2.4.0.80008 - Disclosure - STOCK OPTIONStruefalsefalse1false
falsefalseFrom2013-03-01to2013-05-31http://www.sec.gov/CIK0001404943duration2013-03-01T00:00:002013-05-31T00:00:001true
1pvso_StockOptionsAbstractpvso_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00falsefalsefalse | xbrli:stringItemTypestringfalse0
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2us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse| 1falsefalsefalse00<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended May 31, 2013,
the Company issued options to purchase 823,500 shares of common stock at $3.25 per share to members of its management team, members
of its Board of Directors, members of its scientific advisory board and clinical advisory board and a consultant. The options vest
in four equal installments on each of May 31, 2013, August 31, 2013, November 30, 2013 and February 28, 2014 and expire on April
5, 2023. These options have a total fair value of $2,592,349, as calculated using the Black-Scholes model. Assumptions used in
the Black-Scholes model included: (1) a discount rate of 1.72%; (2) an expected term of 10 years; (3) an expected volatility of
134%; and (4) zero expected dividends. As of May 31, 2013, the Company recognized $648,087 in stock option expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes common
stock options issued and outstanding:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; padding-right: 1.8pt; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"><b>Options</b></font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>Weighted</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>average</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>exercise</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>price</b></p></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>Aggregate</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>intrinsic</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>value</b></p></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>Weighted</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>average</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>remaining</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>contractual</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 1.8pt 0 0; text-align: center"><b>life (years)</b></p></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td colspan="2" style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 56%; padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Outstanding at February 28, 2013</font></td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 8%; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">1,116,500</font></td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="width: 8%; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> 0.68</font></td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="width: 8%; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">2,526,500</font></td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 1%; line-height: 115%"> </td>
<td style="width: 8%; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">8.61</font></td>
<td style="width: 1%; line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Granted</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">823,500</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">3.25</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; line-height: 115%"></td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">9.85</font></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Exercised</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Forfeited</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Expired</font></td>
<td style="line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> -</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 115%"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">-</font></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">Outstanding at May 31, 2013</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">1,940,000</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> 1.77</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">1,621,035</font></td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="padding-right: 0.8pt; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black"> 9.14</font></td>
<td style="line-height: 115%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="line-height: 115%"> </td>
<td style="text-align: right; line-height: 115%"> </td>
<td style="line-height: 115%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of May 31, 2013, 896,500 options are exercisable at $0.68 per
share with a weighted average life of 8.61 years and 823,500 options are exercisable at $3.25 with a weighted average life of 9.85
years.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"></p>falsefalsefalse | nonnum:textBlockItemTypenaTabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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