,274 5,409,407 1,778,867

Northern Technologies International Corporation’s share of equity in income of joint ventures $ 3,600,884 $ 2,714,905 $ 885,979

Nine Months Ended May 31, 2015

Total EXCOR Tianjin
Zerust All Other

Net sales $ 75,974,770 $ 27,580,051 $ 3,735,457 $ 44,659,262

Gross profit 37,469,186 15,113,100 1,783,673 20,572,413

Net income 9,634,318 6,334,009 265,648 3,034,661

Northern Technologies International Corporation’s share of equity in income of joint ventures $ 4,806,247 $ 3,152,489 $ 132,824 $ 1,520,934

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Note 9 - Stockholders' Equity (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

Options Exercised

Exercise Price

18,000 $7.65

2,333 $10.20

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Note 10 - Net Income Per Common Share (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

Three Months Ended Nine Months Ended

Numerators: May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

Net income attributable to NTIC $ 917,373 $ 905,435 $ 575,233 $ 1,785,056

Denominators:

Basic – weighted shares outstanding 4,538,970 4,525,109 4,538,005 4,519,279

Weighted shares assumed upon exercise of stock options 24,831 69,883 49,059 116,282

Diluted – weighted shares outstanding 4,563,801 4,594,992 4,587,064 4,635,561

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Note 11 - Stock-based Compensation (Tables)
9 Months Ended

May 31, 2016

Notes Tables

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

Nine Months Ended

May 31, 2016 May 31, 2015

Dividend yield 0.00 % 0.00 %

Expected volatility 46.0 % 46.6 %

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Note 12 - Segment and Geographic Information (Tables)
9 Months Ended

May 31, 2016

Fees for Services Provided to Joint Ventures [Member]

Notes Tables

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Three Months Ended

May 31,
2016 % of Total Fees for Services Provided to Joint Ventures May 31,
2015 % of Total Fees for Services Provided to Joint Ventures

Germany $ 242,158 17.9 % $ 219,182 16.8 %

Poland 167,237 12.4 % 149,771 11.5 %

Japan 148,091 11.0 % 124,772 9.6 %

United Kingdom 135,068 10.0 % 93,229 7.2 %

Thailand 132,548 9.8 % 128,164 9.8 %

France 87,588 6.5 % 108,788 8.4 %

Korea 74,085 5.5 % 70,984 5.4 %

India 70,610 5.2 % 72,285 5.5 %

Sweden 66,239 4.9 % 103,234 7.9 %

Finland 55,876 4.1 % 74,711 5.7 %

Czech Republic 54,537 4.0 % 56,843 4.3 %

Other 117,876 8.7 % 102,001 7.8 %

$ 1,351,913 100.0 % $ 1,303,964 100.0 %

Nine Months Ended

May 31,
2016 % of Total Fees for Services Provided to Joint Ventures May 31,
2015 % of Total Fees for Services Provided to Joint Ventures

Germany $ 664,812 17.4 % $ 660,135 14.9 %

Poland 452,260 11.8 % 437,607 9.9 %

Japan 416,241 10.9 % 409,316 9.2 %

Thailand 395,611 10.4 % 425,316 9.6 %

United Kingdom 292,216 7.7 % 304,600 6.9 %

France 250,373 6.6 % 318,686 7.2 %

Korea 247,730 6.5 % 133,405 3.0 %

India 223,137 5.9 % 215,548 4.9 %

Sweden 189,556 5.0 % 262,451 5.9 %

Finland 177,704 4.7 % 220,926 5.0 %

Czech Republic 176,470 4.6 % 165,492 3.7 %

China — 0.0 % 516,139 11.6 %

Other 322,274 8.5 % 362,872 8.2 %

$ 3,808,384 100.0 % $ 4,432,494 100.0 %

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Three Months Ended Nine Months Ended

May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

ZERUST® net sales $ 7,185,955 $ 7,076,760 $ 19,548,974 $ 19,098,816

Natur-Tec® net sales 1,500,620 1,200,815 3,866,972 3,121,563

Total net sales $ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

Reconciliation of Cost of Goods Sold from Segments to Consolidated [Table Text Block]

Three Months Ended Nine Months Ended

May 31,
2016 % of Segment Sales* May 31,
2015 % of
Segment
Sales* May 31,
2016 % of
Segment
Sales* May 31,
2015 % of
Segment
Sales*

Direct cost of goods sold

ZERUST® $ 4,028,114 56.1 % $ 3,942,776 55.7 % $ 10,968,742 56.1 % $ 10,452,467 54.7 %

Natur-Tec® 1,119,730 74.6 % 889,976 74.1 % 2,938,927 76.0 % 2,391,599 76.6 %

Indirect cost of goods sold 629,405 — 762,455 — 2,013,227 — 2,215,492 —

Total net cost of goods sold $ 5,777,249 $ 5,595,207 $ 15,920,896 $ 15,059,558

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

Three Months Ended Nine Months Ended

May 31, 2016 May 31, 2015 May 31, 2016 May 31, 2015

Inside the U.S.A. to unaffiliated customers $ 5,559,885 $ 5,337,090 $ 14,762,170 $ 14,200,121

