6. SHAREHOLDERS' EQUITY

9 Months Ended

May 31, 2018

Equity [Abstract]

SHAREHOLDERS' EQUITY

NOTE 6: SHAREHOLDERS’ EQUITY

Dividend

The Company’s Board of Directors declared cash dividends during fiscal years 2018 and 2017. The details of the dividends paid are in the following tables:

FY2018
Record Date	Distribution Date	Number of Shares Outstanding on Record Date		Dividend per Share		Total Amount
11/13/2017	11/20/2017	17,284,792	$	0.06	$	1,037,088
1/26/2018	2/2/2018	17,317,752		0.06		1,039,065
4/25/2018	5/2/2018	17,354,005		0.06		1,041,240
Total					$	3,117,393

FY2017
Record Date	Distribution Date	Number of Shares Outstanding on Record Date		Dividend per Share		Total Amount
11/10/2016	11/17/2016	17,226,478	$	0.05	$	861,324
1/30/2017	2/6/2017	17,233,758		0.05		861,688
5/08/2017	5/15/2017	17,240,626		0.05		862,031
7/28/2017	8/4/2017	17,268,920		0.05		863,446
Total					$	3,448,489

Equity Incentive Plan

On February 23, 2007, the Board of Directors adopted and the shareholders approved the 2007 Stock Option Plan under which a total of 1,000,000 shares of common stock had been reserved for issuance. On February 25, 2014 the shareholders approved an additional 1,000,000 shares increasing the total number of shares that may be granted under the Option Plan to 2,000,000. This plan terminated in February 2017 by its term.

On December 23, 2016 the Board of Directors adopted, and on February 23, 2017 the shareholders approved, the 2017 Equity Incentive Plan under which a total of 1,000,000 shares of common stock has been reserved for issuance. This plan will terminate in December 2026.

As of May 31, 2018, employees and directors hold stock options to purchase 1,161,976 shares of common stock at exercise prices ranging from $1.00 to $17.71.

The following table summarizes information about stock options:

Transactions in FY18	Number of Options			Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Life
Outstanding, August 31, 2017		1,249,126		$	8.51		7.52
Granted		12,000		$	17.71
Exercised		(74,075	)	$	5.78
Cancelled/Forfeited		(19,075	)	$	8.89
Expired		(6,000	)	$	5.06
Outstanding, May 31, 2018		1,161,976		$	8.79		7.31
Exercisable, May 31, 2018		472,755		$	7.66		6.45

The weighted-average remaining contractual life of options outstanding issued under the Plan was 7.31 years at May 31, 2018. The exercise prices for the options outstanding at May 31, 2018 ranged from $1.00 to $17.71, and the information relating to these options is as follows:

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	$	4.00		42,000		0.85 years	$	1.00		42,000		0.85 years	$	1.00
$	4.01	$	8.00		332,000		5.96 years	$	6.76		207,795		5.78 years	$	6.70
$	8.01	$	12.00		763,060		8.26 years	$	9.87		222,960		8.12 years	$	9.81
$	12.01	$	16.00		12,916		9.22 years	$	14.44		0		–	$	–
$	16.01	$	17.71		12,000		4.46 years	$	17.71		0		–	$	–
					1,161,976		7.31 years	$	8.79		472,755		6.45 years	$	7.66

During the three and nine-month periods ended May 31, 2018, the Company issued 2,232 and 6,765 shares of stock to non-management directors of the Company valued at $36,716 and $110,262, respectively as compensation for services rendered to the Company.