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Share Based Payments
 6 Months Ended
Aug. 31, 2023
Share Based Payments  
Share-based Payments

15. Share-based Payments

 

Stock Options

 

The following tables summarizes the continuity of the Company’s stock options during the three-month periods ended August 31, 2023 and 2022:

 

 

 

2023

 

 

2022

 

 

 

Number of

stock options

 

 

Weighted average

exercise price

 

 

Number of

stock options

 

 

Weighted average

exercise price

 

Outstanding, beginning of period

 

 

2,782,000

 

 

$5.08

 

 

 

1,570,000

 

 

$6.87

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, end of period

 

 

2,782,000

 

 

$5.08

 

 

 

1,570,000

 

 

$6.87

 

Exercisable, end of period

 

 

1,670,000

 

 

$6.84

 

 

 

1,361,667

 

 

$7.73

 

 

The following tables summarizes the continuity of the Company’s stock options during the six-month periods ended August 31, 2023 and 2022:

 

 

 

2023

 

 

2022

 

 

 

Number of

stock options

 

 

Weighted average

exercise price

 

 

Number of

stock options

 

 

Weighted average exercise price

 

Outstanding, beginning of period

 

 

2,542,000

 

 

$5.27

 

 

 

1,570,000

 

 

$6.87

 

Granted

 

 

240,000

 

 

 

3.11

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Outstanding, end of period

 

 

2,782,000

 

 

$5.08

 

 

 

1,570,000

 

 

$6.87

 

Exercisable, end of period

 

 

1,670,000

 

 

$6.84

 

 

 

1,361,667

 

 

$7.73

 

 

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. There were no new issuances of stock options for the three-month period ended August 31, 2022. The principal components of the pricing model for the stock options granted in the six-month period ended August 31, 2023 were as follows:

 

Exercise price

 

$3.11

 

Risk-free interest rate

 

 

3.84%

Expected dividend yield

 

 

0%

Expected volatility

 

 

79%

Expected life

 

3 years

 

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $172 and $313, respectively. During the six-month periods ended August 31, 2023 and 2022, stock-based compensation expense attributable to stock options amounted to $333 and $630, respectively.

 

Restricted Stock Units

 

The following table summarizes the continuity of the restricted stock units during the three-month periods ended August 31, 2023 and 2022:

 

 

 

2023

 

 

2022

 

 

 

Number of

units

 

 

Weighted average

fair value price

 

 

Number of

units

 

 

Weighted average

fair value price

 

Outstanding, beginning of period

 

 

4,306,655

 

 

$6.61

 

 

 

4,090,775

 

 

$7.37

 

Granted

 

 

115,364

 

 

 

3.17

 

 

 

66,744

 

 

 

4.05

 

Settled

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Forfeited

 

 

(4,331)

 

 

8.21

 

 

 

(28,801)

 

 

8.68

 

Outstanding, end of period

 

 

4,417,688

 

 

$6.52

 

 

 

4,128,718

 

 

$7.31

 

Outstanding vested, end of period

 

 

1,635,241

 

 

$6.22

 

 

 

1,563,497

 

 

$6.29

 

 

The following table summarizes the continuity of the restricted stock units during the six-month periods ended August 31, 2023 and 2022:

 

 

 

2023

 

 

2022

 

 

 

Number of

units

 

 

Weighted average

fair value price

 

 

Number of

units

 

 

Weighted average

fair value price

 

Outstanding, beginning of period

 

 

3,888,618

 

 

$7.09

 

 

 

4,018,567

 

 

$7.42

 

Granted

 

 

585,364

 

 

 

2.93

 

 

 

151,605

 

 

 

5.14

 

Settled

 

 

(51,963)

 

 

8.66

 

 

 

(12,653)

 

 

13.04

 

Forfeited

 

 

(4,331)

 

 

8.21

 

 

 

(28,801)

 

 

8.68

 

Outstanding, end of period

 

 

4,417,688

 

 

$6.52

 

 

 

4,128,718

 

 

$7.31

 

Outstanding vested, end of period

 

 

1,635,241

 

 

$6.22

 

 

 

1,563,497

 

 

$6.29

 

 

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 the intrinsic value at grant date multiplied by the number of restricted stock unit awards granted.

 

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $216 and $316, respectively. During the six-month periods ended August 31, 2023 and 2022, stock-based compensation attributable to RSUs amounted to $410 and $8,465, respectively. During the six-month period ended August 31, 2022, the Company recorded a stock-based compensation expense of $7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).

 

Stock-Based Compensation Expense

 

During the three-month periods ended August 31, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $155 and $319, respectively, and in general and administrative expenses amounted to $233 and $310, respectively. During the six-month periods ended August 31, 2023 and 2022, stock-based compensation included in research and development expenses amounted to $315 and $716, respectively, and in general and administrative expenses amounted to $428 and $8,379, respectively. The amount recorded in general and administrative expenses for the six-month period ended August 31, 2022 includes $7,740 related to the achievement of a performance milestone for 1,000,000 RSUs (Note 11).