Outside the U.S.A to:

Joint ventures in which the Company is a shareholder directly and indirectly 446,322 580,622 1,967,370 2,588,501

Unaffiliated customers 2,680,368 2,359,863 6,686,406 5,431,757

$ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

May 31, 2016 August 31, 2015

Brazil $ 64,050 $ 46,918

India 13,664 16,402

China 164,765 45,220

United States 7,055,557 7,184,623

Total long-lived assets $ 7,298,036 $ 7,293,163

Revenue from External Customers by Geographic Areas [Table Text Block]

Nine Months Ended

May 31, 2016 May 31, 2015

Brazil $ 1,509,659 $ 2,103,589

India 911,227 708,635

China 2,473,733 442,262

United States 18,521,327 18,965,893

Total net sales $ 23,415,946 $ 22,220,379

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May 31, 2016

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Finished goods 6,073,781 6,023,427

Inventories $ 7,411,006 $ 7,468,441

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Buildings and improvements 6,469,887 6,180,089

Machinery and equipment 4,273,741 4,090,619

Gross 11,053,993 10,581,073

Less accumulated depreciation (3,755,957) (3,287,910)

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Aug. 31, 2015

Patents and Trademarks [Member]

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Note 6 - Investments in Joint Ventures (Details Textual) - USD ($)
9 Months Ended

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Payments to Acquire Interest in Joint Venture $ 0 $ 0

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Note 6 - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)

May 31, 2016

Aug. 31, 2015

EXCOR [Member]

Current assets $ 22,433,723 $ 22,620,323

Total assets 24,189,092 24,606,880

Current liabilities 4,602,925 3,360,142

Noncurrent liabilities

Joint ventures’ equity 19,586,166 21,246,738

Northern Technologies International Corporation’s share of joint ventures’ equity 9,793,085 11,571,361

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 9,416,694 11,540,456

All Other [Member]

Current assets 25,496,698 26,674,793

Total assets 27,200,665 28,247,058

Current liabilities 9,349,093 8,928,241

Noncurrent liabilities 103,392 1,215,139

Joint ventures’ equity 17,748,182 18,103,679

Northern Technologies International Corporation’s share of joint ventures’ equity 8,811,786 8,972,877

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings 6,475,441 6,942,921

Current assets 47,930,421 49,295,116

Total assets 51,389,757 52,853,938

Current liabilities 13,952,018 12,288,383

Noncurrent liabilities 103,392 1,215,139

Joint ventures’ equity 37,334,348 39,350,417

Northern Technologies International Corporation’s share of joint ventures’ equity 18,604,871 20,544,238

Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings $ 15,892,135 $ 18,483,377

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Note 6 - Condensed Income Statement of EXCOR, Tianjin Zerust, and All Other Joint Ventures (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

EXCOR [Member]

Net sales $ 25,314,260 $ 27,580,051

Gross profit 13,512,404 15,113,100

Net income 5,409,407 6,334,009

Northern Technologies International Corporation’s share of equity in income of joint ventures 2,714,905 3,152,489

All Other [Member]

Net sales 40,909,254 44,659,262

Gross profit 16,233,391 20,572,413

Net income 1,778,867 3,034,661

Northern Technologies International Corporation’s share of equity in income of joint ventures 885,979 1,520,934

Tianjin Zerust [Member]

Net sales 3,735,457

Gross profit 1,783,673

Net income 265,648

Northern Technologies International Corporation’s share of equity in income of joint ventures 132,824

Net sales 66,223,514 75,974,770

Gross profit 29,745,795 37,469,186

Net income 7,188,274 9,634,318

Northern Technologies International Corporation’s share of equity in income of joint ventures $ 1,664,464 $ 1,724,915 $ 3,600,884 $ 4,806,247

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Note 7 - China Operations (Details Textual) - USD ($)
9 Months Ended

May 31, 2016

May 31, 2015

Aug. 31, 2015

Tianjin Zerust [Member]

Other than Temporary Impairment Losses, Percentage of Investment 60.00%

Cost Method Investments $ 1,883,668

Other than Temporary Impairment Losses, Investments 0

Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment 1,130,200

Termination of Joint Venture and Formation of NTIC China [Member]

Professional Fees 1,425,000 $ 1,138,000

Cost Method Investments $ 1,883,668 $ 1,883,668

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Note 8 - Corporate Debt (Details Textual)
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USD ($)

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USD ($)

PNC Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]

Debt Instrument, Basis Spread on Variable Rate 2.15%

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Long-term Line of Credit $ 0 $ 0

Line of Credit Facility, Maximum Borrowing Capacity $ 3,000,000

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Debt Instrument, Covenants, Fixed Charge Coverage Ratio 1.1

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Note 9 - Stockholders' Equity (Details Textual) - $ / shares
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May 31, 2015

The 2007 Plan [Member]

