• Filing Date: 2020-10-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
8. STOCKHOLDERS' DEFICIT
3 Months Ended
Aug. 31, 2020
Stockholders' Deficit  
8. STOCKHOLDERS' DEFICIT

Share Based Compensation

 

The Black-Scholes option pricing model is used to estimate the fair value of options granted under our stock incentive plan.

 

Share based compensation expense is fully recorded with respect to stock option awards outstanding. No share based compensation expense was recorded for the three months ended August 31, 2020 or 2019.

 

Stock Options

 

No option grants were made during the first quarter of fiscal years 2021 and 2020.

 

Restricted Stock

 

No restricted stock was granted during the first quarter of fiscal years 2021 or 2020.

 

Warrants

 

No warrants were issued during the first quarter of fiscal years 2021 or 2020 As of August 31, 2020, there were 5,374,501 warrants remaining to be exercised at a price of $0.70 per share to Sunrise Securities Corporation to satisfy the finders’ fee obligation associated with the Alleghany transaction. The warrants will expire June 14, 2021 and are currently exercisable.