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Stock Options | 12 Months Ended
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Aug. 31, 2017
Stock Options [Text Block] |
12. | Stock Options
| The Company has established its 2014 Stock Option Plan whereby the board of directors may, from time to time, grant up to 3,850,000 (post forward stock split) stock options to directors, officers, employees, and consultants. Stock options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company’s board of directors. The exercise price of an option is equal to or greater than the closing market price of the Company’s common shares on the day preceding the date of grant. The vesting terms of each grant are set by the board of directors.
| Fiscal 2017 Activity
| On October 10, 2016, the Company granted 250,000 stock options to a consultant for business advisory services. The exercise price of the stock options is $0.14 per share, vesting immediately and expiring on October 10, 2018.
| On June 2, 2017, the Company granted 200,000 stock options to an officer of the Company. The exercise price of the stock options is $0.37 per share, vesting immediately and expiring five years from the date of grant.
| On June 21, 2017, the Company granted 300,000 stock options to a consultant, 100,000 vesting annually for 3 years, with an exercise price of $0.295 and expiring five years from the date of grant. The company also granted 100,000 options to consultants vesting immediately with an exercise price of $0.295 and expiring five years from the date of grant.
| During the year ended August 31, 2017, the Company also recorded $113,044 of stock based compensation in Consulting on the Income Statement of which $93,969 pertained to the stock options granted during the period and $19,075 being the recognition of expense from previous grants amortized from prepaid expenses. In 2016 the Company recorded $92,270 of stock based compensation in Consulting and $29,745 in Investor Relations on the Income Statement.
Fiscal 2016 Activity On September 16, 2015, the Company granted 110,000 stock options to a director of the Company. The exercise price of the stock options is $0.17, vesting immediately and expiring on September 16, 2020. On April 15, 2016, the Company granted 300,000 to an officer of the Company. The exercise price of the stock options is $0.11 per share, vesting immediately and expiring on April 15, 2021. On June 3, 2016, the Company granted 325,000 stock options to a consultant, vesting immediately, with an exercise price of $0.14 and expiring five years from the date of grant. A continuity schedule for stock options is presented below:
|  |  |  |  |  | Weighted Average |
|  |  | Number of Options |  |  | Exercise Price |
|  |  |  |  |  | $ |
| Balance, August 31, 2015 (vested and outstanding) |  | 4,070,000 |  |  | 0.15 |
| Expired |  | (385,000 | ) |  | 0.32 |
| Cancelled |  | (935,000 | ) |  | 0.16 |
| Granted |  | 735,000 |  |  | 0.13 |
| Balance, August 31, 2016 (vested and outstanding) |  | 3,485,000 |  |  | 0.15 |
| Exercised |  | (1,014,125 | ) |  | 0.17 |
| Granted |  | 850,000 |  |  | 0.14 |
| Balance, August 31, 2017 (outstanding) |  | 3,320,875 |  |  | 0.15 |
| Balance, August 31, 2017 (exercisable) |  | 3,020,875 |  |  | 0.14 |
The fair value of options granted was estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
| August 31 | August 31
| 2017 | 2016
Expected volatility | 98% - 108% | 240% - 241%
Risk-free interest rate | 0.83% - 1.78% | 1.22% - 1.62%
Expected life | 2 - 5 years | 5 years
Dividend yield | 0.00% | 0.00%
Estimated fair value per option | $0.07 - $0.27 | $0.11 - $0.19
A summary of the Company’s vested and outstanding stock options as at August 31, 2017 is presented below:
Number of | Number of Stock | Weighted | Weighted | Aggregate
Stock Options | Options | Average | Average | Intrinsic Value
| Exercisable | Remaining | Exercise Price |
|  | Contractual Life | $ | $
247,500 | 247,500 | 0.80 years | 0.09 | 64,125
248,375 | 248,375 | 1.90 years | 0.23 | 30,482
990,000 | 990,000 | 2.31 years | 0.10 | 247,500
275,000 | 275,000 | 2.43 years | 0.09 | 71,250
550,000 | 550,000 | 2.57 years | 0.09 | 142,500
110,000 | 110,000 | 3.05 years | 0.17 | 19,500
300,000 | 300,000 | 3.62 years | 0.11 | 72,000
200,000 | 200,000 | 4.76 years | 0.37 | (4,000)
400,000 | 100,000 | 4.81 years | 0.30 | 22,000
3,320,875 | 3,020,875 | 2.81 years | 0.15 | 665,357

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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