|9 Months Ended|
Dec. 31, 2019
|Share-based Payment Arrangement [Abstract]|
The following table summarizes the continuity of stock options:
Additional information regarding stock options outstanding as at December 31, 2019 is as follows:
During the nine months ended December 31, 2019, the Company granted 50,000 stock options to an officer of the Company. The stock options were 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 had an estimated fair value of $3.62 per share. The estimated fair value of the stock options were being recorded over the requisite service period to vesting. For the nine months ended December 31, 2019, the fair value of $80,596 (December 31, 2018 - $nil) was recorded as stock-based compensation. On December 19, 2019, the stock options were forfeited to the Company.
On September 20, 2019, the Company agreed to an extension of 175,000 stock options issued to a company controlled by a director which were due to expire. The stock options have an exercise price of $0.01 per share and have been extended to September 28, 2020. The extension of the stock options has not resulted in any material incremental fair value to be recorded.
The Company agreed to an extension of 312,500 stock options issued to the Company's former President which were due to expire October 31, 2019. The stock options have an exercise price of $0.01 per share and have been extended to August 31, 2020. 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: