Stockholders' Equity (Tables)
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9 Months Ended |
Aug. 31, 2025 |
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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, 2025 and 2024, 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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2025 |
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2024 |
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2025 |
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2024 |
Weighted average values: |
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Expected dividends |
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0% |
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0% |
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6.50% |
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0% |
Expected volatility |
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— |
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— |
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64.25% |
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60.52% |
Risk free interest rate |
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— |
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— |
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4.40% |
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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, 2025, 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, 2024 |
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493,878 |
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$ |
7.26 |
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3.83 |
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$ |
997,943 |
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Granted |
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103,000 |
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7.89 |
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— |
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Exercised |
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(7,500 |
) |
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3.08 |
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13,650 |
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Expired/forfeited |
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(45,000 |
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13.48 |
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— |
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Outstanding at August 31, 2025 |
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544,378 |
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$ |
6.92 |
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3.68 |
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$ |
15,360 |
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Exercisable at August 31, 2025 |
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422,845 |
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$ |
6.90 |
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3.63 |
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$ |
14,304 |
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| Significant Option Groups Exercisable Option and its Price and Contractual Life |
Significant option groups outstanding and exercisable at August 31, 2025 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 $4.00 |
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7,500 |
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0.76 |
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$ |
3.10 |
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7,500 |
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$ |
3.10 |
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$4.01 to $5.00 |
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113,600 |
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2.89 |
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$ |
4.74 |
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97,299 |
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$ |
4.74 |
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$5.01 to $6.00 |
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38,600 |
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4.92 |
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$ |
5.86 |
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27,496 |
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$ |
5.86 |
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$6.01 to $7.00 |
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86,933 |
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3.80 |
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$ |
6.47 |
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61,928 |
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$ |
6.48 |
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$7.01 to $8.00 |
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177,645 |
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3.74 |
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$ |
7.52 |
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158,525 |
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$ |
7.53 |
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$8.01 to $9.00 |
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75,000 |
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4.40 |
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$ |
8.09 |
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24,997 |
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$ |
8.09 |
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$9.01 to $10.00 |
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29,000 |
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2.52 |
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$ |
9.37 |
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29,000 |
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$ |
9.37 |
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$12.01 to $13.00 |
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16,100 |
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5.18 |
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$ |
12.54 |
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16,100 |
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$ |
12.54 |
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544,378 |
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3.68 |
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$ |
6.92 |
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422,845 |
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$ |
6.90 |
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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, 2025, and changes during the nine months ended August 31, 2025, 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, 2024 |
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131,960 |
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$ |
3.03 |
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Granted |
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103,000 |
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2.58 |
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Vested |
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(113,427 |
) |
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2.96 |
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Forfeited |
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— |
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— |
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Non-vested at August 31, 2025 |
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121,533 |
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$ |
2.71 |
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