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EMPLOYEE STOCK PLANS | 3 Months Ended
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Nov. 30, 2024
EMPLOYEE STOCK PLANS |
EMPLOYEE STOCK PLANS | NOTE 7 – EMPLOYEE STOCK PLANS The Company reserved 2.0 million shares of common stock for issuance to employees and directors pursuant to the Company’s 2024 Equity Incentive Plan (the “2024 Equity Plan”). As of November 30, 2024, there were 1,989,192 shares available for grant under the 2024 Equity Plan. Prior to the effective date of the 2024 Equity Plan, the Company granted options and stock awards to eligible participants under its 2014 Equity Plan (the “2014 Equity Plan”), which expired on April 12, 2024. The following table summarizes the combined stock option activity for the 2014 Equity Plan and 2024 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, 2024 | ​ | 524,500 | ​ | $ | 9.42 | ​ | 4.7 | ​ | $ | 877
Granted |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Net settlement exercised |  | (35,000) | ​ | ​ | 7.89 | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Outstanding at November 30, 2024 |  | 489,500 | ​ | $ | 9.52 | ​ | 4.5 | ​ | $ | 2,455
Options exercisable at November 30, 2024 |  | 472,500 | ​ | $ | 9.54 | ​ | 4.5 | ​ | $ | 2,361
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2023 |  | 563,000 | ​ | $ | 9.15 | ​ | 5.5 | ​ | $ | 1,221
Granted |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Net settlement exercised |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Outstanding at November 30, 2023 |  | 563,000 | ​ | $ | 9.15 | ​ | 5.2 | ​ | $ | 1,221
​ During the three months ended November 30, 2024, 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 November 30, 2024, net settlement exercises resulted in 13,815 shares being issued and 21,185 options being cancelled in settlement of the shares issued. There were no options exercised during the three months ended November 30, 2023. ​ The following table summarizes the activity and value of non-vested options under the 2014 Equity Plan and 2024 Equity Plan for the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | Number of Options |  | Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2024 | ​ | 59,000 | ​ | $ | 4.45
Granted |  | — | ​ | ​ | —
Vested |  | (42,000) | ​ | ​ | 4.66
Forfeited / Expired |  | — | ​ | ​ | —
Non-vested options outstanding at November 30, 2024 |  | 17,000 | ​ | $ | 3.93
​ | ​ | ​ | ​ | ​ | ​
Non-vested options outstanding at August 31, 2023 |  | 111,000 | ​ | $ | 4.47
Granted |  | — | ​ | ​ | —
Vested |  | (52,000) | ​ | ​ | 4.41
Forfeited | ​ | — | ​ | ​ | —
Non-vested options outstanding at November 30, 2023 |  | 59,000 | ​ | $ | 4.45
​ All non-vested options are expected to vest. On September 18, 2024, the Company issued certain employees 8,000 shares of restricted stock. These shares vested 20% at the September 18, 2024 grant date, and 20% will vest on each anniversary of the grant date for four years subject to continued employment. On September 18, 2024, the Company also issued an employee 1,200 shares of restricted stock. These shares vest 1/3 at the September 18, 2024 grant date, and 1/3 will vest on each anniversary of the grant date for two years subject to continued employment. The shares are eligible to vote and participate in any dividend or stock splits approved by the Company. On May 22, 2024, the Company issued a non-employee Board member 1,608 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 $9.33. There is no vesting requirement for the unrestricted stock grants. On January 17, 2024, the Company’s six non-employee Board members were each granted 3,006 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 $9.98. There is no vesting requirement for the unrestricted stock grants. On September 19, 2023, the Company issued certain employees 8,000 shares of restricted stock. These shares vested 20% at the September 19, 2023 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 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. Additionally, on January 11, 2023, the Company’s board awarded an executive officer 50,000 shares of restricted stock. Of which 10,000 shares fully vested in fiscal 2023 and the remaining 40,000 restricted stock unit awards were forfeited upon the executive officer’s departure. 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. For the three months ended November 30, 2024, the Company recognized less than $0.1 million of stock-based compensation expense. For the three months ended November 30, 2023, the Company recognized less than $0.1 million of stock-based compensation expense. At November 30, 2024, the Company had unrecognized compensation expenses totaling $0.2 million relating to non-vested options and restricted stock that are expected to vest. The weighted-average period over which these options and shares of restricted stock are expected to vest is approximately two years.

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