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STOCK OPTIONS
 3 Months Ended
May 31, 2021
Equity [Abstract]  
STOCK OPTIONS

NOTE 5: STOCK OPTIONS

 

Stock Options – Under the 2013 Stock Incentive Plan ("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 May 31, 2021, there were 396,250 options outstanding under the 2013 Plan, of which 285,125 are vested.

 

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 shares of the Company's common stock. As of May 31, 2020, there were 47,500 options outstanding and vested under the 2003 Plan, under which no additional options may be granted.

 

During the three months ended May 31, 2021, 63,334 options were exercised on a net cashless basis, which resulted in 49,901 shares of common stock issued.