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EMPLOYEE STOCK PLANS | 9 Months Ended
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May 31, 2023
EMPLOYEE STOCK PLANS. |
EMPLOYEE STOCK PLANS | NOTE 7 – 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 May 31, 2023 and August 31, 2022, there were 838,755 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 periods noted:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 May 31, 2023 |  | 712,500 | ​ | $ | 8.75 | ​ | 5.0 | ​ | $ | 1,226
Options exercisable at May 31, 2023 |  | 581,500 | ​ | $ | 8.17 | ​ | 4.4 | ​ | $ | 1,182
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2021 |  | 714,500 | ​ | $ | 7.80 | ​ | 6.1 | ​ | $ | 5,107
Granted |  | 105,000 | ​ | $ | 13.37 | ​ | ​ | ​ | ​ | ​
Net settlement exercised |  | (103,667) | ​ | $ | 6.87 | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | (3,333) | ​ | $ | 10.45 | ​ | ​ | ​ | ​ | ​
Outstanding at May 31, 2022 |  | 712,500 | ​ | $ | 8.75 | ​ | 6.3 | ​ | $ | 2,032
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ During the three and nine months ended May 31, 2022, the Company had net settlement exercises of stock options, whereby the optionee did not pay cash for the options exercised but instead received the number of shares equal to the difference between the exercise price and the market price on the date of exercise. During the three months ended May 31, 2022, net settlement exercises resulted in 22,123 shares being issued and 23,377 options being cancelled in settlement of the shares issued. During the nine months ended May 31, 2022, net settlement exercises resulted in 46,012 shares being issued and 51,655 options being cancelled in settlement of shares issued. During the three and nine months ended May 31, 2022, the Company issued 0 and 6,000 shares of common stock upon the exercise of stock options, with an exercise price of $5.66, where the option holder used cash to exercise the options. ​ There were no options exercised during the three and nine months ended May 31, 2023. ​ The following table summarizes the combined activity and value of non-vested options under the 2004 Equity Plan and 2014 Incentive Plan for the periods presented:
​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 May 31, 2023 |  | 131,000 | ​ | $ | 4.54
​ | ​ | ​ | ​ | ​ | ​
Non-vested options outstanding at August 31, 2021 |  | 218,333 | ​ | $ | 4.04
Granted |  | 105,000 | ​ | $ | 5.16
Vested |  | (87,002) | ​ | $ | 4.21
Forfeited | ​ | (3,333) | ​ | $ | 4.21
Non-vested options outstanding at May 31, 2022 |  | 232,998 | ​ | $ | 4.47
​ | ​ | ​ | ​ | ​ | ​
​ All non-vested options are expected to vest. On January 11, 2023, the Company’s six non-employee Board members were each granted 3,033 shares of unrestricted stock. 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 $9.89. There is no vesting requirement for the unrestricted stock grants and the Company recognized the full expense of $0.2 million during the nine months ended May 31, 2023. Additionally, on January 11, 2023, the Company’s board awarded an executive officer 50,000 shares of restricted stock. The shares vested 20% at the grant date, and 20% of the shares will vest on each anniversary of the grant date over four years. The shares are eligible to vote and participate in any dividend or stock splits approved by the Company. On September 14, 2022, the Company issued certain employees 6,000 shares of restricted stock. These shares vested 20% at the September 14, 2022 grant date, and 20% vest each anniversary of the grant date for four years. The shares are eligible to vote and participate in any dividend or stock splits approved by the Company. On January 12, 2022, the Company’s six non-employee Board members were each granted 2,000 shares of unrestricted stock. 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 $13.23. There is no vesting requirement for the unrestricted stock grants and the Company recognized the full expense of $0.2 million during the nine months ended May 31, 2022. For the three and nine months ended May 31, 2023, the Company recognized $0.1 million and $0.6 million of stock-based compensation expense. For the three and nine months ended May 31, 2022, the Company recognized $0.1 million and $0.5 million of stock-based compensation expense. At May 31, 2023, the Company had unrecognized compensation expenses totaling $0.5 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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