Stock Repurchased and Retired During Period, Shares 0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 53,447 45,067

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Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0

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Note 9 - Exercised Stock Options (Details) - $ / shares
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May 31, 2016

May 31, 2015

Exercise 1 [Member]

Options Exercised (in shares) 18,000

Exercise Price (in dollars per share) $ 7.65

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Exercise Price (in dollars per share) $ 10.20

Options Exercised (in shares) 0

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Note 10 - Net Income Per Common Share (Details Textual) - shares
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

Employee Stock Option [Member]

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Note 10 - Reconciliation of the Earnings Per Share Computations (Details) - USD ($)
3 Months Ended 9 Months Ended

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May 31, 2015

May 31, 2016

May 31, 2015

Net income attributable to NTIC $ 917,373 $ 905,435 $ 575,233 $ 1,785,056

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Note 11 - Stock-based Compensation (Details Textual) - USD ($)
9 Months Ended

Mar. 01, 2016

Sep. 02, 2015

Sep. 02, 2014

May 31, 2016

May 31, 2015

The 2007 Plan [Member] | Minimum [Member] | One Year after Date of Grant [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years

The 2007 Plan [Member] | Maximum [Member] | One Year after Date of Grant [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 4 years

The 2007 Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 800,000

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period 10 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 53,447 45,067

ESPP [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 100,000

Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent 90.00%

Employee Stock Option [Member]

Stock or Unit Option Plan Expense $ 325,576 $ 378,421

Net of Estimated Forfeitures [Member]

Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year $ 341,261

Number of Stock-based Compensation Plans 2

Stock Issued During Period, Shares, Employee Stock Purchase Plans 3,144 2,439 1,948

Stock Issued During Period, Shares, Employee Stock Purchase Plans 3,144 2,439 1,948

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 53,447 45,067

Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year $ 101,861

Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year 159,600

Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two $ 79,800

Estimated Forfeiture Rate for Stock Options 10.00%

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value $ 8.48 $ 11.58

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 6 years 259 days 6 years 204 days

X

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Note 11 - Black-Scholes Option-pricing Model Assumptions (Details)
9 Months Ended

May 31, 2016

May 31, 2015

Dividend yield 0.00% 0.00%

Expected volatility 46.00% 46.60%

Expected life of option (years) 10 years 10 years

Average risk-free interest rate 1.63% 1.63%

X

- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
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Note 12 - Segment and Geographic Information (Details Textual)
9 Months Ended

May 31, 2016

Number of Reportable Segments 2

X

- Definition
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Note 12 - Net Sales by Segment (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

ZERUST [Member]

Net sales by segment $ 7,185,955 $ 7,076,760 $ 19,548,974 $ 19,098,816

NaturTec [Member]

Net sales by segment 1,500,620 1,200,815 3,866,972 3,121,563

Net sales by segment $ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

X

- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
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Note 12 - Cost of Goods Sold by Segment (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

Direct Cost of Goods Sold [Member] | ZERUST [Member]

Cost of goods sold $ 4,028,114 $ 3,942,776 $ 10,968,742 ^[1] $ 10,452,467 ^[1]

Percentage of product sales ^[1] 56.10% 55.70% 56.10% 54.70%

Direct Cost of Goods Sold [Member] | NaturTec [Member]

Cost of goods sold $ 1,119,730 $ 889,976 $ 2,938,927 ^[1] $ 2,391,599 ^[1]

Percentage of product sales ^[1] 74.60% 74.10% 76.00% 76.60%

Indirect Cost of Goods Sold [Member]

Cost of goods sold $ 629,405 $ 762,455 $ 2,013,227 ^[1] $ 2,215,492 ^[1]

Percentage of product sales ^[1]

Cost of goods sold $ 5,777,249 $ 5,595,207 $ 15,920,896 ^[1] $ 15,059,558 ^[1]

Percentage of product sales ^[1]

[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.

X

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Note 12 - Net Sales by Geographic Location (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

Inside the USA to Unaffiliated Customers [Member]

Net sales by segment $ 5,559,885 $ 5,337,090 $ 14,762,170 $ 14,200,121

Joint Ventures in Which the Company is a Shareholder Directly and Indirectly Outside the USA [Member]

Net sales by segment 446,322 580,622 1,967,370 2,588,501

Unaffiliated Customers Outside the USA [Member]

Net sales by segment 2,680,368 2,359,863 6,686,406 5,431,757

Net sales by segment $ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

X

- Definition
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Note 12 - Fees for Services Provided to Joint Ventures by Geographic Location as a Percentage of Total Fees for Services Provided to Joint Ventures (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

