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Note 10 - Stock-based Compensation
 3 Months Ended
Nov. 30, 2022
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

10.

STOCK-BASED COMPENSATION

 

A summary of stock option activities under the Northern Technologies International Corporation Amended and Restated 2019 Stock Incentive Plan (the 2019 Plan) and the Northern Technologies International Corporation Amended and Restated 2007 Stock Incentive Plan (the 2007 Plan) is as follows:

 

   

Number of
Options
Outstanding

    

Weighted
Average
Exercise Price

  

Outstanding as of August 31, 2022

     1,544,727     $ 10.23  

Granted

     272,102     $ 11.38  

Exercised

     (178,331 )   $ 6.03  

Cancelled/Forfeited

     -       -  

Outstanding as of November 30, 2022

     1,638,498     $ 10.88  

 

The weighted average per share fair value of options granted during the three months ended November 30, 2022 and 2021 was $4.85 and $7.29, respectively. The weighted average remaining contractual life of the options outstanding as of November 30, 2022 and 2021 was 6.66 years and 6.41 years, respectively.

 

 

The Company recognized compensation expense of $329,522 and $232,883 during the three months ended November 30, 2022 and 2021, respectively. As of November 30, 2022, there was $1,999,892 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.7 years.