Shareholders’ Equity

9 Months Ended

Nov. 30, 2021

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 5 – SHAREHOLDERS’ EQUITY

Common Stock

During the three and nine-months ended November 30, 2021, the Company issued approximately 2,963,000 and 7,615,000 shares of common stock for approximately $880,000 and $1,868,000 in cash, respectively. Issued in the three-months ended November 30, 2021, were approximately 245,000 shares of common stock in exchange for services provided of $73,500. Issued in the nine-months ended November 30, 2021, were approximately 1,571,000 shares of common stock in exchange for settlement of liabilities of $550,000 (See Note 6).

The 2011 Director and Executive Officers Stock Option Plan

In October 2011, shareholders approved the 2011 Director and Executive Officers Stock Option Plan (“2011 Plan”) at the Company’s annual meeting. Under the 2011 Plan, the Company may grant options for up to 15% of the number of shares of Common Stock of the Company from time to time outstanding, with a contractual option term of five-years, and a vesting period not less than six months and one day following date of grant. No stock options were granted under the 2011 Plan during Fiscal 2022.

The following tables provide additional information regarding stock options outstanding and exercisable under the 2011 Plan for the nine-months ended November 30, 2021:

Directors and Officers 2011 plan

	Number of Options			Exercise Price		Aggregate Intrinsic Value
Outstanding, February 28, 2021		3,790,001		$	0.57	$	225,000
Granted		-			-		-
Exercised		-			-		-
Cancelled		(130,233	)		1.40		-
Outstanding, November 30, 2021		3,659,768		$	0.57	$	975,000

Range of Exercise Price		Stock Options Outstanding		Stock Options Exercisable		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price of Options Outstanding		Weighted Average Exercise Price of Options Exercisable
$	0.25 to $1.40		3,659,768		2,701,436		3.10	$	0.57	$	0.48

Warrants

Historically, warrants have been issued to investors and others for services and enticements to invest funds with the Company. Generally, these warrants fully vest immediately or within a 90-day period from the date of grant and have an expiration date of five-years from the date of grant. With grants dated prior to Fiscal 2021, an exercise price of $1.40 has been used with all warrants. No warrants were issued in the three and nine-months ended November 30, 2021.

Activity in issued and outstanding warrants is as follows for the nine-months ended November 30, 2021:

Warrants outstanding

	Number of Warrants			Exercise Price		Aggregate Intrinsic Value
Outstanding, February 28, 2021		5,662,272		$	1.40	$	-
Granted		-			-		-
Exercised		-			-		-
Cancelled		(761,438	)		1.40		-
Outstanding, November 30, 2021		4,900,834		$	1.40	$	-

Other information related to the warrants outstanding and exercisable as of November 30, 2021 follows:

Range of Exercise Price		Stock Warrants Outstanding		Stock Warrants Exercisable		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price of Warrants Outstanding		Weighted Average Exercise Price of Warrants Exercisable
$	1.40		4,900,834		4,900,834		1.21	$	1.40	$	1.40