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Northern Technologies International Corp – ‘10-Q’ for 5/31/20 – ‘R17’

On:  Thursday, 7/9/20, at 4:07pm ET   ·   For:  5/31/20   ·   Accession #:  1171843-20-4868   ·   File #:  1-11038

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/09/20  Northern Technologies Int’l Corp  10-Q        5/31/20   75:4.2M                                   Globenewswire Inc./FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    389K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     27K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     27K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     23K 
 5: EX-32.2     Certification -- §906 - SOA'02                      HTML     23K 
12: R1          Document And Entity Information                     HTML     55K 
13: R2          Consolidated Balance Sheets (Current Period         HTML    154K 
                Unaudited)                                                       
14: R3          Consolidated Balance Sheets (Current Period         HTML     43K 
                Unaudited) (Parentheticals)                                      
15: R4          Consolidated Statements of Operations (Unaudited)   HTML    133K 
16: R5          Consolidated Statements of Comprehensive Income     HTML     50K 
                (Unaudited)                                                      
17: R6          Consolidated Statements of Equity (Unaudited)       HTML     94K 
18: R7          Consolidated Statements of Cash Flows (Unaudited)   HTML    118K 
19: R8          Note 1 - Interim Financial Information              HTML     34K 
20: R9          Note 2 - Accounting Pronouncements                  HTML     40K 
21: R10         Note 3 - Inventories                                HTML     28K 
22: R11         Note 4 - Property and Equipment, Net                HTML     31K 
23: R12         Note 5 - Patents and Trademarks, Net                HTML     29K 
24: R13         Note 6 - Investments in Joint Ventures              HTML     58K 
25: R14         Note 7 - Corporate Debt                             HTML     31K 
26: R15         Note 8 - Stockholders' Equity                       HTML     41K 
27: R16         Note 9 - Net Income Per Common Share                HTML     38K 
28: R17         Note 10 - Stock-based Compensation                  HTML     39K 
29: R18         Note 11 - Segment and Geographic Information        HTML    107K 
30: R19         Note 12 - Commitments and Contingencies             HTML     46K 
31: R20         Note 13 - Fair Value Measurements                   HTML     33K 
32: R21         Note 14 - Supplemental Cash Flow Information        HTML     29K 
33: R22         Significant Accounting Policies (Policies)          HTML     40K 
34: R23         Note 3 - Inventories (Tables)                       HTML     29K 
35: R24         Note 4 - Property and Equipment, Net (Tables)       HTML     29K 
36: R25         Note 5 - Patents and Trademarks, Net (Tables)       HTML     28K 
37: R26         Note 6 - Investments in Joint Ventures (Tables)     HTML     57K 
38: R27         Note 8 - Stockholders' Equity (Tables)              HTML     30K 
39: R28         Note 9 - Net Income Per Common Share (Tables)       HTML     33K 
40: R29         Note 10 - Stock-based Compensation (Tables)         HTML     28K 
41: R30         Note 11 - Segment and Geographic Information        HTML    105K 
                (Tables)                                                         
42: R31         Note 12 - Commitments and Contingencies (Tables)    HTML     32K 
43: R32         Note 13 - Fair Value Measurements (Tables)          HTML     31K 
44: R33         Note 14 - Supplemental Cash Flow Information        HTML     28K 
                (Tables)                                                         
45: R34         Note 1 - Interim Financial Information (Details     HTML     23K 
                Textual)                                                         
46: R35         Note 2 - Accounting Pronouncements (Details         HTML     28K 
                Textual)                                                         
47: R36         Note 3 - Inventories - Inventories (Details)        HTML     29K 
48: R37         Note 4 - Property and Equipment, Net - Components   HTML     38K 
                of Property and Equipment, Net (Details)                         
49: R38         Note 5 - Patents and Trademarks, Net (Details       HTML     36K 
                Textual)                                                         
50: R39         Note 5 - Patents and Trademarks, Net - Patents and  HTML     30K 
                Trademarks, Net (Details)                                        
51: R40         Note 6 - Investments in Joint Ventures (Details     HTML     24K 
                Textual)                                                         
52: R41         Note 6 - Investments in Joint Ventures - Condensed  HTML     67K 
                Balance Sheet of EXCOR and All Other Joint                       
                Ventures (Details)                                               
53: R42         Note 6 - Investments in Joint Ventures - Condensed  HTML     68K 
                Income Statement of EXCOR and All Other Joint                    
                Ventures (Details)                                               
54: R43         Note 7 - Corporate Debt (Details Textual)           HTML     42K 
55: R44         Note 8 - Stockholders' Equity (Details Textual)     HTML     55K 
56: R45         Note 8 - Stockholders' Equity - Cash Dividends      HTML     30K 
                Declared (Details)                                               
57: R46         Note 9 - Net Income Per Common Share (Details       HTML     29K 
                Textual)                                                         
58: R47         Note 9 - Net Income Per Common Share -              HTML     59K 
                Reconciliation of the Earnings Per Share                         
                Computations (Details)                                           
59: R48         Note 10 - Stock-based Compensation (Details         HTML     58K 
                Textual)                                                         
60: R49         Note 10 - Stock-based Compensation - Black-Scholes  HTML     32K 
                Option-pricing Model Assumptions (Details)                       
61: R50         Note 11 - Segment and Geographic Information        HTML     23K 
                (Details Textual)                                                
62: R51         Note 11 - Segment and Geographic Information - Net  HTML     32K 
                Sales by Segment (Details)                                       
63: R52         Note 11 - Segment and Geographic Information -      HTML     35K 
                Cost of Goods Sold by Segment (Details)                          
64: R53         Note 11 - Segment and Geographic Information - Net  HTML     35K 
                Sales by Geographic Location (Details)                           
65: R54         Note 11 - Segment and Geographic Information -      HTML     53K 
                Fees for Services Provided to Joint Ventures by                  
                Geographic Location as a Percentage of Total Fees                
                (Details)                                                        
66: R55         Note 11 - Segment and Geographic Information -      HTML     33K 
                Total Long-lived Assets by Geographic Distribution               
                (Details)                                                        
67: R56         Note 11 - Segment and Geographic Information -      HTML     38K 
                Total Net Sales by Geographic Distribution                       
                (Details)                                                        
68: R57         Note 12 - Commitments and Contingencies (Details    HTML     45K 
                Textual)                                                         
69: R58         Note 12 - Commitments and Contingencies - Present   HTML     30K 
                Value of Long-term Leases (Details)                              
70: R59         Note 12 - Commitments and Contingencies - Future    HTML     44K 
                Minimum Rents Due (Details)                                      
71: R60         Note 13 - Fair Value Measurements - Assets and      HTML     28K 
                Liabilities Measured at Fair Value Recurring Basis               
                (Details)                                                        
72: R61         Note 14 - Supplemental Cash Flow Information -      HTML     27K 
                Supplemental Disclosures of Cash Flow Information                
                (Details)                                                        
74: XML         IDEA XML File -- Filing Summary                      XML    139K 
73: EXCEL       IDEA Workbook of Financial Reports                  XLSX     73K 
 6: EX-101.INS  XBRL Instance -- ntic-20200531                       XML   1.37M 
 8: EX-101.CAL  XBRL Calculations -- ntic-20200531_cal               XML    144K 
 9: EX-101.DEF  XBRL Definitions -- ntic-20200531_def                XML    957K 
10: EX-101.LAB  XBRL Labels -- ntic-20200531_lab                     XML    785K 
11: EX-101.PRE  XBRL Presentations -- ntic-20200531_pre              XML    995K 
 7: EX-101.SCH  XBRL Schema -- ntic-20200531                         XSD    167K 
75: ZIP         XBRL Zipped Folder -- 0001171843-20-004868-xbrl      Zip    118K

