Stock Options

12 Months Ended

May 31, 2016

Other Liabilities Disclosure [Abstract]

Stock Options

Note 9. STOCK OPTIONS

Greystone has a stock option plan that provides for the granting of options to key employees and non-employee directors. The options are to purchase common stock at not less than fair market value at the date of the grant. Effective May 5, 2012, Greystone’s board of directors approved the renewal and extension of Greystone’s stock option plan through May 11, 2021 and increased the maximum number of shares of common stock for which options may be granted to 2,500,000 of which none were available for grant at May 31, 2016. Stock options generally expire in ten years from date of grant or upon termination of employment and are generally exercisable one year from date of grant in cumulative annual installments of 25%. Following is a summary of option activity for the two years ended May 31, 2016:

	Number			Weighted Average Exercise Price		Remaining Contractual Life (years)		Intrinsic Value
Total outstanding, May 31, 2014		2,100,000		$	0.12
Exercised during fiscal year 2015		(950,000	)	$	0.12
Total outstanding May 31, 2015		1,150,000		$	0.12		6.0
Exercised during fiscal year 2016		(475,000	)	$	0.12
Total outstanding May 31, 2016		675,000		$	0.12		6.0
Exercisable as of May 31, 2016		150,000		$	0.12		6.0	$	21,000
Non-vested as of May 31, 2016		525,000		$	0.12		6.0	$	73,500

Share-based compensation cost was $53,424 for fiscal years 2016 and 2015, respectively. As of May 31, 2016, there were no unrecognized compensation expenses related to non-vested share-based options.

On August 1, 2016, options to purchase 475,000 shares of common stock were exercised.