GERMANY

Fees $ 242,158 $ 219,182 $ 664,812 $ 660,135

Percentage of total fees 17.90% 16.80% 17.40% 14.90%

POLAND

Fees $ 167,237 $ 149,771 $ 452,260 $ 437,607

Percentage of total fees 12.40% 11.50% 11.80% 9.90%

JAPAN

Fees $ 148,091 $ 124,772 $ 416,241 $ 409,316

Percentage of total fees 11.00% 9.60% 10.90% 9.20%

UNITED KINGDOM

Fees $ 135,068 $ 93,229 $ 292,216 $ 304,600

Percentage of total fees 10.00% 7.20% 7.70% 6.90%

THAILAND

Fees $ 132,548 $ 128,164 $ 395,611 $ 425,316

Percentage of total fees 9.80% 9.80% 10.40% 9.60%

FRANCE

Fees $ 87,588 $ 108,788 $ 250,373 $ 318,686

Percentage of total fees 6.50% 8.40% 6.60% 7.20%

KOREA, REPUBLIC OF

Fees $ 74,085 $ 70,984 $ 247,730 $ 133,405

Percentage of total fees 5.50% 5.40% 6.50% 3.00%

INDIA

Fees $ 70,610 $ 72,285 $ 223,137 $ 215,548

Percentage of total fees 5.20% 5.50% 5.90% 4.90%

SWEDEN

Fees $ 66,239 $ 103,234 $ 189,556 $ 262,451

Percentage of total fees 4.90% 7.90% 5.00% 5.90%

FINLAND

Fees $ 55,876 $ 74,711 $ 177,704 $ 220,926

Percentage of total fees 4.10% 5.70% 4.70% 5.00%

CZECH REPUBLIC

Fees $ 54,537 $ 56,843 $ 176,470 $ 165,492

Percentage of total fees 4.00% 4.30% 4.60% 3.70%

Other Countries [Member]

Fees $ 117,876 $ 102,001 $ 322,274 $ 362,872

Percentage of total fees 8.70% 7.80% 8.50% 8.20%

CHINA

Fees $ 516,139

Percentage of total fees 0.00% 11.60%

Fees $ 1,351,913 $ 1,303,964 $ 3,808,384 $ 4,432,494

Percentage of total fees 100.00% 100.00% 100.00% 100.00%

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Note 12 - Total Long-Lived Assets by Geographic Distribution (Details) - USD ($)

May 31, 2016

Aug. 31, 2015

BRAZIL

Total long-lived assets $ 64,050 $ 46,918

INDIA

Total long-lived assets 13,664 16,402

CHINA

Total long-lived assets 164,765 45,220

UNITED STATES

Total long-lived assets 7,055,557 7,184,623

Total long-lived assets $ 7,298,036 $ 7,293,163

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Note 12 - Total Net Sales by Geographic Distribution (Details) - USD ($)
3 Months Ended 9 Months Ended

May 31, 2016

May 31, 2015

May 31, 2016

May 31, 2015

BRAZIL

Net sales by segment $ 1,509,659 $ 2,103,589

INDIA

Net sales by segment 911,227 708,635

CHINA

Net sales by segment 2,473,733 442,262

UNITED STATES

Net sales by segment 18,521,327 18,965,893

Net sales by segment $ 8,686,575 $ 8,277,575 $ 23,415,946 $ 22,220,379

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Note 13 - Commitments and Contingencies (Details Textual)
9 Months Ended

May 31, 2016

USD ($)

Aug. 31, 2015

May 31, 2015

USD ($)

Fiscal 2016 Bonus Plan [Member] | Executive Officer [Member]

Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results 75.00%

Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives 25.00%

Accrued Bonuses $ 215,000 $ 466,000

Number of Joint Ventures Accounted For Certain Percentage of Company's Trade Joint Venture Receivables 4

Entity Wide Trade Joint Venture Receivables, Four Joint Ventures,Percentage 65.60% 67.00%

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Note 14 - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($)

May 31, 2016

Aug. 31, 2015

Fair Value, Inputs, Level 1 [Member]

Available for sale securities $ 2,239,792 $ 2,027,441

Available for sale securities $ 2,239,792 $ 2,027,441

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	May 31, 2016	Jul. 08, 2016
Document Information [Line Items]
Entity Registrant Name	Northern Technologies International Corporation
Entity Central Index Key	0000875582
Trading Symbol	ntic
Current Fiscal Year End Date	--08-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,537,116
Document Type	10-Q
Document Period End Date	May 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	May 31, 2016	Aug. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 4,626,538	$ 2,623,981
Available for sale securities	2,239,792	2,027,441
Trade excluding joint ventures, less allowance for doubtful accounts of $40,000 at May 31, 2016 and August 31, 2015	4,573,671	4,027,167
Trade joint ventures	718,899	645,377
Fees for services provided to joint ventures	1,351,593	1,449,162
Income taxes	510,288	198,462
Inventories	7,411,006	7,468,441
Prepaid expenses	489,946	411,473
Deferred income taxes	424,108	424,108
Total current assets	22,345,841	19,275,612
PROPERTY AND EQUIPMENT, NET	7,298,036	7,293,163
OTHER ASSETS:
Investments in joint ventures	18,604,871	20,544,238
Investments at carrying value (Note 7)	1,883,668	1,883,668
Deferred income taxes	1,175,170	1,176,012
Patents and trademarks, net	1,264,780	1,262,219
Other	199,216	130,736
Total other assets	23,127,705	24,996,873
Total assets	52,771,582	51,565,648
CURRENT LIABILITIES:
Accounts payable	2,769,347	2,101,175
Accrued liabilities:
Payroll and related benefits	819,302	1,056,257
Other	364,405	514,409
Total current liabilities	3,953,054	3,671,841
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 10,000,000 shares; issued and outstanding 4,537,116 and 4,539,045, respectively	90,742	90,781
Additional paid-in capital	13,738,062	13,441,264
Retained earnings	35,098,104	34,522,871
Accumulated other comprehensive loss	(3,239,074)	(3,180,811)
Stockholders’ equity	45,687,834	44,874,105
Non-controlling interest	3,130,694	3,019,702
Total equity	48,818,528	47,893,807
Total liabilities and equity	$ 52,771,582	$ 51,565,648

