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SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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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 |

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