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STOCK OPTIONS
 6 Months Ended
Aug. 31, 2022
Equity [Abstract]  
STOCK OPTIONS

NOTE 5: 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 August 31, 2022, there were 230,215 options outstanding under the 2013 Plan, of which 82,305 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 August 31, 2022, there were 5,000 options outstanding and vested under the 2003 Plan, under which no additional options may be granted.

 

During the three and six months ended August 31, 2022, 7,250 options were exercised on a net cashless basis, which resulted in 5,553 shares of common stock being issued.