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	May 31, 2016	Aug. 31, 2015
Trade allowance	$ 40,000	$ 40,000
Preferred stock, 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 value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	4,537,116	4,539,045
Common stock, shares outstanding (in shares)	4,537,116	4,539,045

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	May 31, 2016	May 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 880,332	$ 2,474,631
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	325,576	378,421
Depreciation expense	482,576	385,126
Amortization expense	89,275	65,747
Loss on disposal of assets		20,689
Equity in income from joint ventures	(3,600,884)	(4,806,247)
Dividends received from joint ventures	5,449,543	2,767,771
Deferred income taxes		(27,558)
Receivables:
Trade, excluding joint ventures	(570,647)	(896,173)
Trade, joint ventures	(73,522)	324,338
Fees for services provided to joint ventures	97,569	1,257,998
Income taxes	(314,038)	(217,055)
Inventories	17,185	(887,748)
Prepaid expenses and other	(58,518)	(95,316)
Accounts payable	692,741	82,550
Income tax payable	(377)	22,943
Accrued liabilities	(363,514)	(813,896)
Net cash provided by operating activities	3,053,297	36,221
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from the sale of available for sale securities		2,991,919
Purchase of available for sale securities	(212,351)
Additions to property and equipment	(490,481)	(1,098,035)
Additions to patents	(91,836)	(138,786)
Net cash (used in) provided by investing activities	(794,668)	1,755,098
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend received by non-controlling interest	(200,000)	(560,000)
Repurchase of common stock	(97,450)
Proceeds from employee stock purchase plan	68,633	57,980
Proceeds from exercise of stock options		99,450
Net cash used in financing activities	(228,817)	(402,570)
EFFECT OF EXCHANGE RATE CHANGES ON CASH:	(27,255)	(72,195)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,002,557	1,316,554
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	2,623,981	2,477,017
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 4,626,538	$ 3,793,571

Note 1 - Interim Financial Information	9 Months Ended
Note 1 - Interim Financial Information	May 31, 2016
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 May 31, 2016 and August 31, 2015 and the results of their operations for the three and nine months ended May 31, 2016 and 2015 and their cash flows for the nine months ended May 31, 2016 and 2015, 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, 2015. These consolidated financial statements also should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section appearing in this report. Operating results for the three and nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the full fiscal year ending August 31, 2016. The Company evaluates events occurring after the date of the consolidated financial statements requiring recording or disclosure in the consolidated financial statements.

Note 2 - Recently Issued Accounting Pronouncements	9 Months Ended
Note 2 - Recently Issued Accounting Pronouncements	May 31, 2016
Notes to Financial Statements
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	2. Recently Issued Accounting PronouncementS In May 2014, the Financial Accounting Standards Board (FASB) issued Revenue from Contracts with Customers, Topic 606 (Accounting Standards Update (ASU) No. 2014-09), which provides a framework for the recognition of revenue, with the objective that recognized revenues properly reflect amounts an entity is entitled to receive in exchange for goods and services. This guidance, which includes additional disclosure requirements regarding revenue, cash flows and obligations related to contracts with customers, was originally to be effective for the Company beginning in fiscal year 2018. In July 2015, the FASB confirmed a one-year deferral of the effective date of the new revenue standard which also allows early adoption as of the original effective date. The updated guidance will be effective for the Company’s first quarter of 2019. The Company is currently evaluating the impact of adopting ASU 2014-09 on its consolidated financial statements, but believes there will be no material impact, if any. In July 2015, the FASB issued ASU No. 2015-11, “ Inventory ”, which modifies the subsequent measurement of inventories recorded under a first-in-first-out or average cost method. Under the new standard, such inventories are required to be measured at the lower of cost and net realizable value. The new standard is effective for the Company’s fiscal year 2018, with prospective application. The Company does not expect the adoption of the provisions of ASU 2015-11 to have a material impact on its consolidated financial statements. In November 2015, FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes which requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. The amendment takes effect for public entities for fiscal years beginning after December 15, 2017, with early adoption available. The Company is currently assessing the impact that ASU 2015-17 will have on its consolidated financial statements. During February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, “ Leases .” ASU No. 2016-02 was issued to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted. Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption. The Company is currently assessing the effect that ASU No. 2016-02 will have on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-07, “ Investments – Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting .” Among other things, the amendments in ASU 2016-07 eliminate the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, upon qualifying for the equity method of accounting, no retroactive adjustment of the investment is required. The amendments require that an entity that has an available-for-sale equity security that becomes qualified for the equity method of accounting recognize through earnings the unrealized holding gain or loss in accumulated other comprehensive income at the date the investment becomes qualified for use of the equity method. The amendments are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Early adoption is permitted. The Company is currently assessing the impact that ASU 2016-07 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Stock Compensation , which is intended to simplify several aspects of the accounting for share-based payment award transactions. The guidance will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. The Company is in the process of evaluating the impacts of the adoption of this ASU. Although there are several other new accounting pronouncements issued or proposed by the FASB, which the Company has adopted or will adopt, as applicable, the Company does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial position or operating results.

