Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.3.1.900
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Nov. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of fair value of the stock options granted Black-Scholes option valuation model

The risk-free interest rate was selected based upon yields of the U.S. Treasury issues with a term equal to the expected life of the option being valued:

 

    Three Months Ended November 30,  
    2015   2014  
               
Dividend yield     0.00%      
Expected Volatility     59.00%      
Weighted-average volatility          
Expected dividends          
Expected term (in years)     5 Years      
Risk-free rate     2.17%      

Schedule of stock option plan

The following table summarizes the status of the Company’s stock option plan:

    Three Months Ended November 30,  
    2015   2014  
    Shares   Weighted
Average
Exercise
Price
  Shares   Weighted
Average
Exercise
Price
 
                   
Outstanding at September 1       $       $  
Granted     1,155,000   $ 0.36 - 0.38       $  
Exercised       $       $  
Forfeited       $       $  
Outstanding at November 30,     1,155,000   $ 0.36 - 0.38       $  
Options exercisable at November 30,       $       $  
Weighted average fair value of options granted during the period       $       $  
Stock-based compensation expense       $ 10,717       $  
Schedule of information pertaining to options outstanding

The following table presents information pertaining to options outstanding at November 30, 2015:

Range of Exercise Price   Number
Outstanding
  Weighted
Average
Remaining
Contractual
Life
  Weighted
Average
Exercise
Price
  Number
Exercisable
  Weighted
Average
Exercise
Price
 
                           
$0.36 - $0.38   1,155,000   5 years   $ 0.37     $