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Share-Based Payments
 12 Months Ended
Feb. 28, 2019
Share-based Payment Arrangement [Abstract]  
Note 10. Share-Based Payments

Stock Options

 

The following tables summarizes the continuity of the Company’s stock options during the years ended February 28, 2019 and 2018:

 

      2019     2018
   Number of stock options  Weighted average exercise price  Number of stock options  Weighted average exercise price
 Outstanding, beginning of period    2,374,581   $7.99    1,010,000   $0.96 
 Granted    39,902    9.67    2,310,000    9.23 
 Exercised    (20,000)   0.80    (245,034)   0.80 
 Forfeited    (369,583)   11.49    (620,385)   4.97 
 Expired    (62,500)   4.80    (80,000)   0.80 
 Outstanding, end of period    1,962,400   $7.53    2,374,581   $7.99 
 Exercisable, end of period    1,126,664   $7.72    841,249   $6.32 

 

      2019     2018
Exercise price  Number of stock options outstanding  Weighted average remaining life  Number of stock options outstanding  Weighted average remaining life
$0.80    582,081    6.76    602,081    7.75 
$3.00    —      —      12,500    0.25 
$5.25    380,000    8.50    530,000    9.49 
$8.75    26,693    10.0    —      —   
$11.52    13,209    9.36    —      —   
$12.00    700,000    8.54    700,000    9.54 
$13.49    193,750    0.17    250,000    9.63 
$13.89    66,667    0.01    280,000    9.69 
 Outstanding, end of period    1,962,400    6.91    2,374,581    9.05 
 Exercisable, end of period    1,126,664    5.99    841,249    7.67 

 

The Company applies the fair value method of accounting for stock-based compensation awards granted. Fair value is calculated based on a Black-Scholes option pricing model. The principal components of the pricing model were as follows:

 

   2019  2018  2017
Exercise price   $      8.75 to 11.52    $      5.25 to 13.89   $3.00 
Risk-free interest rate   2.70% to 2.82%    1.46 to 2.15%    0.91%
Expected dividend yield   0%   0%   0%
Expected volatility   78%   80% to 94%    122%
Expected life   6.5 to 7 years    3 to 6 years    2 years 

 

During the year ended February 28, 2019, stock-based compensation expense attributable to stock options amounted to $3,176,786 (2018 - $6,281,319; 2017 - $135,673) and is included in operating expenses.

 

Restricted Stock Units

 

The following table summarizes the continuity of the restricted stock units (“RSUs”) during the years ended February 28, 2019 and 2018: 

 

      2019     2018
   Number of units  Weighted average fair value price  Number of units  Weighted average fair value price
 Outstanding, beginning of period    34,102   $13.00    —     $—   
 Granted    406,188    8.80    34,102    13.00 
 Vested    (35,797)   13.06    —      —   
 Forfeited    (1,625)   12.31    —      —   
 Outstanding, end of period    402,868   $8.77    34,102   $13.00 

 

The Company applies the fair value method of accounting for awards granted through the issuance of restricted stock units. Fair value is calculated based on closing share price at grant date multiplied by the number of restricted stock unit awards granted.

 

During the year ended February 28, 2019, stock-based compensation attributable to RSUs amounted to $808,374 (2018 - $265,994; 2017 – nil) and is included in operating expenses.