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SHAREHOLDERS' EQUITY | 6 Months Ended
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Feb. 28, 2019
SHAREHOLDERS' EQUITY [Abstract] |
SHAREHOLDERS' EQUITY | NOTE 5 – SHAREHOLDERS’ EQUITY The Company maintains the 2014 Equity Incentive Plan (the “2014 Equity Plan”), which was approved by shareholders in January 2014 and became effective on April 12, 2014. Executives, eligible employees, consultants and non-employee directors are eligible to receive options and stock grants pursuant to the 2014 Equity Plan. Pursuant to the 2014 Equity Plan, options to purchase shares of stock and restricted stock awards can be granted with exercise prices, vesting conditions and other performance criteria determined by the Compensation Committee of the board of directors. The Company has reserved 1.6 million shares of common stock for issuance under the 2014 Equity Plan. The Company began awarding options under the 2014 Equity Plan in January 2015. Prior to the effective date of the 2014 Equity Plan, the Company granted stock awards to eligible participants under its 2004 Incentive Plan (the “2004 Incentive Plan”), which expired on April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan; however, awards outstanding as of April 11, 2014, will continue to vest and expire and may be exercised in accordance with the terms of the 2004 Incentive Plan. The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the six months ended February 28, 2019:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Approximate Aggregate Intrinsic Value |
Outstanding at August 31, 2018 |  |  | 535,500 |  |  | $ | 5.31 |  |  |  | 6.04 |  |  | $ | 3,180,990 |
Granted (1) |  |  | 82,500 |  |  | $ | 10.48 |  |  |  |  |  |  |  |  |
Exercised |  |  | (37,500 | ) |  | $ | 3.06 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at February 28, 2019 |  |  | 580,500 |  |  | $ | 6.19 |  |  |  | 6.50 |  |  | $ | 2,343,935 |
Options exercisable at February 28, 2019 |  |  | 428,000 |  |  | $ | 5.30 |  |  |  | 5.65 |  |  | $ | 2,069,419 |
(1) | Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.
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 six months ended February 28, 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 |  |  | (85,834 | ) |  |  | 3.46 |
Forfeited |  |  | — |  |  |  | — |
Non-vested options outstanding at February 28, 2019 |  |  | 152,499 |  |  | $ | 4.03 |
All non-vested options are expected to vest. Stock-based compensation expense was $58,200 and $77,400 for the three months ended February 28, 2019 and 2018, respectively. Stock-based compensation expense was $161,700 and $157,600 for the six months ended February 28, 2019 and 2018, respectively. At February 28, 2019, the Company had unrecognized compensation expenses totaling $458,512 relating to non-vested options that are expected to vest. The weighted-average period over which these options are expected to vest is approximately two years.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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