Note 7 - China Operations	9 Months Ended
Note 7 - China Operations	May 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. CHINA OPERATIONS Effective December 31, 2014, the Company terminated its joint venture agreements with its previous joint venture in China, Tianjin Zerust, began the process of liquidating the joint venture entity, and commenced operations in China through a wholly-owned subsidiary, NTIC (Shanghai) Co. Ltd. on January 1, 2015. Effective December 31, 2014, the Company’s investment in Tianjin Zerust is reported at carrying value based on the Company’s decreased level of influence over the entity, and the Company has reclassified previously unrecognized gains on foreign currency translation from accumulated other comprehensive income. Any declines in the fair value are reflected as adjustments to the carrying value. No such adjustments were recorded during the nine months ended May 31, 2016. Because of the lack of financial and other information received from Tianjin Zerust, it is possible that receipt of future financial and other information from Tianjin Zerust may impact the realization of the Company’s investment in and realization of a receivable from Tianjin Zerust. The last time the Company received financial information from Tianjin Zerust was through November 2014. The Company, as of May 31, 2016, does not believe there are any triggering events that would require an impairment test. The Company’s current net investment is approximately $1,130,200, which is 60% of its investment in Tianjin Zerust, which was $1,883,668 as of May 31, 2016. The Company will continue to evaluate the realization of this asset on an ongoing basis and adjust if necessary. The Company incurred expenses of $1,425,000 and $1,138,000 during the nine months ended May 31, 2016 and 2015, respectively, related to the termination of the joint venture agreement with Tianjin Zerust, the initiation of the liquidation of Tianjin Zerust, the formation and initial operation of NTIC China and the litigation in North America. Such expenses consisted primarily of legal expenses and personnel expenses associated with the establishment of the subsidiary and the hiring of new personnel. These expenses are recorded as operating expenses on the consolidated statements of operations and are partially offset by the gross margin contribution from sales of NTIC China. See Note 13 regarding pending litigation involving Tianjin Zerust.

Note 8 - Corporate Debt	9 Months Ended
Note 8 - Corporate Debt	May 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	8. CORPORATE DEBT The Company has a revolving line of credit with PNC Bank of $3,000,000. No amounts were outstanding under the line of credit as of both May 31, 2016 and August 31, 2015. At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus 2.15% for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate. Interest is payable in arrears (a) for the portion of advances bearing interest under the prime rate on the last day of each month during the term thereof and (b) for the portion of advances bearing interest under the LIBOR option on the last day of the respective LIBOR interest period selected for such advance. Any unpaid interest is payable on the maturity date. The revolving line of credit is secured by cash, receivables and inventory. The line of credit is governed under a loan agreement. The loan agreement contains standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of 1.10:1.00. As of May 31, 2016, the Company was in compliance with all debt covenants. On January 6, 2016, PNC Bank extended the maturity date of the line of credit from January 7, 2016 to January 7, 2017. All other terms of the line of credit and the loan agreement and other documents evidencing the line of credit remain the same.

