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EMPLOYEE STOCK PLANS | 3 Months Ended
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Nov. 30, 2022
EMPLOYEE STOCK PLANS. |
EMPLOYEE STOCK PLANS | NOTE 8 – EMPLOYEE STOCK PLANS The Company reserved 1.6 million shares of common stock for issuance to employees and directors pursuant to the Company’s 2014 Equity Incentive Plan (2014 Equity Plan). As of November 30, 2022 and August 31, 2022, there were 909,620 shares and 912,953 shares available for grant under the 2014 Equity Plan. 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 (2004 Incentive Plan), which expired on April 11, 2014. No additional awards may be granted pursuant to the 2004 Incentive Plan. The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the three months ended November 30, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Approximate Aggregate Intrinsic Value (in thousands)
Outstanding at August 31, 2022 | ​ | 712,500 | ​ | $ | 8.75 | ​ | 5.7 | ​ | ​ | 1,489
Granted |  | — | ​ | $ | — |  |  | ​ |  |
Exercised |  | — | ​ | $ | — |  |  | ​ |  |
Forfeited / Expired | ​ | — | ​ | $ | — | ​ | ​ | ​ | ​ | ​
Outstanding at November 30, 2022 |  | 712,500 | ​ | $ | 8.75 |  | 5.5 | ​ | $ | 1,640
​ |  |  | ​ |  |  |  |  | ​ |  |
Options exercisable at November 30, 2022 |  | 581,500 | ​ | $ | 8.17 |  | 4.9 | ​ | $ | 1,542
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ During the three months ended November 30, 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 November 30, 2021 resulted in 6,467 shares issued and 6,700 options cancelled in settlement of shares issued. The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan as for the three months ended November 30, 2022:
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Options |  | Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2022 | ​ | 232,998 | ​ | $ | 4.47
Granted |  | — | ​ | $ | —
Vested |  | (101,998) | ​ | $ | 4.40
Forfeited |  | — | ​ | $ | —
Non-vested options outstanding at November 30, 2022 |  | 131,000 | ​ | $ | 4.54
​ All non-vested options are expected to vest. During the three months ended November 30, 2022, the Company issued certain employees 6,000 shares of restricted stock (Restricted Shares). The Restricted Shares vested 20% at the September 14, 2022 grant date, and 20% each anniversary of the grant date for four years. The Restricted Shares are eligible to vote and participate in any dividend or stock splits approved by the Company. The Company recognized less than $0.1 million of stock-based compensation expense related to the issuance of the Restricted Shares. For each of the three-month periods ended November 30, 2022 and 2021, the Company recorded less than $0.1 million of stock-based compensation expense. At November 30, 2022, the Company had unrecognized compensation expenses totaling $0.3 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 two years.

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