Stockholders' Equity (Tables)
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6 Months Ended |
May 31, 2022 |
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| 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, 2022 and 2021, respectively, are as follows:
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Three months ended |
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Six months ended |
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May 31, 2022 |
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May 31, 2021 |
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May 31, 2022 |
|
May 31, 2021 |
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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53.23% |
|
49.85% |
|
53.23% |
|
49.85% |
Risk free interest rate |
|
2.74% |
|
1.35% |
|
2.74% |
|
1.35% |
Expected life |
|
3 years |
|
6 years |
|
3 years |
|
6 years |
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| Stock Option Activity |
Stock option activity for options with only service-based vesting conditions for the six months ended May 31, 2022, 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, 2021 |
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537,443 |
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|
$ |
5.76 |
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|
5.22 |
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$ |
3,564,067 |
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Granted |
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|
52,500 |
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|
13.20 |
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— |
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Exercised |
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(10,000 |
) |
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3.20 |
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87,000 |
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Expired/forfeited |
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(84,000 |
) |
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6.07 |
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112,875 |
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Outstanding at May 31, 2022 |
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495,943 |
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$ |
6.54 |
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|
4.49 |
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$ |
626,540 |
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Exercisable at May 31, 2022 |
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399,029 |
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$ |
5.39 |
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|
4.52 |
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$ |
626,540 |
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| Significant Option Groups Exercisable Option and its Price and Contractual Life |
Significant option groups outstanding and exercisable at May 31, 2022 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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$1.01 to $2.00 |
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|
7,500 |
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1.14 |
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$ |
1.95 |
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7,500 |
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$ |
1.95 |
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$2.01 to $3.00 |
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15,000 |
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1.13 |
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$ |
2.22 |
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15,000 |
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$ |
2.22 |
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$3.01 to $4.00 |
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179,729 |
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3.77 |
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$ |
3.14 |
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179,729 |
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$ |
3.14 |
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$6.01 to $7.00 |
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3,833 |
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4.09 |
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$ |
6.52 |
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3,833 |
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$ |
6.52 |
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$7.01 to $8.00 |
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199,781 |
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5.46 |
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$ |
7.64 |
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178,445 |
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$ |
7.59 |
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$9.01 to $10.00 |
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29,000 |
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5.76 |
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$ |
9.37 |
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7,450 |
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$ |
9.37 |
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$12.01 to $13.00 |
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16,653 |
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8.23 |
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$ |
12.54 |
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7,072 |
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$ |
12.63 |
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$13.01 to $14.00 |
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44,447 |
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2.57 |
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$ |
13.50 |
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0 |
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$ |
0.00 |
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495,943 |
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4.49 |
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$ |
6.54 |
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399,029 |
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$ |
5.39 |
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| Summary of Non-Vested Options |
A summary of the status of the Company’s non-vested options as of May 31, 2022, and changes during the six months ended May 31, 2022, 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, 2021 |
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63,034 |
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$ |
4.99 |
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Granted |
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|
52,500 |
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|
4.56 |
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Vested |
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(14,204 |
) |
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|
5.67 |
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Forfeited |
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(4,416 |
) |
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|
7.98 |
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Non-vested at May 31, 2022 |
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|
96,914 |
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$ |
4.52 |
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