Note 13 - Commitments and Contingencies	9 Months Ended
Note 13 - Commitments and Contingencies	May 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	13. COMMITMENTS AND CONTINGENCIES On August 18, 2015, the Compensation Committee of the Board of Directors of the Company approved the material terms of an annual bonus plan for the Company’s executive officers as well as certain officers and employees for the fiscal year ending August 31, 2016. For fiscal 2016 as in past years, the total amount available under the bonus plan for all plan participants, including executive officers, is dependent upon the Company’s earnings before interest, taxes and other income, as adjusted to take into account amounts to be paid under the bonus plan and certain other adjustments (Adjusted EBITOI). Each plan participant’s percentage of the overall bonus pool is based upon the number of plan participants, the individual’s annual base salary and the individual’s position and level of responsibility within the company. In the case of each of the Company’s executive officer participants, 75% of the amount of their individual bonus payout will be determined based upon the Company’s actual Adjusted EBITOI for fiscal 2016 compared to a pre-established target Adjusted EBITOI for fiscal 2016 and 25% of the payout will be determined based upon such executive officer’s achievement of certain pre-established individual performance objectives. The payment of bonuses under the plan are discretionary and may be paid to executive officer participants in both cash and shares of the Company’s common stock, the exact amount and percentages will be determined by the Company’s Board of Directors, upon recommendation of the Compensation Committee, after the completion of the Company’s consolidated financial statements for fiscal 2016. There was $215,000 accrued for management bonuses for the nine months ended May 31, 2016 compared to an accrual of $466,000 for management bonuses for the nine months ended May 31, 2015. Four joint ventures (consisting of the Company’s joint ventures in Korea, India, Thailand and Tianjin Zerust) accounted for 65.6% of the Company’s trade joint venture receivables at May 31, 2016 and accounted for 67.0% of the Company’s trade joint venture receivables at August 31, 2015. On March 23, 2015, the Company and NTI Asean filed a lawsuit in Tianjin No 1 Intermediate People’s Court against two individuals, Meng Tao and Xu Hui, related to breaches of duties and contractual commitments owed to NTI Asean under certain agreements related to the Company’s former joint venture in China, Tianjin Zerust Anti-Corrosion Technologies Ltd. The lawsuit alleges, among other things, that Mr. Meng Tao and Xu Hui have engaged in self-dealing, usurped business opportunities, and received economic benefits that were required to go to Tianjin Zerust. As of May 31, 2016, the Company is not able to reasonably estimate the amount of any recovery to NTI Asean, if any. On April 21, 2015, the Company and NTI Asean initiated a lawsuit in the District Court for the Second Judicial District, County of Ramsey, State of Minnesota against Cortec Corporation alleging, among other things, that Cortec Corporation aided and abetted breaches of duties and contractual commitments owed to the Company and NTI Asean related to the Company’s joint venture in China, Tianjin Zerust. 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 be have been incurred. In the opinion of management, as of May 31, 2016, 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 3 - Inventories (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
Production materials	$ 1,337,225	$ 1,445,014
Finished goods	6,073,781	6,023,427
Inventories	$ 7,411,006	$ 7,468,441

Note 4 - Components of Property and Equipment, Net (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
Land	$ 310,365	$ 310,365
Buildings and improvements	6,469,887	6,180,089
Machinery and equipment	4,273,741	4,090,619
Gross	11,053,993	10,581,073
Less accumulated depreciation	(3,755,957)	(3,287,910)
Net	$ 7,298,036	$ 7,293,163

Note 5 - Patents and Trademarks, Net (Details Textual) - Patents and Trademarks [Member]	9 Months Ended
	May 31, 2016 USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Year Two	$ 115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three	115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four	115,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five	$ 115,000
Finite-Lived Intangible Asset, Useful Life	7 years
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year	$ 115,000

Note 5 - Patents and Trademarks, Net (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
Patents and Trademarks [Member]
Patents and trademarks	$ 2,531,858	$ 2,440,022
Less accumulated amortization	(1,267,078)	(1,177,803)
Patents and trademarkes, net	1,264,780	1,262,219
Patents and trademarkes, net	$ 1,264,780	$ 1,262,219

Note 6 - Investments in Joint Ventures (Details Textual) - USD ($)	9 Months Ended
	May 31, 2016	May 31, 2015
Payments to Acquire Interest in Joint Venture	$ 0	$ 0

Note 6 - Condensed Balance Sheet of EXCOR and All Other Joint Ventures (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
EXCOR [Member]
Current assets	$ 22,433,723	$ 22,620,323
Total assets	24,189,092	24,606,880
Current liabilities	4,602,925	3,360,142
Noncurrent liabilities
Joint ventures’ equity	19,586,166	21,246,738
Northern Technologies International Corporation’s share of joint ventures’ equity	9,793,085	11,571,361
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	9,416,694	11,540,456
All Other [Member]
Current assets	25,496,698	26,674,793
Total assets	27,200,665	28,247,058
Current liabilities	9,349,093	8,928,241
Noncurrent liabilities	103,392	1,215,139
Joint ventures’ equity	17,748,182	18,103,679
Northern Technologies International Corporation’s share of joint ventures’ equity	8,811,786	8,972,877
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	6,475,441	6,942,921
Current assets	47,930,421	49,295,116
Total assets	51,389,757	52,853,938
Current liabilities	13,952,018	12,288,383
Noncurrent liabilities	103,392	1,215,139
Joint ventures’ equity	37,334,348	39,350,417
Northern Technologies International Corporation’s share of joint ventures’ equity	18,604,871	20,544,238
Northern Technologies International Corporation’s share of joint ventures’ undistributed earnings	$ 15,892,135	$ 18,483,377

