Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.23.2
Stockholders' Equity (Tables)
6 Months Ended
May 31, 2023
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, 2023 and 2022, respectively, are as follows:

 

 

 

Three months ended

 

Six months ended

 

 

May 31, 2023

 

May 31, 2022

 

May 31, 2023

 

May 31, 2022

Weighted average values:

 

 

 

 

 

 

 

 

Expected dividends

 

0%

 

0%

 

0%

 

0%

Expected volatility

 

 

53.23%

 

55.00%

 

53.23%

Risk free interest rate

 

 

2.74%

 

3.87%

 

2.74%

Expected life

 

 

3 years%

 

5 years

 

3 years

Stock Option Activity

Stock option activity for options with only service-based vesting conditions for the six months ended May 31, 2023, was as follows:

 

 

 

 

 

 

Weighted

 

 

Weighted
Average
Remaining

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

Options

 

 

Exercise
Price

 

 

Term
(Years)

 

 

Intrinsic
Value

 

Outstanding at November 30, 2022

 

 

329,314

 

 

$

8.36

 

 

4.68

 

 

$

37,250

 

Granted

 

 

113,000

 

 

 

4.68

 

 

 

 

 

 

18,660

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Expired/forfeited

 

 

(43,636

)

 

 

7.92

 

 

 

 

 

 

 

Outstanding at May 31, 2023

 

 

398,678

 

 

$

7.37

 

 

 

4.78

 

 

$

70,310

 

Exercisable at May 31, 2023

 

 

286,385

 

 

$

7.44

 

 

 

4.94

 

 

$

62,950

 

Significant Option Groups Exercisable Option and its Price and Contractual Life

Significant option groups outstanding and exercisable at May 31, 2023 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

 

 

30,000

 

 

 

2.24

 

 

$

3.13

 

 

 

30,000

 

 

$

3.13

 

$4.01 to $5.00

 

 

113,000

 

 

 

4.60

 

 

$

4.68

 

 

 

50,000

 

 

$

4.62

 

$6.01 to $7.00

 

 

14,433

 

 

 

7.69

 

 

$

6.50

 

 

 

10,899

 

 

$

6.51

 

$7.01 to $8.00

 

 

151,145

 

 

 

5.82

 

 

$

7.54

 

 

 

138,543

 

 

$

7.50

 

$9.01 to $10.00

 

 

29,000

 

 

 

4.77

 

 

$

9.37

 

 

 

14,516

 

 

$

9.37

 

$12.01 to $13.00

 

 

16,653

 

 

 

7.23

 

 

$

12.54

 

 

 

12,799

 

 

$

12.58

 

$13.01 to $14.00

 

 

44,447

 

 

 

1.57

 

 

$

13.50

 

 

 

29,628

 

 

$

13.50

 

 

 

398,678

 

 

 

4.78

 

 

$

7.37

 

 

 

286,385

 

 

$

7.44

 

Summary of Non-Vested Options

A summary of the status of the Company’s non-vested options as of May 31, 2023, and changes during the six months ended May 31, 2023, is presented below:

 

 

 

 

 

 

Weighted
Average

 

 

 

 

 

 

Grant-Date

 

 

 

Options

 

 

Fair Value

 

Non-vested at November 30, 2022

 

 

95,486

 

 

$

4.42

 

Granted

 

 

113,000

 

 

 

2.19

 

Vested

 

 

(96,193

)

 

 

3.29

 

Forfeited

 

 

 

 

 

 

Non-vested at May 31, 2023

 

 

112,293

 

 

$

3.14