SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

May 31, 2019

SHAREHOLDERS' EQUITY [Abstract]

Stock Option Activity

The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the nine months ended May 31, 2019:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Approximate Aggregate Intrinsic Value
Outstanding at August 31, 2018		535,500		$	5.31		6.04	$	3,180,990
Granted (1)		82,500		$	10.48
Exercised		(37,500	)	$	3.06
Forfeited or expired		—		$	—
Outstanding at May 31, 2019		580,500		$	6.19		6.50	$	1,962,630
Options exercisable at May 31, 2019		428,000		$	5.30		5.65	$	1,761,260

(1) Includes 50,000 shares granted to Mr. Harding on September 26, 2018 and 32,500 total shares granted to non-employee directors on January 16, 2019.

Value of Non-vested Options

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 nine months ended May 31, 2019:

	Number of Options			Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2018		155,833		$	3.76
Granted		82,500			4.60
Vested		(85,834	)		3.46
Forfeited		—			—
Non-vested options outstanding at May 31, 2019		152,499		$	4.03