‘R17’   —   Note 10 – Stock-based Compensation

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.20.2
Note 10 - Stock-based Compensation
 9 Months Ended
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
10.
       STOCK-BASED COMPENSATION
 
The Company has
three
stock-based compensation plans under which stock options or other stock-based awards have been granted: the Northern Technologies International Corporation
2019
Stock Incentive Plan, which was approved by stockholders at the
2019
annual meeting of stockholders, the Northern Technologies International Corporation Amended and Restated
2007
Stock Incentive Plan (the
2007
Plan) and the Northern Technologies International Corporation Employee Stock Purchase Plan. The
2019
Plan replaced the
2007
Plan with respect to future grants; and, therefore,
no
further awards
may
be made under the
2007
Plan. The Compensation Committee of the Board of Directors and the Board of Directors administer these plans.
 
 C: 
The
2019
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
2019
Plan, up to a maximum of
800,000
shares of the Company’s common stock are issuable under the
2019
Plan. Options granted generally have a term of
ten
years and become exercisable over a
one
- or
three
-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 options to purchase an aggregate of
300,770
shares of the Company’s common stock had been granted under the
2019
Plan.
 
The maximum number of shares of common stock of the Company available for issuance under the ESPP is
200,000
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. As of
84,693
shares of common stock remained available for sale under the ESPP.
 
The Company granted options to purchase an aggregate of
300,770
and
141,768
shares of its common stock during the
nine
months ended and respectively. The fair value of option grants is determined at the date of grant using the Black-Scholes option pricing model with the assumptions listed below.  The Company recognized compensation expense of
$998,122
and
$1,073,940
during the
nine
months ended and respectively, related to the options that vested during such time period. As of the total compensation cost for non-vested options
not
yet recognized in the Company’s consolidated statements of operations was
$360,486.
Stock-based compensation expense of
$339,652
is expected through the remainder of fiscal year
2020,
and
$20,834
is expected to be recognized during fiscal
2021,
based on outstanding options as of 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 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
   
Dividend yield
2.15%
  
1.32%
Expected volatility
45.1%
  
45.8%
Expected life of option
(in years)
10
  
10
Average risk-free interest rate
1.57%
  
2.75%
 
The weighted average per share fair value of options granted during the
nine
months ended and was
$4.30
and
$9.01,
respectively. The weighted average remaining contractual life of the options outstanding as of and was
6.27
years and
6.15
years, respectively.

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:7/9/20
For Period end:5/31/20
5/31/1910-Q
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Filing Submission 0001171843-20-004868   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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