Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.6.0.2
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Nov. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair value assumptions

The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued:

 

    November 30,  
    2016   2015  
               
Dividend yield     0.00%     0.00%  
Expected Volatility     59.00%     59.00%  
Weighted-average volatility          
Expected dividends          
Expected term (in years)     5 Years     5 Years  
Risk-free rate     2.17%     2.17%  
Schedule of stock option plan

The following table summarizes the status of the Plan:

 

    Nine Months Ended November 30,  
    2016   2015  
    Shares   Weighted
Average
Exercise
Price
  Shares   Weighted
Average
Exercise
Price
 
                   
Outstanding at March 1   1,060,000   $ 0.36 - 0.38       $  
Granted     $     1,155,000   $ 0.36 - 0.38  
Exercised     $       $  
Forfeited   155,000   $ 0.36 - 0.38       $  
Outstanding at November 30   905,000   $ 0.36 - 0.38     1,155,000   $ 0.36 - 0.38  
Options exercisable at November 30,   500,000   $ 0.38       $  
Weighted average fair value of options granted during the period     $       $  
Stock-based compensation expense     $ 101,337       $ 10,717  
Schedule of information pertaining to options outstanding

The following table presents information pertaining to options outstanding at November 30, 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   905,000   5 years   $ 0.37     $