Northern Technologies Intl. Corp. Files 2024 10-K

TL;DR

NTIC filed its 2024 10-K. Full financials and biz details inside.

AI Summary

Northern Technologies International Corp. filed its 10-K for the fiscal year ending August 31, 2024. The company reported on its business operations, financial condition, and risk factors. Key financial details and operational highlights are presented within the filing, which serves as a comprehensive overview for investors and stakeholders.

Why It Matters

This filing provides a detailed look at Northern Technologies International Corp.'s financial performance and strategic outlook for the past fiscal year, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — The filing details various business risks, including market competition, economic conditions, and regulatory changes, which could impact the company's performance.

Key Numbers

• FY 2024 — Fiscal Year (Reporting period for the 10-K filing.)
• 2024-08-31 — Fiscal Year End Date (The end date of the reporting period.)
• 2023-08-31 — Prior Fiscal Year End Date (For comparative financial analysis.)

Key Players & Entities

• NORTHERN TECHNOLOGIES INTERNATIONAL CORP (company) — Filer
• 2024-08-31 (date) — Fiscal Year End
• 4201 WOODLAND ROAD (address) — Business and Mail Address
• CIRCLE PINES, MN (location) — Business and Mail City/State
• 0000875582 (company_id) — Central Index Key

FAQ

Key Financial Figures

• $0.02 — ich registered Common stock, par value $0.02 per share NTIC The Nasdaq Stock Mar
• $63,092,575 — dated net sales in fiscal 2024 included $63,092,575 in sales of ZERUST rust and corrosion i
• $9,229,279 — dated net sales in fiscal 2024 included $9,229,279 in sales made to customers in the oil a

Filing Documents

• ntic20240831_10k.htm (10-K) — 1754KB
• ex_748876.htm (EX-3.2) — 116KB
• ex_744438.htm (EX-21.1) — 22KB
• ex_744439.htm (EX-23.1) — 2KB
• ex_744440.htm (EX-31.1) — 12KB
• ex_744441.htm (EX-31.2) — 13KB
• ex_744442.htm (EX-32.1) — 5KB
• ex_744443.htm (EX-32.2) — 5KB
• 0001171843-24-006440.txt ( ) — 8747KB
• ntic-20240831.xsd (EX-101.SCH) — 78KB
• ntic-20240831_def.xml (EX-101.DEF) — 522KB
• ntic-20240831_lab.xml (EX-101.LAB) — 454KB
• ntic-20240831_pre.xml (EX-101.PRE) — 569KB
• ntic-20240831_cal.xml (EX-101.CAL) — 73KB
• ntic20240831_10k_htm.xml (XML) — 1224KB

BUSINESS

BUSINESS 1 INFORMATION ABOUT OUR EXECUTIVE OFFICERS 13 Item 1A.

RISK FACTORS

RISK FACTORS 15 Item 1B. UNRESOLVED STAFF COMMENTS 36 Item 1C. CYBERSECURITY 36 Item 2.

PROPERTIES

PROPERTIES 38 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 38 Item 4. MINE SAFETY DISCLOSURES 38 PART II 39 Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 39 Item 6. [RESERVED] 39 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 53 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 54 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 81 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 81 Item 9B. OTHER INFORMATION 82 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 82 PART III 83 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 83 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 83 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 83 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 85 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 85 PART IV 86 Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 86 Item 16. FORM 10-K SUMMARY 89 _______________ This annual report on Form 10-K contains certain forward-looking statements that are 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. Item 1. Business – Forward-Looking Statements. " i _______________ 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 and majority-owned subsidiaries, all of which are consolidated on NTIC ' s consolidated financial statements. As used in this report, references to: (1) " NTIC China " refer to NTIC ' s wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd.; (2) " NTI Europe " refer to NTIC ' s wholly-owned subsidiary in Germany, NTIC Europe GmbH; (3) " Zerust Mexico " refer to NTIC ' s wholly-owned subsidiary in Mexico, ZERUST-EXCOR MEXICO, S. de R.L. de C.V.; (4) " Zerust India " refer to NTIC ' s wholly-owned subsidiary in India, HNTI Limited (formerly Harita-NTI Limited); (5) " Zerust Brazil " refer to NTIC ' s majority-owned Brazilian subsidiary, Zerust Preven o de Corros o S.A.; (6) " Natur-Tec India " refer to NTIC ' s majority-owned subsidiary in India, Natur-Tec India Private Limited; (7) " Natur Tec Lanka " refer to NTIC ' s majority-owned subsidiary in Sri Lanka, Natur Tec Lanka (Pvt) Ltd and (8) " NTI Asean " refer to NTIC ' s majority-owned holding company subsidiary, NTI Asean LLC, which holds

BUSINESS

BUSINESS Overview Northern Technologies International Corporation (NTIC) develops and markets proprietary, environmentally beneficial products and services in over 65 countries either directly or via a network of subsidiaries, joint ventures, independent distributors, and agents. NTIC's primary business is corrosion prevention products and services, 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 50 years and, more recently, has also expanded into the oil and gas industry. Additionally, NTIC markets and sells a portfolio of proprietary bio-based and certified compostable (fully biodegradable) polymer resin compounds and finished products under the Natur-Tec brand. These sustainable packaging 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, coatings, rust removers, cleaners, and diffusers as well as 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 performance requirements. In North America, NTIC sells its ZERUST corrosion prevention solutions through a network of independent distributors and agents supported by a direct sales force. Internationally, NTIC sells its ZERUST corrosion prevention solutions through its wholly-owned subsidiary in China, NTIC (Shanghai) Co., Ltd. (NTIC China), its wholly-owned subsidiary in India, HNTI Limited (Zerust India), its majority-owned joint venture holding company for NTIC's joint vent

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View this 10-K filing on SEC EDGAR