• Filing Date: 2017-10-16
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
6. STOCKHOLDERS' DEFICIT
3 Months Ended
Aug. 31, 2017
Equity [Abstract]  
6. 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.

 

The following table summarizes expense recognized as a result of share-based compensation:

 

   Three Months Ended
   August 31, 2017  August 31, 2016
Share-based compensation:          
General, selling and administrative expenses  $72,858   $92,557 
Consulting and professional services   —      42,547 
    72,858    135,104 
Share-based compensation by type of award:          
Stock options   72,858    133,715 
Restricted stock   —      1,389 
   $72,858   $135,104 

 

Stock Options

 

No option grants were made during the first quarter of fiscal years 2018 and 2017.

 

Restricted Stock

 

No restricted stock was granted during the first quarter of fiscal year 2018 or during fiscal year 2017.

 

Warrants

 

No warrants were issued during the first quarter of fiscal year 2018 or 2017. As of August 31, 2017, 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.