Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.5.0.1
STOCK-BASED COMPENSATION (Tables)
3 Months Ended
May 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair value assumptions

The fair value of each award is estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the three months ended May 31, 2016.

 

    Three Months Ended May 31,  
    2016   2015  
               
Dividend yield     0.00%      
Expected Volatility     59.00%      
Weighted-average volatility          
Expected dividends          
Expected term (in years)     5 Years      
Risk-free rate     2.17%      
Schedule of stock option plan

The following table summarizes the status of the Company’s stock option plan:

 

    Three Months Ended May 31,  
    2016   2015  
    Shares   Weighted
Average
Exercise
Price
  Shares   Weighted
Average
Exercise
Price
 
                   
Outstanding at March 1     1,060,000   $ 0.36 - 0.38       $  
Granted       $       $  
Exercised       $       $  
Forfeited       $       $  
Outstanding at May 31, 2016,     1,060,000   $ 0.36 - 0.38       $  
Options exercisable at May 31,       $       $  
Weighted average fair value of options granted during the period       $       $  
Stock-based compensation expense       $ 37,542       $  
Schedule of information pertaining to options outstanding

The following table presents information pertaining to options outstanding at May 31, 2016:

 

Range of Exercise Price   Number
Outstanding
  Weighted
Average
Remaining
Contractual
Life
  Weighted
Average
Exercise
Price
  Number
Exercisable
  Weighted
Average
Exercise
Price
 
                           
$0.36 - $0.38   1,060,000   5 years   $ 0.37     $