Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY (Tables)

v3.19.3
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Aug. 31, 2019
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,
  
   
2019
    
2018
  
Expected term (years)
    
5.80
      
5.80
  
Risk-free interest rate
    
2.93
%
    
2.41
%
Expected volatility
    
41.83
%
    
57.88
%
Expected dividend yield
    
0
%
    
0
%
Weighted average grant-date fair value
  
$
4.60
    
$
4.41
  
Stock Option Activity
The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the fiscal year ended August 31, 2019:

   
Number
of Options
    
Weighted Average
Exercise Price
    
Weighted Average
Remaining
Contractual Term
    
Approximate
Aggregate
Intrinsic Value
  
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
  
Granted
    
82,500
    
$
10.48
                  
Exercised
    
(62,500
)
  
$
3.09
                  
Forfeited or expired
    
—
    
$
—
                  
Outstanding at August 31, 2019
    
555,500
    
$
6.33
      
6.27
    
$
2,527,590
  
                                 
Options exercisable at August 31, 2019
    
403,000
    
$
5.44
      
5.47
    
$
2,180,299
  
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, 2019:

   
Number
of Options
    
Weighted Average
Grant Date
Fair Value
  
Non-vested options outstanding at August 31, 2018
    
155,833
    
$
3.76
  
Granted
    
82,500
      
4.60
  
Vested
    
(85,833
)
    
3.46
  
Forfeited
    
—
      
—
  
Non-vested options outstanding at August 31, 2019
    
152,500
    
$
4.03