Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
May 31, 2022 |
May 31, 2021 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 6,228,581
|
$ 5,218,671
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Stock-based compensation |
698,649
|
503,338
|
| Change in allowance for doubtful accounts |
0
|
30,000
|
| Depreciation expense |
722,443
|
681,484
|
| Amortization expense |
474,121
|
151,710
|
| Remeasurement gain on acquisition of equity method investee |
(3,951,550)
|
0
|
| Equity in income from joint ventures |
(3,662,178)
|
(5,779,260)
|
| Dividends received from joint ventures |
5,723,176
|
3,505,455
|
| Deferred income taxes |
152,372
|
(8,526)
|
| Changes in current assets and liabilities: |
|
|
| Trade, excluding joint ventures |
(1,348,254)
|
(2,904,707)
|
| Trade, joint ventures |
(232,364)
|
(564,149)
|
| Fees for services provided to joint ventures |
261,913
|
(499,954)
|
| Income taxes |
(134,942)
|
(223,024)
|
| Inventories |
(2,093,668)
|
(177,927)
|
| Prepaid expenses and other |
(635,478)
|
(223,457)
|
| Accounts payable |
908,605
|
703,100
|
| Income tax payable |
(420,529)
|
(162,615)
|
| Accrued liabilities |
(912,803)
|
803,555
|
| Net cash provided by operating activities |
1,778,094
|
1,053,695
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Acquisition of Zerust India business, net of cash acquired (see Note 3) |
(5,062,003)
|
0
|
| Purchase of available for sale securities |
(941)
|
(800,000)
|
| Proceeds from the sale of available for sale securities |
0
|
1,219,670
|
| Investment in joint venture |
(341,392)
|
0
|
| Purchases of property and equipment |
(961,704)
|
(723,441)
|
| Investments in patents |
(164,994)
|
(96,009)
|
| Net cash used in investing activities |
(6,531,034)
|
(399,780)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Dividend received by non-controlling interest |
(402,729)
|
(200,000)
|
| Proceeds from line of credit |
4,700,000
|
0
|
| Dividends paid on NTIC common stock |
(1,934,906)
|
(1,183,943)
|
| Proceeds from the exercise of stock options |
198,640
|
0
|
| Proceeds from employee stock purchase plan |
73,645
|
74,334
|
| Net cash provided by (used in) financing activities |
2,634,650
|
(1,309,609)
|
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
560,918
|
133,585
|
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(1,557,372)
|
(522,109)
|
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
7,680,641
|
6,403,032
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
$ 6,123,269
|
$ 5,880,923
|