SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2018

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