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Stock Options and Warrants
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Aug. 31, 2012
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| Stock Options and Warrants [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Options and Warrants |
5 - Stock Options and Warrants The Company has one stock-based equity plan at August 31, 2012. Pursuant to the 2004 Stock Incentive Plan as amended (the “Plan”), which was originally adopted by the Company’s shareholders in 2005, the Company was authorized to issue options and warrants to purchase up to 7,600,000 shares of the Company’s common stock. As of August 31, 2012 the Company had 3,658,500 shares available for future stock option grants under the Plan. During the three months ended August 31, 2012, the Company granted a total of 125,000 common stock options to directors with an exercise price of $1.55 per share, which vest in quarterly increments over one year, and have an expiration date of five years from the date of grant. Related to certain settled litigation as disclosed in the Company’s May 31, 2012 10-K, the Company granted Warrants for 750,000 common shares to consultants at $.25 per share during the three months ended August 31, 2012. All compensation associated with the warrants was recognized at May 31, 2012. The consultants exercised all the warrants during the three months ended August 31, 2012. Net cash proceeds from the exercise of common stock warrants were $192,500 for the three months ended August 31, 2012. Compensation expense related to stock options and warrants was approximately $1,612,000, and $242,000 for the three months ended August 31, 2012 and 2011, respectively.
The grant date fair value of options and warrants vested during the three month periods ended August 31, 2012 and 2011 was approximately $2,092,000 and $190,000, respectively. The weighted average grant date fair value of options and warrants granted during the three month periods ended August 31, 2012 and 2011 was $.92 and $1.25, respectively. As of August 31, 2012 there was approximately $2,568,000 of unrecognized compensation costs related to share-based payments for unvested options, which is expected to be recognized over a weighted average period of 1.97 years. The following table represents stock option and warrant activity as of and for the three months ended August 31, 2012:
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