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Stock Options And Warrants
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Feb. 29, 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 February 29, 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 February 29, 2012 the Company had 3,425,500 shares available for future stock option grants under the Plan. During the nine months ended February 29, 2012, the Company granted to employees and directors 1,200,000 common stock options with an exercise price of $2.00, which vest ratably over one to four years and have an expiration date of five years from the date of grant. None of these options were granted under the Plan.
During the three months ended February 29, 2012, the Company granted 250,000 warrants at exercise prices ranging from $2.10 to $2.95 per share, with immediate vesting, and expiration dates of one to two years. The warrants were granted for past services, and for the three and nine months ended February 29, 2012, the Company recognized approximately $312,000 in stock-based compensation expense. Net cash proceeds from the exercise of stock options and warrants was $316,900 and $ -0 - for the three and nine months ended February 29, 2012 and February 28, 2011, respectively. Compensation expense related to stock options and warrants was approximately $367,000 and $256,000, and $1,159,000 and $708,000, for the three and nine months ended February 29, 2012 and February 28, 2011, respectively. The grant date fair value of options and warrants vested during the nine month periods ended February 29, 2012 and February 28, 2011 was approximately $914,000 and $671,000, respectively. The weighted average grant date fair value of options and warrants granted during the nine month periods ended February 29, 2012 and February 28, 2011was $1.57 and $1.17, respectively. As of February 29, 2012, there was approximately $2,933,000 of unrecognized compensation costs related to share-based payments for unvested options, which is expected to be recognized over a weighted average period of 2.85 years. The following table represents stock option and warrant activity as of and for the nine months ended February 29, 2012:
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