Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity (Tables)

v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Feb. 28, 2026
Fair Value of Options Granted

Variables used to determine the fair value of the options granted for the three months ended February 28, 2026 and February 28, 2025 are as follows:

 

 

 

Three months ended

 

 

February 28,

 

February 28,

 

 

2026

 

2025

Weighted average values:

 

 

 

 

Expected dividends

 

6.50%

 

6.5%

Expected volatility

 

63.03%

 

64.25%

Risk free interest rate

 

3.70%

 

4.40%

Expected life

 

5 years

 

5 years
Stock Option Activity

Stock option activity for options with only service-based vesting conditions for the three months ended February 28, 2026, was as follows:

 

 

 

 

 

 

Weighted

 

 

Weighted
Average
Remaining

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

Options

 

 

Exercise
Price

 

 

Term
(Years)

 

 

Intrinsic
Value

 

Outstanding at November 30, 2025

 

 

554,978

 

 

$

6.87

 

 

3.56

 

 

$

9,000

 

Granted

 

 

99,000

 

 

 

3.81

 

 

 

 

 

 

—

 

Exercised

 

 

—

 

 

 

—

 

 

 

 

 

 

—

 

Expired/forfeited

 

 

—

 

 

 

—

 

 

 

 

 

 

—

 

Outstanding at February 28, 2026

 

 

653,978

 

 

$

6.40

 

 

 

3.54

 

 

$

2,250

 

Exercisable at February 28, 2026

 

 

509,908

 

 

$

6.68

 

 

 

3.33

 

 

$

2,250

 
Significant Option Groups Exercisable Option and its Price and Contractual Life

Significant option groups outstanding and exercisable at February 28, 2026 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

 

 

106,500

 

 

 

4.54

 

 

$

3.76

 

 

 

40,496

 

 

$

3.68

 

$4.01 to $5.00

 

 

124,200

 

 

 

3.01

 

 

$

4.70

 

 

 

114,816

 

 

$

4.73

 

$5.01 to $6.00

 

 

38,600

 

 

 

4.43

 

 

$

5.86

 

 

 

29,264

 

 

$

5.86

 

$6.01 to $7.00

 

 

86,933

 

 

 

3.30

 

 

$

6.47

 

 

 

61,928

 

 

$

6.48

 

$7.01 to $8.00

 

 

177,645

 

 

 

3.24

 

 

$

7.52

 

 

 

168,309

 

 

$

7.52

 

$8.01 to $9.00

 

 

75,000

 

 

 

3.90

 

 

$

8.09

 

 

 

49,995

 

 

$

8.09

 

$9.01 to $10.00

 

 

29,000

 

 

 

2.02

 

 

$

9.37

 

 

 

29,000

 

 

$

9.37

 

$12.01 to $13.00

 

 

16,100

 

 

 

4.68

 

 

$

12.54

 

 

 

16,100

 

 

$

12.54

 

 

 

653,978

 

 

 

3.54

 

 

$

6.40

 

 

 

509,908

 

 

$

6.68

 
Summary of Non-Vested Options

A summary of the status of the Company’s non-vested options as of February 28, 2026, and changes during the three months ended February 28, 2026, is presented below:

 

 

 

 

 

 

Weighted
Average

 

 

 

 

 

 

Grant-Date

 

 

 

Options

 

 

Fair Value

 

Non-vested at November 30, 2025

 

 

128,147

 

 

$

2.60

 

Granted

 

 

99,000

 

 

 

1.20

 

Vested

 

 

(83,077

)

 

 

1.93

 

Forfeited

 

 

—

 

 

 

—

 

Non-vested at February 28, 2026

 

 

144,070

 

 

$

2.02