|3 Months Ended|
Jun. 30, 2019
|Share-based Payment Arrangement [Abstract]|
The following table summarizes the continuity of stock options:
Additional information regarding stock options outstanding as at June 30, 2019 is as follows:
During the three months ended June 30, 2019, the Company granted 50,000 stock options to an officer of the Company. The stock options are exercisable at a discount to market, estimated at an average of $1.86 per share, and anticipated to vest on August 26, 2020. The options have an estimated fair value of $3.62 per share. The estimated fair value of the stock options are being recorded over the requisite service period to vesting. For the three months ended, June 30, 2019, the fair value of $13,828 (June 30, 2018 - $nil) is recorded as stock-based compensation. The unrecognized fair value of $167,117 at June 30, 2019, is anticipated to be recorded in fiscal 2020 and 2021 as $108,251 and $58,866, respectively.
The Company previously issued 312,500 stock options with an exercise price of $0.01 per share to the Company’s president which were due to expire on April 30, 2019. On April 27, 2019, those stock options were extended for 60 days until June 30, 2019. On June 30, 2019, the Company agreed to a further extension for the stock options till October 31, 2019. The extension of the stock options has not resulted in any material incremental fair value to be recorded.
The fair values were estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions: