XML 62 R18.htm IDEA: XBRL DOCUMENT
v3.20.1

Stockholders' Equity | 12 Months Ended
--- | ---
Feb. 29, 2020
Equity [Abstract] |
Stockholders' Equity | NOTE 12: STOCKHOLDERS’ EQUITY Stock Options – Under the 2013 Stock Incentive Plan, as amended (the "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 29, 2020, there were 541,667 options outstanding under the 2013 plan. Under the 2003 Stock Incentive Plan, as amended (the "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 29, 2020, there were 50,000 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 2020, the Company granted options to acquire 17,500 shares to employees exercisable at prices ranging from $2.10 to $2.65, options to acquire 20,000 shares to the non-employee members of the board of directors with an exercise price of $2.65 and options for 200,000 shares to an officer and director exercisable at prices of ranging from $2.45 to $2.65. The options granted to employees and directors vest over three years and expire in ten years. The options granted to the officer vested upon grant and expire in ten years. During fiscal 2019, the Company granted options to acquire 35,000 shares to employees exercisable at prices from $2.47 to $2.55 and options for 20,000 shares to a member of the board of directors with an exercise price of $3.00. The options vest annually over three years and expire in ten years. A summary of the activity of both plans for fiscal 2020 and fiscal 2019 is as follows:
|  |  |  |  |  |  |  | Weighted Average |
|  | Stock Options |  |  | Exercise Price $ |  |  | Fair Value |
|  | Outstanding |  |  | Exercisable |  |  | Outstanding |  |  | Exercisable |  |  | Vested |
Balance - February 28, 2018 |  |  | 912,100 |  |  |  | 425,400 |  |  | $ | 0.96 |  |  | $ | 0.92 |  |  | $ | 0.35 |
Granted |  |  | 55,000 |  |  |  |  |  |  |  | 2.66 |  |  |  |  |  |  |  |  |
Exercised |  |  | (371,100 | ) |  |  |  |  |  |  | (0.96 | ) |  |  |  |  |  |  |  |
Cancelled |  |  | (8,000 | ) |  |  |  |  |  |  | (1.12 | ) |  |  |  |  |  |  |  |
Balance - February 28, 2019 |  |  | 588,000 |  |  |  | 171,000 |  |  | $ | 1.10 |  |  | $ | 0.85 |  |  | $ | 0.34 |
Granted |  |  | 237,500 |  |  |  |  |  |  | $ | 2.55 |  |  |  |  |  |  |  |  |
Exercised |  |  | (231,333 | ) |  |  |  |  |  |  | (0.88 | ) |  |  |  |  |  |  |  |
Cancelled |  |  | (2,500 | ) |  |  |  |  |  |  | (1.17 | ) |  |  |  |  |  |  |  |
Balance - February 29, 2020 |  |  | 591,667 |  |  |  | 339,250 |  |  | $ | 1.77 |  |  | $ | 2.03 |  |  | $ | 0.35 |
The intrinsic value of the Company’s options exercised during fiscal 2020 and fiscal 2019 was $44,082 and $111,218, respectively. Information, at date of issuance, regarding stock option grants for fiscal 2020:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Fair Value |
Year ended February 29, 2020: |  |  |  |  |  |  |  |  |  |  |  |
Exercise price exceeds market price |  |  | — |  |  |  | — |  |  |  | — |
Exercise price equals market price |  |  | 237,500 |  |  | $ | 2.55 |  |  | $ | .34 |
Exercise price is less than market price |  |  | — |  |  |  | — |  |  |  | — |
The aggregate intrinsic value of the Company’s outstanding options at February 29, 2020 and February 28, 2019 was $150,752 and $169,608, respectively. The following table summarizes information about stock options outstanding and exercisable at February 29, 2020:
|  |  |  |  | Weighted Average |  |  |  |
|  | Number |  |  | Remaining Life |  |  | Exercise |  |  | Number |
|  | Outstanding |  |  | in Years |  |  | Price |  |  | Exercisable |
Range of exercise prices: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0.61 |  |  | 45,000 |  |  |  | 2.69 |  |  | $ | 0.61 |  |  |  | 45,000 |
$0.91 to $0.97 |  |  | 109,834 |  |  |  | 6.26 |  |  | $ | 0.91 |  |  |  | 2,500 |
$1.05 |  |  | 22,500 |  |  |  | 3.97 |  |  | $ | 1.05 |  |  |  | 22,500 |
$1.06 |  |  | 73,333 |  |  |  | 7.21 |  |  | $ | 1.06 |  |  |  | — |
$1.15 to $1.67 |  |  | 48,500 |  |  |  | 6.15 |  |  | $ | 1.30 |  |  |  | 44,500 |
$2.10 to $2.65 |  |  | 272,500 |  |  |  | 9.33 |  |  | $ | 2.54 |  |  |  | 215,750 |
$3.00 |  |  | 20,000 |  |  |  | 8.71 |  |  | $ | 3.00 |  |  |  | 9,000 |
Total Options: |  |  | 591,667 |  |  |  |  |  |  |  |  |  |  |  | 339,250 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration