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Note 10 - Stock-based Compensation | 9 Months Ended
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May 31, 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 |  |  | (21,301 | ) |  |  | 9.04 |
Cancelled |  |  | — |  |  |  | — |
Outstanding as of May 31, 2024 |  |  | 1,805,675 |  |  |  | 11,43 |
Exercisable as of May 31, 2024 |  |  | 1,350,643 |  |  | $ | 10.88 |
The weighted average per share fair value of options granted during the nine months ended May 31, 2024 and 2023 was $4.88 and $4.87, respectively. The weighted average remaining contractual life of the options outstanding as of May 31, 2024 and 2023 was 6.11 years and 6.16 years, respectively. The Company recognized compensation expense of $343,148 and $1,038,022 and $331,303 and $998,311 during the three and nine months ended May 31, 2024 and 2023, respectively. As of May 31, 2024, there was $1,345,262 of unrecognized compensation expense. The amount is expected to be recognized over a period of 2.25 years.

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