Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY (Tables)

v3.20.2
SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Aug. 31, 2020
SHAREHOLDERS' EQUITY [Abstract]  
Variable Assumptions Used in Fair Value Calculations
The variable assumptions used in the fair value calculations using the Black-Scholes model are as follows:

   
For the Fiscal Years Ended August 31,
 
   
2020
    
2019
  
Expected term (years)
    
6.00
      
5.80
  
Risk-free interest rate
    
1.71
%
    
2.93
%
Expected volatility
    
39.32
%
    
41.83
%
Expected dividend yield
    
0
%
    
0
%
Weighted average grant-date fair value
  
$
4.19
    
$
4.60
  
Stock Option Activity
The following table summarizes the combined stock option activity for the 2004 Incentive Plan and 2014 Equity Plan for the year ended August 31, 2020:

   
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
    
82,500
    
$
10.48
                  
Exercised
    
(62,500
)
  
$
3.09
                  
Forfeited or expired
    
—
    
$
—
                  
Outstanding at August 31, 2019
   
555,500
    
$
6.33
      
6.27
    
$
2,527,590
  
Granted
    
130,000
    
$
10.41
                  
Exercised
    
(17,500
)
  
$
2.81
                  
Forfeited or expired
    
(6,500
)
  
$
6.08
                  
Outstanding at August 31, 2020
    
661,500
    
$
7.23
      
6.17
    
$
1,831,075
  
                                 
Options exercisable at August 31, 2020
   
481,501
    
$
6.08
      
5.22
    
$
1,795,076
  
Non-Vested Options
The following table summarizes the activity and value of non-vested options as of and for the year ended August 31, 2020:

   
Number
of Options
    
Weighted Average
Grant Date
Fair Value
  
Non-vested options outstanding at August 31, 2019
   
152,499
    
$
4.03
  
Granted
    
130,000
      
4.19
  
Vested
    
(102,500
)
    
3.75
  
Forfeited
    
—
      
—
  
Non-vested options outstanding at August 31, 2020
   
179,999
    
$
4.31