Note 7 - China Operations (Details Textual) - USD ($)	9 Months Ended
Note 7 - China Operations (Details Textual) - USD ($)	May 31, 2016	May 31, 2015	Aug. 31, 2015
Tianjin Zerust [Member]
Other than Temporary Impairment Losses, Percentage of Investment	60.00%
Cost Method Investments	$ 1,883,668
Other than Temporary Impairment Losses, Investments	0
Cost-method Investments, Aggregate Carrying Amount, Not Evaluated for Impairment	1,130,200
Termination of Joint Venture and Formation of NTIC China [Member]
Professional Fees	1,425,000	$ 1,138,000
Cost Method Investments	$ 1,883,668		$ 1,883,668

Note 8 - Corporate Debt (Details Textual)	9 Months Ended
Note 8 - Corporate Debt (Details Textual)	May 31, 2016 USD ($)	Aug. 31, 2015 USD ($)
PNC Bank [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.15%
PNC Bank [Member] \| Revolving Credit Facility [Member]
Long-term Line of Credit	$ 0	$ 0
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000
Term Loan and Line of Credit, Agreements, Loan Agreements [Member]
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.1

Note 9 - Stockholders' Equity (Details Textual) - $ / shares	9 Months Ended
	May 31, 2016	May 31, 2015
The 2007 Plan [Member]
Stock Repurchased and Retired During Period, Shares		0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	53,447	45,067
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 14.85	$ 20.10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	0
Stock Repurchased and Retired During Period, Shares	7,511
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	53,447	45,067

Note 9 - Exercised Stock Options (Details) - $ / shares	9 Months Ended
Note 9 - Exercised Stock Options (Details) - $ / shares	May 31, 2016	May 31, 2015
Exercise 1 [Member]
Options Exercised (in shares)		18,000
Exercise Price (in dollars per share)		$ 7.65
Exercise 2 [Member]
Options Exercised (in shares)		2,333
Exercise Price (in dollars per share)		$ 10.20
Options Exercised (in shares)	0

Note 11 - Stock-based Compensation (Details Textual) - USD ($)				9 Months Ended
	Mar. 01, 2016	Sep. 02, 2015	Sep. 02, 2014	May 31, 2016	May 31, 2015
The 2007 Plan [Member] \| Minimum [Member] \| One Year after Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				3 years
The 2007 Plan [Member] \| Maximum [Member] \| One Year after Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years
The 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				800,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				53,447	45,067
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized				100,000
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent				90.00%
Employee Stock Option [Member]
Stock or Unit Option Plan Expense				$ 325,576	$ 378,421
Net of Estimated Forfeitures [Member]
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year				$ 341,261
Number of Stock-based Compensation Plans				2
Stock Issued During Period, Shares, Employee Stock Purchase Plans	3,144	2,439	1,948
Stock Issued During Period, Shares, Employee Stock Purchase Plans	3,144	2,439	1,948
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				53,447	45,067
Allocated Share-based Compensation Expense, Estimate Remainder of Fiscal Year				$ 101,861
Allocated Share-based Compensation Expense, Estimate, Next Fiscal Year				159,600
Allocated Share-based Compensation Expense, Estimate, Fiscal Year Two				$ 79,800
Estimated Forfeiture Rate for Stock Options				10.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 8.48	$ 11.58
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term				6 years 259 days	6 years 204 days

Note 12 - Net Sales by Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
Note 12 - Net Sales by Segment (Details) - USD ($)	May 31, 2016	May 31, 2015	May 31, 2016	May 31, 2015
ZERUST [Member]
Net sales by segment	$ 7,185,955	$ 7,076,760	$ 19,548,974	$ 19,098,816
NaturTec [Member]
Net sales by segment	1,500,620	1,200,815	3,866,972	3,121,563
Net sales by segment	$ 8,686,575	$ 8,277,575	$ 23,415,946	$ 22,220,379

Note 12 - Total Long-Lived Assets by Geographic Distribution (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
BRAZIL
Total long-lived assets	$ 64,050	$ 46,918
INDIA
Total long-lived assets	13,664	16,402
CHINA
Total long-lived assets	164,765	45,220
UNITED STATES
Total long-lived assets	7,055,557	7,184,623
Total long-lived assets	$ 7,298,036	$ 7,293,163

Note 13 - Commitments and Contingencies (Details Textual)	9 Months Ended
	May 31, 2016 USD ($)	Aug. 31, 2015	May 31, 2015 USD ($)
Fiscal 2016 Bonus Plan [Member] \| Executive Officer [Member]
Percentage of Individual Bonus Payout Determined by Actual Versus Targeted EBITOI Results	75.00%
Percentage of Individuals Payout Determined Upon Achievement of Certain Pre-Established Individual Performance Objectives	25.00%
Accrued Bonuses	$ 215,000		$ 466,000
Number of Joint Ventures Accounted For Certain Percentage of Company's Trade Joint Venture Receivables	4
Entity Wide Trade Joint Venture Receivables, Four Joint Ventures,Percentage	65.60%	67.00%

Note 14 - Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($)	May 31, 2016	Aug. 31, 2015
Fair Value, Inputs, Level 1 [Member]
Available for sale securities	$ 2,239,792	$ 2,027,441
Available for sale securities	$ 2,239,792	$ 2,027,441