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EQUITY
3 Months Ended
May 31, 2014
Equity [Abstract]  
EQUITY

During the three months ended May 31, 2013, the Company issued 153,013 shares of common stock to members of its scientific advisory board and clinical advisory board vesting upon the listing of the Company’s common stock on a national exchange and achieving certain levels of trading. The Company will measure the fair value of the shares when vesting becomes probable, which has not yet occurred. As of May 31, 2014, the Company has not recognized any stock compensation expense in connection with these shares.

 

During the three months ended May 31, 2013, the Company issued 150,000 shares of common stock to a member of its Board of Directors vesting upon the earlier of the Company achieving $5,000,000 in gross sales or a change in control. The Company valued the shares for a total fair value of $375,000 on the grant date. However, as of May 31, 2014, the Company has not recognized any stock compensation expense in connection with these shares and expects to recognize the compensation expense when vesting becomes probable, which has not yet occurred.

 

During the three months ended May 31, 2013, the Company issued 100,000 shares of common stock to an advisor for services that vested immediately. The fair value of the shares amounted to $250,000 on the grant date.  The Company recognized $250,000 and $0 in stock compensation expense during the three months ended May 31, 2013 and May 31, 2014, respectively.

 

During the three months ended May 31, 2013, the Company issued 12,000 shares of common stock to a consultant for services that vested immediately. The fair value of the shares amounted to $34,200 on the grant date. The Company recognized $34,200 and $0 in stock compensation expense during the three months ended May 31, 2013 and May 31, 2014, respectively.

 

During the three months ended May 31, 2014, the Company issued 50,000 shares of common stock to a consultant for services that vested immediately. The fair value of the shares amounted to $67,500 on the grant date. This transaction was recorded as a pre-paid expense of which $33,750 was used during the three months ended May 31, 2014.