Quarterly report pursuant to Section 13 or 15(d)

5. SHAREHOLDERS' EQUITY (Tables)

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5. SHAREHOLDERS' EQUITY (Tables)
 9 Months Ended
May 31, 2016
Shareholders Equity Tables  
Schedule of stock option activity
    Number of Options     Weighted-Average Exercise Price     Weighted-Average Remaining Contractual Term     Approximate Aggregate Instrinsic Value  
Oustanding at August 31, 2015     312,000     $ 6.61              
Granted     36,000       4.26              
Exercised     -       -              
Forfeited or expired     (10,000 )     13.25              
Outstanding at May 31, 2016     338,000     $ 4.77       5.94     $ 185,660  
                                 
Options exercisable at May 31, 2016     268,667     $ 4.70       5.42     $ 177,360  
Schedule of activity and value of non-vested options
   

Number of

Options

     Weighted-Average Grant Date Fair Value  
Non-vested options oustanding at August 31, 2015     59,333     $ 4.59  
Granted     36,000       -  
Vested     (26,000 )     -  
Forfeited     -       -  
Non-vested options outstanding at May 31, 2016     69,333     $ 5.04