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Stockholders' Equity (Tables) - Service-Based Vesting Condition Options [Member]
6 Months Ended
May 31, 2020
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, 2020 and May 31, 2019, respectively, are as follows:
 
   Three Months
Ended
   Three Months
Ended
  Six Months
Ended
  Six Months
Ended
 
   May 31, 2020   May 31, 2019  May 31, 2020  May 31, 2019 
Weighted average values:
      
Expected dividends
   —      0  0  0
Expected volatility
   —      51.2  64.25  51.2
Risk free interest rate
   —      2.31  1.90  2.31
Expected life
   —      5 years   9 years   5 years 
Stock Option Activity
Stock option activity for options with only service-based vesting conditions for the six months ended May 31, 2020, was as follows:
 
       Weighted   Weighted
Average
     
       Average   Remaining   Aggregate 
   Options   Exercise
Price
   Contractual
Life (Years)
   Intrinsic
Value
 
Outstanding at November 30, 2019
   1,089,774   $3.30    3.91   $4,648,111 
Granted
   44,969    7.26      6,369 
Exercised
   (20,000   2.05      102,800 
Expired/forfeited
   —      —        —   
  
 
 
       
Outstanding at May 31, 2020
   1,114,743   $3.49    3.69   $4,409,680 
  
 
 
       
 
 
 
Exercisable at May 31, 2020
   1,018,873   $3.11    3.20   $4,404,284 
  
 
 
       
 
 
 
Significant Option Groups Exercisable Option and its Price and Contractual Life
Significant option groups outstanding and exercisable at May 31, 2020 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
 
$1.01 to $2.00  422,500   1.60  $1.73   422,500  $1.73 
$2.01 to $3.00  245,000   1.60  $2.78   245,000  $2.78 
$3.01 to $4.00  204,729   5.73  $3.14   204,729  $3.14 
$6.01 to $7.00  3,833   6.10  $6.52   2,111  $6.51 
$7.01 to $8.00  238,681   7.75  $7.57   144,533  $7.63 
 
 
 
    
 
 
  
  1,114,743   3.69  $3.49   1,018,873  $3.11 
 
 
 
    
 
 
  
Summary of Non-Vested Options
A summary of the status of the Company’s
non-vested
options as of May 31, 2020, and changes during the six months ended May 31, 2020, is presented below:
 
       Weighted Average 
       Grant-Date 
   Options   Fair Value 
Non-vested
at November 30, 2019
   125,234   $4.70 
Granted
   44,969    5.03 
Vested
   (74,333   4.51 
Forfeited
   —      —   
  
 
 
   
Non-vested
at May 31, 2020
   95,870   $5.00