Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.5.0.2
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Aug. 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 six months ended August 31, 2016.

    August 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:

                           
    Six Months Ended August 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     95,000   $ 0.36 - 0.38       $  
Outstanding at August 31, 2016,     965,000   $ 0.36 - 0.38       $  
Options exercisable at August 31,       $       $  
Weighted average fair value of options granted during the period       $       $  
Stock-based compensation expense       $ 75,084       $  
Schedule of information pertaining to options outstanding

The following table presents information pertaining to options outstanding at August 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   965,000   5 years   $ 0.37     $