| Stock Options [Text Block] |
1,425,000
stock options were granted on December 22, 2014 to Directors, Officers and consultants. The exercise price of the stock options is $0.11,
1,225,000
vesting immediately,
100,000
vesting in six months, and
100,000
vesting in
12
months; all expiring on December 22, 2019.
On February 4, 2015, the Company granted
250,000
stock options to consultants with an exercise price of $0.10, vesting immediately, expiring February 3, 2020.
On March 26, 2015, the Company granted
500,000
stock options to an Officer of the Company. The exercise price of the stock options is $0.10, vesting immediately and expiring on March 26, 2020.
For the year ended August 31, 2015, the Company recorded a total of $252,318
(August 31, 2014: $21,279) for stock based compensation expenses.
The fair value of options granted has been estimated as of the date of the grant by using the Black-Scholes option pricing model with the following assumptions:
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|
|
August 31, 2015 |
|
|
August 31, 2014 |
|
| |
Expected volatility |
|
243%-
249%
|
|
|
210
-
252%
|
|
| |
Risk-free interest rate |
|
1.47
-
1.66%
|
|
|
1.70
-
1.76%
|
|
| |
Expected life |
|
5.00
years
|
|
|
5
years
|
|
| |
Dividend yield |
|
0.00%
|
|
|
0.00%
|
|
A summary of the stock options for the ten months year ended August 31, 2015 and 2014 is presented below:
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|
Options Outstanding |
|
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|
|
|
|
Weighted |
|
| |
|
|
|
|
Average |
|
| |
|
Number of |
|
|
Exercise |
|
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|
Shares |
|
|
Price |
|
| Balance, August 31, 2014 |
|
2,625,000
|
|
$ |
0.24
|
|
| Expired |
|
(1,100,000
|
) |
|
0.23
|
|
| Granted |
|
2,175,000
|
|
|
0.11
|
|
| Balance, August 31, 2015 |
|
3,700,000
|
|
$ |
0.17
|
|
The Company has the following options outstanding and exercisable:
|
August 31, 2015
|
|
|
|
|
Options outstanding
|
|
|
|
|
|
Options exercisable
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Range of |
|
Number |
|
|
Weighted average |
|
|
Weighted |
|
|
Number |
|
|
Weighted average |
|
|
Weighted |
|
| Exercise prices |
|
of shares |
|
|
remaining |
|
|
average exercise |
|
|
of shares |
|
|
remaining |
|
|
average |
|
| |
|
|
|
|
contractual life |
|
|
price |
|
|
|
|
|
contractual life |
|
|
exercise price |
|
|
$0.35
|
|
450,000
|
|
|
0.86
years
|
|
$ |
0.35
|
|
|
450,000
|
|
|
0.86
years
|
|
$ |
0.35
|
|
|
$0.10
|
|
400,000
|
|
|
2.80
years
|
|
$ |
0.10
|
|
|
400,000
|
|
|
2.80
years
|
|
$ |
0.10
|
|
|
$0.60
|
|
50,000
|
|
|
3.57
years
|
|
$ |
0.60
|
|
|
50,000
|
|
|
3.57
years
|
|
$ |
0.60
|
|
|
$0.25
|
|
625,000
|
|
|
3.90
years
|
|
$ |
0.25
|
|
|
625,000
|
|
|
3.90
years
|
|
$ |
0.25
|
|
|
$0.11
|
|
1,425,000
|
|
|
4.31
years
|
|
$ |
0.11
|
|
|
1,425,000
|
|
|
4.30
years
|
|
$ |
0.11
|
|
|
$0.10
|
|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
|
250,000
|
|
|
4.43
years
|
|
$ |
0.10
|
|
|
$0.10
|
|
500,000
|
|
|
4.57
years
|
|
|
0.10
|
|
|
500,000
|
|
|
4.57
years
|
|
|
0.10
|
|
| Total |
|
3,700,000
|
|
|
3.69
years
|
|
$ |
0.17
|
|
|
3,700,000
|
|
|
3.68
years
|
|
$ |
0.17
|
|
|
August 31, 2014
|
|
|
|
|
Options outstanding
|
|
|
Options exercisable
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Range of Exercise |
|
Number of |
|
|
Weighted average |
|
|
Weighted average |
|
|
Number of |
|
|
Weighted avera |
|
| prices |
|
shares |
|
|
remaining contractual life |
|
|
exercise price |
|
|
shares |
|
|
exercise price |
|
|
$0.20
|
|
150,000
|
|
|
0.96
years
|
|
$ |
0.20
|
|
|
150,000
|
|
$ |
0.20
|
|
|
$0.20
|
|
850,000
|
|
|
0.39
years
|
|
$ |
0.20
|
|
|
850,000
|
|
$ |
0.20
|
|
|
$0.35
|
|
450,000
|
|
|
1.86
years
|
|
$ |
0.35
|
|
|
450,000
|
|
$ |
0.35
|
|
|
$0.10
|
|
400,000
|
|
|
3.80
years
|
|
$ |
0.20
|
|
|
400,000
|
|
$ |
0.10
|
|
|
$0.60
|
|
50,000
|
|
|
4.57
years
|
|
$ |
0.60
|
|
|
50,000
|
|
$ |
0.60
|
|
|
$0.50
|
|
100,000
|
|
|
4.59
years
|
|
$ |
0.50
|
|
|
100,000
|
|
$ |
0.50
|
|
|
$0.25
|
|
625,000
|
|
|
4.90
years
|
|
$ |
0.25
|
|
|
625,000
|
|
$ |
0.25
|
|
| Total |
|
2,625,000
|
|
|
2.54
years
|
|
$ |
0.25
|
|
|
2,625,000
|
|
$ |
0.24
|
|
|