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Stockholders' Equity (Tables) | 9 Months Ended
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Aug. 31, 2025
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:
|  | Three months ended |  | Nine months ended
|  | August 31, |  | August 31, |  | August 31, |  | August 31,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average values: |  |  |  |  |  |  |  |
Expected dividends |  | 0% |  | 0% |  | 6.50% |  | 0%
Expected volatility |  | — |  | — |  | 64.25% |  | 60.52%
Risk free interest rate |  | — |  | — |  | 4.40% |  | 3.87%
Expected life |  | — |  | — |  | 5 years |  | 5 years
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:
|  |  |  |  | Weighted |  |  | Weighted Average Remaining |  |  |  |
|  |  |  |  | Average |  |  | Contractual |  |  | Aggregate |
|  | Options |  |  | Exercise Price |  |  | Term (Years) |  |  | Intrinsic Value |
Outstanding at November 30, 2024 |  |  | 493,878 |  |  | $ | 7.26 |  |  | 3.83 |  |  | $ | 997,943 |
Granted |  |  | 103,000 |  |  |  | 7.89 |  |  |  |  |  |  | — |
Exercised |  |  | (7,500 | ) |  |  | 3.08 |  |  |  |  |  |  | 13,650 |
Expired/forfeited |  |  | (45,000 | ) |  |  | 13.48 |  |  |  |  |  |  | — |
Outstanding at August 31, 2025 |  |  | 544,378 |  |  | $ | 6.92 |  |  |  | 3.68 |  |  | $ | 15,360 |
Exercisable at August 31, 2025 |  |  | 422,845 |  |  | $ | 6.90 |  |  |  | 3.63 |  |  | $ | 14,304 |
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:
|  | 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 |  |  | 7,500 |  |  |  | 0.76 |  |  | $ | 3.10 |  |  |  | 7,500 |  |  | $ | 3.10 |
$4.01 to $5.00 |  |  | 113,600 |  |  |  | 2.89 |  |  | $ | 4.74 |  |  |  | 97,299 |  |  | $ | 4.74 |
$5.01 to $6.00 |  |  | 38,600 |  |  |  | 4.92 |  |  | $ | 5.86 |  |  |  | 27,496 |  |  | $ | 5.86 |
$6.01 to $7.00 |  |  | 86,933 |  |  |  | 3.80 |  |  | $ | 6.47 |  |  |  | 61,928 |  |  | $ | 6.48 |
$7.01 to $8.00 |  |  | 177,645 |  |  |  | 3.74 |  |  | $ | 7.52 |  |  |  | 158,525 |  |  | $ | 7.53 |
$8.01 to $9.00 |  |  | 75,000 |  |  |  | 4.40 |  |  | $ | 8.09 |  |  |  | 24,997 |  |  | $ | 8.09 |
$9.01 to $10.00 |  |  | 29,000 |  |  |  | 2.52 |  |  | $ | 9.37 |  |  |  | 29,000 |  |  | $ | 9.37 |
$12.01 to $13.00 |  |  | 16,100 |  |  |  | 5.18 |  |  | $ | 12.54 |  |  |  | 16,100 |  |  | $ | 12.54 |
|  |  | 544,378 |  |  |  | 3.68 |  |  | $ | 6.92 |  |  |  | 422,845 |  |  | $ | 6.90 |
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:
|  |  |  |  | Weighted Average |
|  |  |  |  | Grant-Date |
|  | Options |  |  | Fair Value |
Non-vested at November 30, 2024 |  |  | 131,960 |  |  | $ | 3.03 |
Granted |  |  | 103,000 |  |  |  | 2.58 |
Vested |  |  | (113,427 | ) |  |  | 2.96 |
Forfeited |  |  | — |  |  |  | — |
Non-vested at August 31, 2025 |  |  | 121,533 |  |  | $ | 2.71 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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