Stockholders' Equity

12 Months Ended

Feb. 29, 2016

Equity [Abstract]

Stockholders' Equity

NOTE 13: STOCKHOLDERS’ EQUITY

Stock Options – Under the 2013 Stock Incentive Plan, as amended ("2013 Plan"), options can be granted to officers, directors, consultants and employees of the Company and its subsidiaries to purchase up to 2,500,000 shares of the Company's common stock. Under the 2013 Plan options expire ten years after the date of grant. As of February 29, 2016, there were 246,600 options outstanding under the 2013 plan.

Under the 2003 Stock Incentive Plan, as amended ("2003 Plan"), until May 2013, options were available to be granted to officers, directors, consultants and employees of the Company and its subsidiaries to purchase up to 1,500,000 of the Company's common shares. As of February 29, 2016, there were 217,500 options outstanding under the 2003 Plan, under which no additional options may be granted.

Under the 2013 Stock Incentive Plan, option prices must be at least 100% of the fair market value of the common stock at time of grant. For qualified employees, except under certain circumstances specified in the plan or unless otherwise specified at the discretion of the Board of Directors, no option may be exercised prior to one year after date of grant, with the balance becoming exercisable in cumulative installments over a three year period during the term of the option, and terminating at a stipulated period of time after an employee's termination of employment.

During Fiscal Year 2016, the Company granted options for 73,500 shares exercisable at prices from $1.07 to $1.17 to employees of the Company.

During Fiscal Year 2015, the Company granted options for 57,600 shares to officers at an exercise price of $1.19 and options for 10,000 shares exercisable at $1.26 to an employee of the Company.

A summary of the activity of both plans for the years ended February 29, 2016 and February 28, 2015 is as follows:

						Weighted Average
	Stock Options					Exercise Price $					Fair Value
	Outstanding			Exercisable		Outstanding			Exercisable		Vested
Balance - February 28, 2014		946,573			435,714	$	0.76		$	0.82	$	0.41
Granted		67,600					1.20
Exercised		(478,739	)				(0.64	)
Cancelled		(46,500	)				(1.04	)
Balance - February 28, 2015		489,434			353,934	$	0.97		$	0.86	$	0.32
Granted		73,500				$	1.16
Exercised		(41,334	)				(0.61	)
Cancelled		(57,500	)				(1.08	)
Balance - February 29, 2016		464,100			349,820	$	0.91		$	0.83	$	0.39

The intrinsic value of the Company’s options exercised during the years ended February 29, 2016 and February 28, 2015 was $12,479 and $110,985, respectively.

Information, at date of issuance, regarding stock option grants for the years ended February 29, 2016:

	Shares	Weighted Average Exercise Price	Weighted Average Fair Value
Year ended February 29, 2016:
Exercise price exceeds market price	-	-	-
Exercise price equals market price	73,500	$   1.16	$   .26
Exercise price is less than market price	-	-	-

The aggregate intrinsic value of the Company’s outstanding options at February 29, 2016 and February 28, 2015 was $176,348 and $191,542, respectively.

The following table summarizes information about stock options outstanding and exercisable at February 29, 2016:

			Weighted Average
	Number		Remaining Life		Exercise		Number
	Outstanding		in Years		Price		Exercisable
Range of exercise prices:
$.42 to $.50		24,000		6.38	$	0.47		24,000
$.51 to $1.00		171,500		6.22	$	0.63		171,500
$1.01 to $1.40		268,600		8.08	$	1.13		154,320
Total Options:		464,100						349,820