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SHAREHOLDERS' EQUITY | 6 Months Ended
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Feb. 28, 2021
SHAREHOLDERS' EQUITY [Abstract] |
SHAREHOLDERS' EQUITY | NOTE 7 – 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 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. As of February 28, 2021 and August 30, 2020, there were 970,723 and 1,088,500 shares available for grant under the 2014 Equity Plan. The Company began awarding options and stock awards under the 2014 Equity Plan in January 2015. Prior to the effective date of the 2014 Equity Plan, the Company granted options and 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, 2021:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term |  |  | Approximate Aggregate Intrinsic Value (in thousands) |
Outstanding at August 31, 2020 |  |  | 661,500 |  |  | $ | 7.23 |  |  |  | 6.17 |  |  | $ | 1,831 |
Granted |  |  | 115,000 |  |  | $ | 9.00 |  |  |  |  |  |  |  |  |
Exercised |  |  | (5,000 | ) |  |  | 2.76 |  |  |  |  |  |  |  |  |
Net settlement exercised |  |  | (24,500 | ) |  | $ | 3.07 |  |  |  |  |  |  |  |  |
Outstanding at February 28, 2021 |  |  | 747,000 |  |  | $ | 7.64 |  |  |  | 6.68 |  |  |  | 3,078 |
Options exercisable at February 28, 2021 |  |  | 528,667 |  |  | $ | 6.78 |  |  |  | 5.61 |  |  |  | 2,634 |
On January 13, 2021 the six non-employee Board members were each granted 2,000 unrestricted stock grants. The fair market value of the unrestricted shares for share-based compensation expense is equal to the closing price of the Company's common stock on the date of grant of $11.33. There is no vesting requirement for the unrestricted stock grants and the Company recognized the full expense of $0.1 million in the three months ended February 28, 2021. During the six months ended February 28, 2021, the Company had net settlement exercises of stock options, whereby the optionee did not pay cash for the options but instead received the number of shares equal to the difference between the exercise price and the market price on the date of exercise. Net settlement exercises during the three months ended February 28, 2021 resulted in 3,159 shares issued and 3,341 options cancelled in settlement of shares issued. Net settlement exercises during the six months ended February 28, 2021 resulted in 15,277 shares issued and 9,223 options cancelled in settlement of shares issued. There were no net settlement exercises during the six months ended February 29, 2020. 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, 2021:
|  | Number of Options |  |  | Weighted Average Grant Date Fair Value |
Non-vested options outstanding at August 31, 2020 |  |  | 179,999 |  |  | $ | 4.31 |
Granted |  |  | 115,000 |  |  | $ | 3.78 |
Vested |  |  | (76,666 | ) |  | $ | 4.27 |
Forfeited (a) |  |  | — |  |  | $ | — |
Non-vested options outstanding at February 28, 2021 |  |  | 218,333 |  |  | $ | 4.04 |
(a) | All non-vested options are expected to vest.
For each three month periods ended February 28, 2021 and February 29, 2020, the Company recorded $0.2 million of stock-based compensation expense. For each six month periods ended February 28, 2021 and February 29, 2020, the Company recorded $0.3 million of stock-based compensation expense. At February 28, 2021, the Company had unrecognized compensation expenses totaling $0.7 million relating to non-vested options that are expected to vest. The weighted-average period over which these options are expected to vest is approximately three years.

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