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Stock Options (Tables) | 9 Months Ended
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Aug. 31, 2013
Significant Option Groups Outstanding and Exercisable Option and its Price and Contractual Life | Significant option groups outstanding and exercisable at August 31, 2013 and related price and contractual life information are as follows:
|  | Outstanding |  |  | Exercisable |
Range of Exercise Prices |  | Outstanding |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Outstanding |  |  | Weighted Average Exercise Price |
$0.42 to $1.00 |  |  | 7,500 |  |  |  | 1.65 |  |  | $ | .78 |  |  |  | 7,500 |  |  | $ | .78 |
$1.01 to $ 2.00 |  |  | 533,426 |  |  |  | 7.18 |  |  | $ | 1.70 |  |  |  | 506,134 |  |  | $ | 1.69 |
$2.01 to $ 3.00 |  |  | 588,000 |  |  |  | 6.36 |  |  | $ | 2.50 |  |  |  | 480,513 |  |  | $ | 2.54 |
|  |  | 1,128,926 |  |  |  | 6.72 |  |  | $ | 2.11 |  |  |  | 994,147 |  |  | $ | 2.10 |
Summary of Non-Vested Options | A summary of the status of the Company’s non-vested shares as of August 31, 2013, and changes during the nine months ended August 31, 2013, is presented below:
|  | Shares |  |  | Weighted Average Grant-Date Fair Value |
Non-vested at November 30, 2012 |  |  | 251,403 |  |  | $ | 1.77 |
Granted |  |  | 36,000 |  |  |  | 1.58 |
Vested |  |  | (131,794 | ) |  |  | 1.69 |
Forfeited |  |  | (20,830 | ) |  |  | 1.84 |
Non-vested at August 31, 2013 |  |  | 134,779 |  |  | $ | 1.78 |
Service-Based Vesting Condition Options [Member] |
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, 2013 and August 31, 2012 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | August 31, 2013 |  |  | August 31, 2012 |  |  | August 31, 2013 |  |  | August 31, 2012 |
Weighted average values: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expected dividends |  |  | 0 | % |  |  | 0 | % |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 108.75 | % |  |  | 115.76 | % |  |  | 110.46 | % |  |  | 112.50 | %
Risk free interest rate |  |  | 1.35 | % |  |  | .74 | % |  |  | 1.15 | % |  |  | .90 | %
Expected life |  |  | 5.0 years |  |  |  | 5.0 years |  |  |  | 5.0 years |  |  |  | 5.6 years |
Range of Expected Volatilities for Options | The range of expected volatilities for options issued during the nine months ended August 31, 2013 and August 31, 2012 are as follows:
Nine Months Ended August 31, 2013 |  | Nine Months Ended August 31, 2012
108.75% - 114.99% |  | 111.30% - 116.28%
Stock Option Activity for Options | Stock option activity for options with only service-based vesting conditions for the nine months ended August 31, 2013, was as follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Term (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at November 30, 2012 |  |  | 1,183,098 |  |  | $ | 2.15 |  |  |  | 7.12 |  |  | $ | 580,730 |
Granted |  |  | 36,000 |  |  |  | 2.00 |  |  |  |  |  |  | $ | 7,490 |
Exercised |  |  | (10,000 | ) |  |  | 1.50 |  |  |  |  |  |  | $ | 5,575 |
Expired/forfeited |  |  | (80,172 | ) |  |  | 2.67 |  |  |  |  |  |  | $ | 12,925 |
Outstanding at August 31, 2013 |  |  | 1,128,926 |  |  | $ | 2.11 |  |  |  | 6.72 |  |  | $ | 300,637 |
Exercisable at August 31, 2013 |  |  | 994,147 |  |  | $ | 2.10 |  |  |  | 6.87 |  |  | $ | 287,792 |
Performance and Market-Based Vesting Condition Options [Member] |
Fair Value of Options Granted | Variables used to determine the fair value of options with performance-based and market-based vesting conditions granted during the nine months ended August 31, 2012 are as follows:
|  | Nine Months Ended August 31, 2012 |
Weighted average values: |  |  |  |
Expected dividends |  |  | 0 | %
Expected volatility |  |  | 107.03 | %
Risk free interest rate |  |  | 1.00 | %
Expected life |  |  | 6.4 years |
Range of Expected Volatilities for Options | The range of expected volatilities for performance-based and market-based vesting condition options issued during the nine months ended August 31, 2012 are as follows:
|  | Nine Months Ended August 31, 2012
|  | 111.3% - 113.5%
Stock Option Activity for Options | Stock option activity for options with performance-based and market-based vesting conditions for the nine months ended August 31, 2013, was as follows:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Aggregate Intrinsic Value |
Outstanding at November 30, 2012 |  |  | 640,000 |  |  | $ | 1.74 |  |  |  | 8.83 |  |  | $ | 511,600 |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Expired/forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding at August 31, 2013 |  |  | 640,000 |  |  | $ | 1.74 |  |  |  | 8.08 |  |  | $ | 300,000 |
Exercisable at August 31, 2013 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |

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- Definition Tabular disclosure of the changes in outstanding nonvested shares. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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