Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.2
Stockholders' Equity (Tables)
6 Months Ended
May 31, 2019
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, 2019 and May 31, 2018, respectively, are as follows:
 
 
 
Three Months

Ended
 
 
Three Months

Ended
 
 
Six Months

Ended
 
 
Six Months

Ended
 
 
 
May 31, 2019
 
 
May 31, 2018
 
 
May 31, 2019
 
 
May 31, 2018
 
Weighted average values:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected dividends
 
 
0
%
 
 
0
%
 
 
0
%
 
 
0
%
Expected volatility
 
 
51.2
%
 
 
50.8
%
 
 
51.2
%
 
 
50.8
%
Risk free interest rate
 
 
2.31
%
 
 
2.67
%
 
 
2.31
%
 
 
2.67
%
Expected life
 
 
5 years
 
 
 
5 years
 
 
 
5 years
 
 
 
5 years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Service-Based Vesting Condition Options [Member]  
Stock Option Activity
Stock option activity for options with only service-based vesting conditions for the six months ended May 31, 2019, was as follows:
 
 
 
 
 
 
Weighted
 
 
Weighted

Average
 
 
 
 
 
 
 
 
 
Average
 
 
Remaining
 
 
Aggregate
 
 
 
Options
 
 
Exercise

Price
 
 
Contractual

Life (Years)
 
 
Intrinsic

Value
 
Outstanding at November 30, 2018
 
 
1,001,365
 
 
$
2.77
 
 
 
3.97
 
 
$
4,580,967
 
Granted
 
 
1,500
 
 
 
7.04
 
 
 
 
 
 
 
990
 
Exercised
 
 
(2,500
)
 
 
2.28
 
 
 
 
 
 
 
14,175
 
Expired/forfeited
 
 
(7,500
)
 
 
2.22
 
 
 
 
 
 
 
41,075
 
Outstanding at May 31, 2019
 
 
992,865
 
 
$
2.79
 
 
 
3.57
 
 
$
4,889,909
 
Exercisable at May 31, 2019
 
 
969,821
 
 
$
2.69
 
 
 
3.55
 
 
$
4,868,182
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Significant Option Groups Exercisable Option and its Price and Contractual Life
Significant option groups outstanding and exercisable at May 31, 2019 and related price and contractual life information are as follows:
 
 
 
Outstanding
 
 
Exercisable
 
 
 
 
 
 
Weighted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average
 
 
Weighted
 
 
 
 
 
Weighted
 
Range of Exercise Prices
 
Outstanding
 
 
Remaining
Contractual

Life 
(Years)
 
 
Average

Exercise

Price
 
 
Outstanding
 
 
Average

Exercise

Price
 
$
1.01
to $2.00
 
 
422,500
 
 
 
2.44
 
 
$
1.73
 
 
 
422,500
 
 
$
1.73
 
$2.01 to $3.00
 
 
265,000
 
 
 
2.13
 
 
$
2.72
 
 
 
265,000
 
 
$
2.72
 
$3.01 to $4.00
 
 
227,229
 
 
 
6.67
 
 
$
3.18
 
 
 
223,062
 
 
$
3.18
 
$6.01 to $7.00
 
 
25,000
 
 
 
7.84
 
 
$
6.95
 
 
 
23,334
 
 
$
6.98
 
$7.01 to $8.00
 
 
53,136
 
 
 
4.59
 
 
$
7.83
 
 
 
35,925
 
 
$
7.82
 
 
 
 
992,865
 
 
 
3.57
 
 
$
2.79
 
 
 
969,821
 
 
$
2.69
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Non-Vested Options
A summary of the status of the Company’s non-vested options as of May 31, 2019, and changes during the six months ended May 31, 2019, is presented below:
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average
 
 
 
 
 
 
Grant-Date
 
 
 
Options
 
 
Fair Value
 
Non-vested at November 30, 2018
 
 
40,254
 
 
$
3.06
 
Granted
 
 
1,500
 
 
 
3.28
 
Vested
 
 
(18,710
)
 
 
3.23
 
Forfeited
 
 
 
 
 
 
Non-vested at May 31, 2019
 
 
23,044
 
 
$
2.94