Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY (Tables)

v3.10.0.1
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Aug. 31, 2018
SHAREHOLDERS' EQUITY [Abstract]  
Variable Assumptions Used in Fair Value Calculations
The variable assumptions used in the fair value calculations using the Black-Scholes model are as follows:

   
For the Fiscal Years Ended August 31,
  
   
2018
    
2017
    
2016
  
Expected term (years)
    
5.80
      
10.00
      
10.00
  
Risk-free interest rate
    
2.41
%
    
1.84
%
    
2.06
%
Expected volatility
    
57.88
%
    
57.77
%
    
58.26
%
Expected dividend yield
    
0
%
    
0
%
    
0
%
Weighted average grant-date fair value
  
$
4.41
    
$
3.67
    
$
2.89
  
Stock Option Activity
The following table summarizes the stock option activity for the combined 2004 Incentive Plan and 2014 Equity Plan for the fiscal year ended August 31, 2018:

   
Number
of Options
    
Weighted Average
Exercise Price
    
Weighted Average
Remaining
Contractual Term
    
Approximate
Aggregate
Intrinsic Value
  
Outstanding at August 31, 2016
    
338,000
    
$
4.77
      
—
    
$
—
  
Granted
    
142,500
    
$
5.47
                  
Exercised
    
—
    
$
—
                  
Forfeited or expired
    
(15,000
)
  
$
7.88
                  
Outstanding at August 31, 2017
    
465,500
    
$
4.88
      
6.30
    
$
1,007,740
  
Granted
    
82,500
    
$
8.05
                  
Exercised
    
(10,000
)
  
$
7.50
                  
Forfeited or expired
    
(2,500
)
  
$
7.50
                  
Outstanding at August 31, 2018
    
535,500
    
$
5.31
      
6.04
    
$
3,180,990
  
                                 
Options exercisable at August 31, 2018
    
379,688
    
$
4.66
      
4.95
    
$
2,501,642
  
Value of Non-vested Options
The following table summarizes the activity and value of non-vested options as of and for the fiscal year ended August 31, 2018:

   
Number
of Options
    
Weighted Average
Grant Date
Fair Value
  
Non-vested options outstanding at August 31, 2017
    
147,500
    
$
3.64
  
Granted
    
82,500
      
4.41
  
Vested
    
(74,167
)
    
2.84
  
Forfeited
    
—
      
—
  
Non-vested options outstanding at August 31, 2018
    
155,833
    
$
3.76