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EMPLOYEE STOCK PLANS | 6 Months Ended
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Feb. 28, 2025
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 February 28, 2025, there were 1,973,796 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 February 28, 2025 |  | 489,500 | ​ | $ | 9.52 | ​ | 4.3 | ​ | $ | 1,161
Options exercisable at February 28, 2025 |  | 472,500 | ​ | $ | 9.54 | ​ | 4.2 | ​ | $ | 1,116
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Outstanding at August 31, 2023 |  | 563,000 | ​ | $ | 9.15 | ​ | 5.5 | ​ | $ | 1,221
Granted |  | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Net settlement exercised |  | (32,000) | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Forfeited / Expired | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Outstanding at February 29, 2024 |  | 531,000 | ​ | $ | 9.36 | ​ | 5.2 | ​ | $ | 689
​ During the three and six months ended February 28, 2025 and February 29, 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 and six months ended February 28, 2025, net settlement exercises resulted in 13,815 shares being issued and 21,185 options being cancelled in settlement of the shares issued. During the three and six months ended February 29, 2024, net settlement exercises resulted in 13,978 shares being issued and 18,022 options being cancelled in settlement of the shares issued. ​ 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 February 28, 2025 |  | 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 February 29, 2024 |  | 59,000 | ​ | $ | 4.45
​ All non-vested options are expected to vest. On January 15, 2025, the Company’s six non-employee Board members were each granted 2,566 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 $11.69. There is no vesting requirement for the unrestricted stock grants. 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. For the three and six months ended February 28, 2025, the Company recognized $0.2 million and $0.3 million of stock-based compensation expense. For the three and six months ended February 29, 2024, the Company recognized $0.2 million and $0.3 million of stock-based compensation expense. At February 28, 2025, 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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