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SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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May 31, 2020
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, 2020:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Approximate Aggregate Intrinsic Value |
Outstanding at August 31, 2019 |  |  | 555,500 |  |  | $ | 6.33 |  |  |  | 6.27 |  |  | $ | 2,527,590 |
Granted |  |  | 130,000 |  |  | $ | 10.41 |  |  |  |  |  |  |  |  |
Exercised |  |  | (15,000 | ) |  | $ | 2.67 |  |  |  |  |  |  |  |  |
Forfeited or expired |  |  | — |  |  | $ | — |  |  |  |  |  |  |  |  |
Outstanding at May 31, 2020 |  |  | 670,500 |  |  | $ | 7.20 |  |  |  | 6.37 |  |  | $ | 2,066,420 |
Options exercisable at May 31, 2020 |  |  | 490,500 |  |  | $ | 6.07 |  |  |  | 5.42 |  |  | $ | 2,023,755 |
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, 2020:
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value |
Non-vested options outstanding at August 31, 2019 |  |  | 152,500 |  |  | $ | 4.03 |
Granted |  |  | 130,000 |  |  |  | 4.19 |
Vested |  |  | (102,500 | ) |  |  | 3.75 |
Forfeited |  |  | — |  |  |  | — |
Non-vested options outstanding at May 31, 2020 |  |  | 180,000 |  |  | $ | 4.31 |

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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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=120381028&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=120381028&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=120381028&loc=d3e5070-113901 + Details
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