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Stockholders' Equity
 12 Months Ended
Feb. 28, 2015
Equity [Abstract]  
Stockholders' Equity

NOTE 13: STOCKHOLDERS’ EQUITY

 

Stock Options – Under the 2013 Stock Incentive Plan, as amended ("2013 Plan"), options can be granted to officers, directors, consultants and employees of the Company and its subsidiaries to purchase up to 2,500,000 shares of the Company's common stock. Under the 2013 Plan options expire ten years after the date of grant. As of February 28, 2015, there were 190,600 options outstanding under the 2013 plan.

 

Under the 2003 Stock Incentive Plan, as amended ("2003 Plan"), until May 2013, options were available to be granted to officers, directors, consultants and employees of the Company and its subsidiaries to purchase up to 1,500,000 of the Company's common shares. As of February 28, 2015, there were 298,834 options outstanding under the 2003 Plan, under which no additional options may be granted.

 

Under the 2013 Stock Incentive Plan, option prices must be at least 100% of the fair market value of the common stock at time of grant. For qualified employees, except under certain circumstances specified in the plan or unless otherwise specified at the discretion of the Board of Directors, no option may be exercised prior to one year after date of grant, with the balance becoming exercisable in cumulative installments over a three year period during the term of the option, and terminating at a stipulated period of time after an employee's termination of employment.

 

During Fiscal Year 2015, the Company granted options for 57,600 shares to officers at an exercise price of $1.19 and options for 10,000 shares exercisable at $1.26 to an employee of the Company.

 

During Fiscal Year 2014, the Company granted options for 135,500 shares exercisable at prices from $1.05 to $1.20 to employees of the Company.

 

 

A summary of the activity of both plans for the years ended February 28, 2015 and 2014 is as follows:

 

      Weighted Average
  Stock Options Exercise Price Fair Value
  Outstanding Exercisable Outstanding Exercisable Vested
Balance – February 28, 2013 1,322,718 549,425 $.67 $.77 $.39
Granted 135,500   1.06    
Exercised (501,645)   (.60)    
Cancelled (10,000)   (1.11)    
Balance – February 28, 2014 946,573 435,714 $.76 $.82 $.41
Granted 67,600   1.20    
Exercised (478,739)   (.64)    
Cancelled (46,000)   (1.04)    
Balance – February 28, 2015 489,434 353,934 $.97 $.86 $.32

 

The intrinsic value of the Company’s options exercised during the years ended February 28, 2015 and 2014 was $110,985 and $157,427, respectively.

 

Information, at date of issuance, regarding stock option grants for the years ended February 28, 2015:

 

    Shares   Weighted
Average
Exercise
Price		   Weighted
Average
Fair
Value
Year ended February 28, 2015:            
  Exercise price exceeds market price   -   -   -
  Exercise price equals market price   67,600   $   1.19   $   .38
  Exercise price is less than market price      -   -   -

 

The aggregate intrinsic value of the Company’s outstanding options at February 28, 2015 and 2014 was $191,542 and $369,659, respectively.

 

The following table summarizes information about stock options outstanding and exercisable at February 28, 2015:

 

    Weighted Average  
  Number Remaining Life Exercise Number
  Outstanding in Years Price Exercisable
Range of exercise prices:        
$.42 to $.50 32,000 7.45 $             0.47 21,500
$.51 to $1.00 207,334 7.25 $             0.64 197,334
$1.01 to $1.95 250,100 7.27 $             1.20 135,100
Total Options: 489,434     353,934