8 EQUITY TRANSACTIONS

12 Months Ended

Feb. 28, 2017

Equity [Abstract]

EQUITY TRANSACTIONS

NOTE 8:   EQUITY TRANSACTIONS

Restricted Stock Grants

During the year ended February 28, 2017 250,000 shares of fully vested restricted common stock were issued by the Company to an employee.  The shares were valued at the closing price of the Company's common stock at the date of the grant for a total expense of $117,500.  During the year ended February 29, 2016, 225,000 shares of restricted common stock were issued to employees and officers of the Company. Additionally, 200,000, 41,667, and 10,000 shares of restricted common stock were issued to TAM, vendors, and TAM's trustee, respectively. The shares were fully vested upon issuance. The value recorded in the accompanying consolidated financial statements was based on the estimated fair value of the stock on the date of the grant and aggregated $157,400 for year ended February 29, 2016.

During the year ended February 28, 2017 and February 29, 2016, the Company repurchased 30,000 and 36,000 shares of common stock respectively at a cost of $17,400 and $12,280 respectively.  These repurchases have been recorded as treasury stock and reflected as a reduction of stockholders' equity on the accompanying consolidated balance sheets.

Warrants

A summary of warrant activity for the fiscal years ended February 28, 2017 and February 29, 2016 is shown below.

			Weighted-
			Average
	Warrants		Exercise
	Outstanding		Price
Outstanding at March 1, 2015		8,407,221		0.21
Granted		-		-
Exercised		-		-
Forfeited		(2,000,000)		-
Outstanding at February 29, 2016		6,407,221		0.21
Granted		-		-
Exercised		-		-
Outstanding at February 28, 2017		6,407,221		0.21
Vested at February 28, 2017		6,407,221		0.21
Exercisable at February 28, 2017		6,407,221		0.21

The following table summarizes significant ranges of outstanding warrants as of February 28, 2017:

		Warrants Outstanding						Warrants Exercisable
				Weighted		Weighted				Weighted
				Average		Average				Average
				Remaining		Exercise		Number		Exercise
Exercise Price		Number		Life (Years)		Price		Outstanding		Price
	$0.21		6,407,221		4.79		$0.21		6,407,221		$0.21

During the year ended February 29, 2016, 2,000,000 warrants were forfeited upon termination of employment of one employee.  The value of these warrants was fully amortized during the year ended February 29, 2016.

As of February 28, 2017 and February 29, 2016, the total outstanding warrants had an intrinsic value of $0 and $1,858,094, respectively.