Stockholders' Equity (Tables)
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9 Months Ended |
Aug. 31, 2024 |
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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, 2024 and 2023, respectively, are as follows:
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Three months ended |
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Nine months ended |
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August 31, |
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August 31, |
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August 31, |
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August 31, |
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2024 |
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2023 |
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2024 |
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2023 |
Weighted average values: |
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Expected dividends |
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0% |
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0% |
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0% |
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0% |
Expected volatility |
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— |
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— |
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60.52% |
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55.00% |
Risk free interest rate |
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— |
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— |
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3.87% |
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3.87% |
Expected life |
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— |
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— |
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5 years |
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5 years |
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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, 2024, was as follows:
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Weighted |
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Weighted
Average
Remaining |
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Average |
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Contractual |
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Aggregate |
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Options |
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Exercise
Price |
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Term
(Years) |
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Intrinsic
Value |
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Outstanding at November 30, 2023 |
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404,278 |
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$ |
7.36 |
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4.49 |
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$ |
135,330 |
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Granted |
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103,000 |
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6.31 |
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8,960 |
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Exercised |
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(2,500 |
) |
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6.50 |
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1,675 |
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Expired/forfeited |
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(1,500 |
) |
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7.04 |
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— |
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Outstanding at August 31, 2024 |
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503,278 |
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$ |
7.15 |
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3.88 |
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$ |
270,600 |
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Exercisable at August 31, 2024 |
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377,568 |
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$ |
7.49 |
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3.87 |
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$ |
202,418 |
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| Significant Option Groups Exercisable Option and its Price and Contractual Life |
Significant option groups outstanding and exercisable at August 31, 2024 and related price and contractual life information are as follows:
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Outstanding |
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Exercisable |
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Weighted
Average |
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Remaining |
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Weighted |
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Weighted |
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Range of Exercise Prices |
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Outstanding |
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Contractual
Life
(Years) |
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Average
Exercise
Price |
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Outstanding |
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Average
Exercise
Price |
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$3.01 to $4.00 |
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25,000 |
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1.44 |
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$ |
3.13 |
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25,000 |
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$ |
3.13 |
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$4.01 to $5.00 |
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123,600 |
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3.85 |
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$ |
4.70 |
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81,315 |
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$ |
4.69 |
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$5.01 to $6.00 |
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28,000 |
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4.31 |
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$ |
5.88 |
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9,332 |
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$ |
5.88 |
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$6.01 to $7.00 |
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86,933 |
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4.79 |
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$ |
6.48 |
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36,930 |
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$ |
6.48 |
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$7.01 to $8.00 |
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149,645 |
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4.61 |
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$ |
7.55 |
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143,793 |
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$ |
7.53 |
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$9.01 to $10.00 |
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29,000 |
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3.51 |
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$ |
9.37 |
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21,933 |
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$ |
9.37 |
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$12.01 to $13.00 |
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16,653 |
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5.98 |
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$ |
12.54 |
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14,818 |
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$ |
12.55 |
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$13.01 to $14.00 |
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44,447 |
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0.31 |
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$ |
13.50 |
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44,447 |
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$ |
13.50 |
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503,278 |
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3.88 |
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$ |
7.15 |
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377,568 |
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$ |
7.49 |
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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, 2024, and changes during the nine months ended August 31, 2024, is presented below:
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Weighted
Average |
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Grant-Date |
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Options |
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Fair Value |
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Non-vested at November 30, 2023 |
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114,193 |
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$ |
3.10 |
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Granted |
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103,000 |
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3.13 |
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Vested |
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(91,483 |
) |
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3.32 |
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Forfeited |
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— |
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— |
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Non-vested at August 31, 2024 |
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125,710 |
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$ |
2.97 |
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