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Share-Based Compensation | 12 Months Ended
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Feb. 29, 2024
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | 11. SHARE-BASED COMPENSATION The following table presents the classification of the Group’s share-based compensation expenses:
|  | For the Years Ended |
|  | February 28, 2022 |  |  | February 28, 2023 |  |  | February 29, 2024 |
|  | RMB |  |  | RMB |  |  | RMB |  | USD |
General and administrative expenses |  |  | 8,817 |  |  |  | 3,001 |  |  |  | 2,939 |  |  | 408 |
Sales and marketing expenses |  |  | 185 |  |  |  | 167 |  |  |  | 183 |  |  | 26 |
Total share-based compensation |  |  | 9,002 |  |  |  | 3,168 |  |  |  | 3,122 |  |  | 434 |
In June 2015, The Company’s shareholders adopted a share incentive plan ("2015 Option Plan"). In March 2017, The Company’s shareholders adopted another share incentive plan ("2017 Option Plan"). The Company’s shareholders have authorized the issuance of up to 4,201,330 ordinary shares underlying all options (including incentive share options, or ISOs), restricted shares and restricted share units granted to a participant under the 2015 Option Plan and 2017 Option Plan. On January 22, 2019, the Company modified the exercise price to US$4.6 for a total number of 460,000 share options previously granted to independent directors, executive officers and employees on July 3, 2018. All other terms of the share options granted remain unchanged. The modification resulted in an incremental compensation cost of RMB 3,967, of which RMB 127 was recognized as compensation expenses during the year ended February 28, 2019. The remaining RMB 3,840 will be amortized over the remaining vesting period of the modified options. On June 30, 2019 and February 17, 2020, the Company granted 360,000 and 80,000 share options to employees at the weighted average grant date fair value of RMB 10.46 and RMB 10.03 per share, respectively. Options have a ten-year life and vest ratably at each grant date anniversary over a period of four years. On February 5, 2021, the Company granted 860,000 share options to our directors, executive officers and employees at the weighted average grant date fair value of RMB 13.24 per share. Options have a ten-year life and vest ratably at each grant date anniversary over a period of four years. On June 1, 2023, the Company modified the exercise price to US$2 for a total number of 1,155,000 outstanding share options previously granted to independent directors, executive officers and employees on July 3, 2018, June 30, 2019 and February 5, 2021. All other terms of the share options granted remain unchanged. The modification resulted in an incremental compensation cost of RMB 453, of which RMB 400 was recognized as compensation expenses during the year ended February 29, 2024. The remaining RMB 53 will be amortized over the remaining vesting period of the modified options. On June 1, 2023, the Company granted 100,000 share options to employees at the weighted average grant date fair value of RMB 17.75 per share. Options have a ten-year life and vest ratably at each grant date anniversary over a period of four years. The Group used the Black-Scholes option pricing model and the following assumptions to estimate the fair value of the options granted during the year ended February 29, 2024 with reference to the closing price of the Company on the measurement dates.
|  | For the Year Ended |
|  | February 29, |
|  | 2024 |
Average risk-free rate of interest |  | 3.61% or 3.65% |
Estimated volatility rate |  | 52.0% or 54.0% |
Dividend yield |  |  | 0 | %
Life of options |  | 10 years |
The risk-free rate of interest is based on the US Treasury yield curve as of valuation date. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies for the period before valuation date and with similar span as the expected expiration term. A summary of the aggregate option activity and information regarding options outstanding for the periods presented are as below:
|  | Number of Options |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contract Life |  |  | Aggregate Intrinsic Value |
|  | (in 000s) |  |  | RMB |  |  | Years |  |  | RMB |
Options outstanding on February 28, 2022 |  |  | 3,898 |  |  |  | 14.49 |  |  |  | 5.91 |  |  |  | — |
Granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Forfeited |  |  | (93 | ) |  |  | 25.46 |  |  |  | 7.66 |  |  |  |
Expired |  |  | (592 | ) |  |  | 13.60 |  |  |  | 4.57 |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Options outstanding on February 28, 2023 |  |  | 3,213 |  |  |  | 14.34 |  |  |  | 4.91 |  |  |  | — |
Granted |  |  | 100 |  |  |  | 14.40 |  |  |  | 9.33 |  |  |  |
Forfeited |  |  | (72 | ) |  |  | 15.86 |  |  |  | 5.21 |  |  |  |
Expired |  |  | (15 | ) |  |  | 17.26 |  |  |  | 7.00 |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  |
Options outstanding on February 29, 2024 |  |  | 3,226 |  |  |  | 15.66 |  |  |  | 4.08 |  |  |  | — |
Options vested or expected to vest on February 29, 2024 |  |  | 3,226 |  |  |  | 15.66 |  |  |  | 4.08 |  |  |  | — |
Options exercisable on February 29, 2024 |  |  | 2,959 |  |  |  | 15.35 |  |  |  | 3.72 |  |  |  | — |
For years ended February 28, 2022, 2023 and February 29, 2024, the Group recognized share-based compensation expense of RMB 9,002, RMB 3,168 and RMB 3,122 (US$434), respectively. As of February 29, 2024, there was RMB 1,830 (US$254) in total unrecognized compensation cost related to non-vested share options, which is expected to be recognized over a weighted-average period of 1.15 years.

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