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Stockholders' Equity
 12 Months Ended
Feb. 28, 2017
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, 2017, there were 634,100 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, 2017, there were 205,500 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 2017, the Company granted options to acquire 400,000 shares to officers, at an exercise price of $0.91.

 

During Fiscal Year 2016, the Company granted options to acquire 73,500 shares exercisable at prices from $1.07 to $1.17, to employees of the Company.

 

A summary of the activity of both plans for the years ended February 28, 2017 and February 29, 2016 is as follows:

 

           Weighted Average 
   Stock Options   Exercise Price $   Fair Value 
   Outstanding   Exercisable   Outstanding   Exercisable   Vested 
Balance - February 28, 2015   489,434    353,934   $0.97   $0.86   $0.32 
Granted   73,500         1.16           
Exercised   (41,334)        (0.61)          
Cancelled   (57,500)        (1.08)          
Balance - February 29, 2016   464,100    349,820   $0.91   $0.83   $0.39 
                          
Granted   400,000        $0.91           
Exercised   (10,000)        (0.48)          
Cancelled   (14,500)        (1.21)          
Balance - February 28, 2017   839,600    395,405   $0.91   $0.89   $0.32 

 

The intrinsic value of the Company’s options exercised during the years ended February 28, 2017 and February 29, 2016 was $1,632 and $12,479, respectively.

 

Information, at date of issuance, regarding stock option grants for the years ended February 28, 2017:

 

Year ended February 28, 2017:  Shares  

Weighted
Average
Exercise
Price

  

Weighted
Average
Fair
Value

 
             
  Exercise price exceeds market price   —    —    — 
  Exercise price equals market price   400,000   $0.91   $.16 
  Exercise price is less than market price   —    —    — 

 

The aggregate intrinsic value of the Company’s outstanding options at February 28, 2017 and February 29, 2016 was $226,601 and $176,348, respectively.

 

The following table summarizes information about stock options outstanding and exercisable at February 28, 2017:

 

       Weighted Average     
   Number   Remaining Life   Exercise   Number 
   Outstanding   in Years   Price   Exercisable 
Range of exercise prices:                    
$.42 to $.50   14,000    5.01   $0.47    14,000 
$.51 to $1.00   571,500    8.14   $0.83    171,500 
$1.01 to $1.30   254,100    7.35   $1.14    209,905 
Total Options:   839,600              395,405