STOCK HOLDERS' EQUITY

6 Months Ended

Feb. 28, 2014

STOCK HOLDERS' EQUITY [Abstract]

STOCK HOLDERS' EQUITY

NOTE 5 - STOCK HOLDERS' EQUITY:

a. As described in note 2e, on November 4, 2013, the Company issued 10,000 shares of its common stock to an advisor as remuneration for services rendered. The total fair value of the shares at the date of grant was $64,400.

b. On December 24, 2013, the Company entered into a Placement Agency Agreement with Aegis Capital Corp. (the "Placement Agent"), pursuant to which the Placement Agent agreed to use its reasonable best efforts to arrange for the sale of up to 1,580,000 shares of the Company's common stock.  In connection therewith, on December 24, 2013, the Company entered into a Securities Purchase Agreement, pursuant to which the Company agreed to sell an aggregate of 1,580,000 shares of common stock, at a price of $10.00 per share, to two institutional investors in a registered direct offering (the "Offering"). The Company received all funds and issued all shares of common stock in connection with the Offering as of December 30, 2013. The net proceeds to the Company from the Offering were approximately $14,887,085, after deducting Placement Agent's commissions of $815,500 and other offering expenses of the Company.

c. During January 2014, 258,849 warrants were exercised for cash and resulted in the issuance of 239,161 shares of common stock. Additional 19,688 shares were issued in April 2014. The cash consideration received for the exercise of the warrants was $1,553,094.

d. During January and February 2014, 9,134 options were exercised as part of the Company's stock based compensation plan for cash and resulted in the issuance of 9,134 shares of common stock.

The cash consideration received for exercise of the options was $54,804.