SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Aug. 31, 2019

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