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7. SHAREHOLDERS' EQUITY (Tables)
 12 Months Ended
Aug. 31, 2016
Schedule of dividends declared and paid

FY2015

Record Date  Distribution Date  Number of Shares Outstanding on
Record Date		  Dividend per
Share		   Total Amount 
11/7/2014  11/14/2014  16,841,114  $0.05   $842,056 
1/26/2015  2/2/2015  16,852,117  $0.05   $842,606 
5/11/2015  5/18/2015  16,875,117  $0.05   $843,754 
7/23/2015  7/30/2015  16,943,001  $0.05   $847,150 
Total             $3,375,566 

 

FY2016

Record Date  Distribution Date  Number of Shares
Outstanding on
Record Date		  Dividend per
Share		   Total Amount 
11/09/2015  11/16/2015  16,996,001  $0.05   $849,800 
1/29/2016  02/05/2016  17,018,001  $0.05   $850,900 
5/02/2016  5/09/2016  17,029,501  $0.05   $851,475 
8/11/2016  8/18/2016  17,221,978  $0.05   $861,099 
Total             $3,413,274 

 
Intrinsic Value of options outstanding and options exercisable
   Intrinsic Value
of Options
Outstanding		   Intrinsic
Value of
Options
Exercisable		   Intrinsic
Value of
Options
Exercised		 
FY15  $1,182,797   $1,109,489   $396,485 
FY16  $1,500,659   $1,025,718   $853,423 
Schedule of options by exercise price range

Exercise Price  Awards Outstanding  Awards Exercisable
Low  High  Quantity  Weighted Average Remaining Contractual Life  Weighted Average Exercise Price  Quantity  Weighted Average Remaining Contractual Life  Weighted Average Exercise Price
$1.00  $ 1.50  67,000  3.0 years  $ 1.00  67,000  3.0 years  $1.03
$1.51  $ 3.00  –  –  –  –  –  –-
$3.01  $ 4.50  20,000  1.9 years  $ 3.16  20,000  1.9 years  $3.16
$4.51  $ 6.00  74,000  2.7 years  $ 5.48  44,000  2.9 years  $5.38
$6.01  $ 7.50  367,200  8.0 years  $ 6.85  148,880  7.9 years  $6.85
$7.51  $ 9.00  15,000  10.0 years  $ 8.62  0      
$9.01  $ 9.82  404,300  9.5 years  $ 9.71  0      
      947,500        279,880      

 

 
Incentive Stock Options (ISOs) [Member]  
Schedule of stock option activity

Transactions in FY15
(ISOs)		  Number of
Options		   Weighted-Average
Exercise Price
Per Share		   Weighted-Average
Remaining
Contractual Life		 
             
Outstanding, August 31, 2014   798,500   $4.59    6.27 
Granted   37,000   $6.99      
Exercised   (95,384)  $2.49      
Canceled/Forfeited   (119,116)  $4.86      
Outstanding, August 31, 2015   621,000   $5.01    6.01 
Vested and Exercisable, August 31, 2015   265,700   $2.81    4.40 
Vested and Expected to Vest, August 31, 2015   576,952   $4.87    6.32 

 

 

Transactions in FY16
(ISOs)		  Number of
Options		   Weighted-Average
Exercise Price
Per Share		   Weighted-Average
Remaining
Contractual Life		 
             
Outstanding, August 31, 2015   621,000   $5.01    6.01 
Granted   412,100   $9.71      
Exercised   (100,863)  $1.45      
Canceled/Forfeited   (27,487)  $7.66      
Expired   (10,000)  $1.13      
Outstanding, August 31, 2016   894,750   $7.54    7.72 
Vested and Exercisable, August 31, 2016   253,380   $4.85    5.26 
Vested and Expected to Vest, August 31, 2016   812,458   $7.40    7.58 

 
Non-Qualified Stock Options (NQSOs) [Member]  
Schedule of stock option activity

Transactions in FY15
(NQSOs)		  Number of
Options		   Weighted-Average
Exercise Price
Per Share		   Weighted-Average
Remaining
Contractual Life		 
Outstanding, August 31, 2014   56,600   $4.82    7.96 
Granted   13,750   $6.75      
Exercised   (6,503)  $3.28      
Cancelled/Forfeited   (14,497)  $4.97      
Outstanding, August 31, 2015   49,350   $5.52    7.75 
Exercisable, August 31, 2015   27,200   $4.70    6.31 

 

Transactions in FY16
(NQSOs)		  Number of Options   Weighted-Average Exercise Price
Per Share		   Weighted-Average Remaining Contractual Life 
Outstanding, August 31, 2015   49,350   $5.52    7.75 
Granted   15,000   $8.62      
Exercised   (11,600)  $3.33      
Cancelled/Forfeited   (0)  $–      
Outstanding, August 31, 2016   52,750   $6.88    8.07 
Exercisable, August 31, 2016   26,500   $5.95    6.70