SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Nov. 30, 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 three months ended November 30, 2019:

	Number of Options		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Approximate Aggregate Intrinsic Value
Outstanding at August 31, 2019		555,500	$	6.33		6.27	$	2,527,590
Granted (1)		130,000	$	10.41
Exercised		—	$	—
Forfeited or expired		—	$	—
Outstanding at November 30, 2019		685,500	$	7.10		6.99	$	3,645,825
Options exercisable at November 30, 2019		473,000	$	5.73		5.82	$	3,165,212

(1) Includes 50,000 shares granted to Mr. Harding on September 27, 2019 and 80,000 total shares granted to employees on September 25, 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 three months ended November 30, 2019:

	Number of Options			Weighted Average Grant Date Fair Value
Non-vested options outstanding at August 31, 2019		152,500		$	4.03
Granted		130,000			4.60
Vested		(70,000	)		3.68
Forfeited		—			—
Non-vested options outstanding at November 30, 2019		212,500		$	4.20