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Note 10 - Stock-based Compensation
 3 Months Ended
Feb. 29, 2024
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 2024 Stock Incentive Plan (the 2024 Plan), 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, 2023

     1,557,131     $ 11.08  

Granted

     269,845     $ 13.25  

Exercised

     —       —  

Cancelled

     —       —  

Outstanding as of February 29, 2024

     1,826,976     $ 11.40  

 

The weighted average per share fair value of options granted during the six months ended February 29, 2024 and February 28, 2023 was $5.04 and $4.75, respectively. The weighted average remaining contractual life of the options outstanding as of February 29, 2024 and February 28, 2023 was 6.31 years and 6.42 years, respectively.

 

The Company recognized compensation expense of $694,874 and $667,008 during the six months ended February 29, 2024 and February 28, 2023, respectively. As of February 29, 2024, there was $1,693,930 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.5 years.