Stockholders' Equity (Tables)
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9 Months Ended |
Aug. 31, 2018 |
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| Fair Value of Options Granted |
Variables used to determine the fair value of the options granted
for the three and nine months ended August 31, 2018 and
August 31, 2017, respectively, are as follows:
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Nine Months Ended |
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August 31, 2018 |
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August 31, 2017 |
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August 31, 2018 |
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August 31, 2017 |
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Weighted average values:
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Expected dividends
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— |
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0 |
% |
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0 |
% |
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0 |
% |
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Expected volatility
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— |
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52.06 |
% |
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50.8 |
% |
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52.06 |
% |
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Risk free interest rate
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— |
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1.82 |
% |
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2.67 |
% |
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1.82 |
% |
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Expected life
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— |
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5 years |
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5 years |
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5 years |
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| Service-Based Vesting Condition Options [Member] |
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| Stock Option Activity |
Stock option activity for options with only service-based vesting
conditions for the nine months ended August 31, 2018, was as
follows:
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Shares |
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Weighted Average
Exercise Price |
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Weighted Average
Remaining
Contractual
Term (Years) |
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Aggregate
Intrinsic Value |
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Outstanding at November 30, 2017
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1,026,979 |
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$ |
2.50 |
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4.48 |
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$ |
5,706,107 |
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Granted
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51,636 |
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7.85 |
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29,774 |
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Exercised
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(63,750 |
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2.68 |
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343,935 |
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Expired/forfeited
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(13,500 |
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2.18 |
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84,435 |
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Outstanding at August 31, 2018
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1,001,365 |
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$ |
2.77 |
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4.22 |
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$ |
5,664,941 |
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Exercisable at August 31, 2018
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961,111 |
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$ |
2.58 |
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4.17 |
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$ |
5,619,667 |
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| Significant Option Groups Outstanding and Exercisable Option and its Price and Contractual Life |
Significant option groups outstanding and exercisable at
August 31, 2018 and related price and contractual life
information are as follows:
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Outstanding |
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Exercisable |
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Range of Exercise
Prices
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Outstanding |
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Weighted Average
Remaining
Contractual
Life (Years) |
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Weighted Average
Exercise Price |
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Outstanding |
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Weighted Average
Exercise Price |
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$1.01 to $ 2.00
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422,500 |
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3.18 |
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$ |
1.73 |
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422,500 |
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$ |
1.73 |
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$2.01 to $ 3.00
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275,000 |
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2.57 |
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2.70 |
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275,000 |
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2.70 |
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$3.01 to $4.00
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227,229 |
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7.42 |
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3.18 |
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223,062 |
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3.18 |
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$6.01 to $7.00
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25,000 |
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8.59 |
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6.95 |
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23,334 |
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6.98 |
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$7.01 to $8.00
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51,636 |
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5.33 |
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7.85 |
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17,215 |
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7.85 |
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1,001,365 |
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4.22 |
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$ |
2.77 |
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961,111 |
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$ |
2.58 |
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| Summary of Non-Vested Options |
A summary of the status of the Company’s non-vested options as of
August 31, 2018, and changes during the nine months ended
August 31, 2018, is presented below:
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Shares |
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Weighted Average
Grant-Date
Fair Value |
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Non-vested at
November 30, 2017
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39,168 |
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$ |
2.41 |
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Granted
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51,636 |
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3.23 |
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Vested
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(50,550 |
) |
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2.73 |
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Forfeited
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— |
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— |
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Non-vested at
August 31, 2018
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40,254 |
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$ |
3.06 |
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