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SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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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 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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