Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.24.2
Stockholders' Equity (Tables)
6 Months Ended
May 31, 2024
Fair Value of Options Granted

Variables used to determine the fair value of the options granted for the three and six months ended May 31, 2024 and 2023, respectively, are as follows:

 

 

 

Three months ended

 

Six months ended

 

 

May 31,

 

May 31,

 

May 31,

 

May 31,

 

 

2024

 

2023

 

2024

 

2023

Weighted average values:

 

 

 

 

 

 

 

 

Expected dividends

 

0%

 

0%

 

0%

 

0%

Expected volatility

 

 

 

60.52%

 

55.00%

Risk free interest rate

 

 

 

3.87%

 

3.87%

Expected life

 

 

 

5 years

 

5 years

Stock Option Activity

Stock option activity for options with only service-based vesting conditions for the six months ended May 31, 2024, was as follows:

 

 

 

 

 

 

Weighted

 

 

Weighted
Average
Remaining

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

Options

 

 

Exercise
Price

 

 

Term
(Years)

 

 

Intrinsic
Value

 

Outstanding at November 30, 2023

 

 

404,278

 

 

$

7.36

 

 

4.49

 

 

$

135,330

 

Granted

 

 

103,000

 

 

 

6.31

 

 

 

 

 

 

196,770

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Expired/forfeited

 

 

(1,500

)

 

 

7.04

 

 

 

 

 

 

1,770

 

Outstanding at May 31, 2024

 

 

505,778

 

 

$

7.14

 

 

 

4.11

 

 

$

884,103

 

Exercisable at May 31, 2024

 

 

375,718

 

 

$

7.50

 

 

 

4.06

 

 

$

594,908

 

Significant Option Groups Exercisable Option and its Price and Contractual Life

Significant option groups outstanding and exercisable at May 31, 2024 and related price and contractual life information are as follows:

 

 

 

Outstanding

 

 

Exercisable

 

 

 

 

 

 

Weighted
Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Remaining

 

 

Weighted

 

 

 

 

 

Weighted

 

Range of Exercise Prices

 

Outstanding

 

 

Contractual
Life
(Years)

 

 

Average
Exercise
Price

 

 

Outstanding

 

 

Average
Exercise
Price

 

$3.01 to $4.00

 

 

25,000

 

 

 

1.69

 

 

$

3.13

 

 

 

25,000

 

 

$

3.13

 

$4.01 to $5.00

 

 

123,600

 

 

 

4.09

 

 

$

4.70

 

 

 

78,665

 

 

$

4.68

 

$5.01 to $6.00

 

 

28,000

 

 

 

4.56

 

 

$

5.88

 

 

 

9,332

 

 

$

5.88

 

$6.01 to $7.00

 

 

89,433

 

 

 

4.91

 

 

$

6.48

 

 

 

39,430

 

 

$

6.48

 

$7.01 to $8.00

 

 

149,645

 

 

 

4.86

 

 

$

7.54

 

 

 

142,443

 

 

$

7.52

 

$9.01 to $10.00

 

 

29,000

 

 

 

3.76

 

 

$

9.37

 

 

 

21,583

 

 

$

9.37

 

$12.01 to $13.00

 

 

16,653

 

 

 

6.23

 

 

$

12.54

 

 

 

14,818

 

 

$

12.55

 

$13.01 to $14.00

 

 

44,447

 

 

 

0.56

 

 

$

13.50

 

 

 

44,447

 

 

$

13.50

 

 

 

505,778

 

 

 

4.11

 

 

$

7.14

 

 

 

375,718

 

 

$

7.50

 

Summary of Non-Vested Options

A summary of the status of the Company’s non-vested options as of May 31, 2024, and changes during the six months ended May 31, 2024, is presented below:

 

 

 

 

 

 

Weighted
Average

 

 

 

 

 

 

Grant-Date

 

 

 

Options

 

 

Fair Value

 

Non-vested at November 30, 2023

 

 

114,193

 

 

$

3.10

 

Granted

 

 

103,000

 

 

 

3.13

 

Vested

 

 

(87,133

)

 

 

3.30

 

Forfeited

 

 

 

 

 

 

Non-vested at May 31, 2024

 

 

130,060

 

 

$

2.99