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SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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May 31, 2018
SHAREHOLDERS EQUITY [Abstract] |
Stock Option Activity | The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the nine months ended May 31, 2018:
|  | Number of Options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Approximate Aggregate Instrinsic Value |
Oustanding at August 31, 2017 |  |  | 465,500 |  |  | $ | 4.88 |  |  |  | 6.30 |  |  | $ | 1,007,740 |
Granted (1) |  |  | 82,500 |  |  |  | 8.05 |  |  |  |  |  |  |  |  |
Exercised |  |  | (10,000 | ) |  |  | 7.50 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | (2,500 | ) |  |  | 7.50 |  |  |  |  |  |  |  |  |
Outstanding at May 31, 2018 |  |  | 535,500 |  |  | $ | 5.31 |  |  |  | 6.29 |  |  | $ | 2,163,540 |
Options exercisable at May 31, 2018 |  |  | 379,668 |  |  | $ | 4.66 |  |  |  | 5.21 |  |  | $ | 1,780,275 |
| (1) | Includes 50,000 shares granted to Mr. Harding on September 27, 2017 and 32,500 total shares granted to the board of directors on January 17, 2018.
Combined Activity and Value of Non-vested Options | The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan as of and for the nine months ended May 31, 2018:
|  | Number of Options |  |  | Weighted- Average Grant Date Fair Value |
Non-vested options oustanding at August 31, 2017 |  |  | 147,500 |  |  | $ | 3.64 |
Granted |  |  | 82,500 |  |  |  | 4.41 |
Vested |  |  | (74,168 | ) |  |  | 2.84 |
Forfeited |  |  | - |  |  |  | - |
Non-vested options outstanding at February 28, 2018 |  |  | 155,832 |  |  | $ | 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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