Share-based Payments
 3 Months Ended
May 31, 2019
Share-based Payments  
Share-based Payments

Stock Options

 

The following tables summarizes the continuity of the Company’s stock options during the three-month periods ended May 31, 2019 and 2018:

 

  2019   2018
  Number of stock options   Weighted average exercise price   Number of stock options   Weighted average exercise price
Outstanding, beginning of period 1,962,400   $ 7.53   2,374,581   $ 7.99
Granted -     -   -     -
Exercised -     -   (20,000)     0.80
Forfeited (10,010)     8.75   (100,000)     5.25
Expired (260,417)     13.89   -     -
Outstanding, end of period 1,691,973   $ 6.60   2,254,581   $ 8.17
Exercisable, end of period 914,998   $ 6.10   926,249   $ 6.61

 

 

  2019   2018
Exercise price Number of stock options outstanding   Weighted average remaining life (yrs.)   Number of stock options outstanding   Weighted average remaining life (yrs.)
$0.80 582,081   6.51   582,081   7.50
$3.00 -   -   12,500   0.01
$5.25 380,000   8.24   430,000   8.19
$8.75 16,683   0.04   -   -
$11.52 13,209   0.04   -   -
$12.00 700,000   8.29   700,000   9.29
$13.49 -   -   250,000   9.38
$13.89 -   -   280,000   9.44
Outstanding, end of period 1,691,973   7.52   2,254,581   8.60
Exercisable, end of period 914,998   7.54   926,249   7.96

 

The Company applies the fair value method of accounting for stock-based compensation awards granted. Fair value is calculated based on a Black-Scholes option pricing model. As there were no new issuances of stock options for the three-month periods ended May 31, 2019 and 2018, there are no principal components of the Black-Scholes option pricing model for stock options during those periods.

 

During the three-month periods ended May 31, 2019 and 2018, stock-based compensation expense attributable to stock options amounted to $575,513 and $978,025, respectively, and is included in operating expenses.

 

Restricted Stock Units

 

The following table summarizes the continuity of the restricted stock units (“RSUs”) during the three-month periods ended May 31, 2019 and 2018:

 

  2019   2018
  Number of units   Weighted average fair value price   Number of units   Weighted average fair value price
Outstanding, beginning of period 402,868   $ 8.77     34,102   $ 13.00
Granted 25,145             9.79   24,450     12.23
Issued as common stock (7,043)     12.16   (35,797)     13.06
Forfeited (17,203)     8.75   -     -
Outstanding, end of period 403,767   $ 8.73   22,755   $ 12.07
Outstanding vested, end of period 5,000     12.32   -     -

 

The Company applies the fair value method of accounting for awards granted through the issuance of restricted stock units. Fair value is calculated based on the closing share price at grant date multiplied by the number of restricted stock unit awards granted.

 

During the three-month periods ended May 31, 2019 and 2018, stock-based compensation attributable to RSUs amounted to $355,178 and $207,645, respectively, and is included in operating expenses.

 

During the three-month periods ended May 31, 2019 and 2018, stock-based compensation included in Research and development expenses amounted to $312,435 and $410,213, respectively, and in General and administrative expenses amounted to $618,255 and $775,456, respectively.