v3.25.2
Common Stock
3 Months Ended
May 31, 2025
Equity [Abstract]  
Common Stock

NOTE 9 – COMMON STOCK

 

Under the Company’s previous 2007 Equity Incentive Plan, the Company may authorize and grant stock awards to employees, non-employee directors and certain other eligible participants, including stock options, restricted stock and restricted stock units. Effective June 2024, the Board authorized 600,000 new shares, along with 300,851 unused and available shares and 131,089 shares granted and outstanding from the 2007 Equity Incentive Plan, to form the 2024 Equity Incentive Plan with a total of 1,031,940 shares. As of May 31, 2025, 645,374 shares were available for issuance.

The Company recognized $81 thousand and $40 thousand of stock-based compensation expense during the three months ended May 31, 2025 and 2024, respectively. Compensation costs related to stock-based compensation are generally amortized over the vesting period of the stock awards.

 

The following table summarizes non-vested restricted stock unit transactions for common stock during the three months ended May 31, 2025:

 

 

Three Months Ended
May 31,

 

 

2025

 

Outstanding non-vested restricted stock units at beginning
   of year:

 

 

235,664

 

Granted

 

 

11,091

 

Vested

 

 

(42,310

)

Cancelled/forfeited

 

 

-

 

Outstanding non-vested restricted stock units as of
   May 31:

 

 

204,445

 

 

 

 

Weighted average grant date fair value

 

$

1.49

 

Weighted average remaining vesting period (in years)

 

 

1.19

 

 

Total unrecognized stock-based compensation expense for non-vested restricted stock units was approximately $0.4 million, and is expected to be recognized over the next 1.19 years.

During the three months ended May 31, 2025, the Company issued 11,091 restricted stock units to a new member of the Company's board of directors with a grant-date fair value of $17 thousand.