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, 2015
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 beginning of period     315,000     $ 5.76              
Granted     26,000       4.17              
Exercised     -       -              
Forfeited or expired     (12,500 )     7.21              
Outstanding at May 31, 2015     328,500     $ 4.99       6.42     $ 82,270  
                                 
Options exercisable at May 31, 2015     235,833     $ 4.83       5.56     $ 97,117  
Schedule of activity and value of non-vested options
    Number of Options     Weighted-Average Grant Date Fair Value  
Non-vested options oustanding at beginning of period     99,167     $ 4.85  
Granted     26,000       2.78  
Vested     (32,500 )     4.19  
Forfeited     -       -  
Non-vested options outstanding at May 31, 2015     92,667     $ 4.29