Quarterly report pursuant to Section 13 or 15(d)

Income (Loss) Per Share

v3.2.0.727
Income (Loss) Per Share
 6 Months Ended
May. 31, 2015
Earnings Per Share [Abstract]  
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE
Basic income (loss) earnings per share is calculated using the average number of common shares outstanding. Diluted income (loss) earnings per share is computed on the basis of the average number of common shares outstanding plus the effect of outstanding stock options using the “treasury stock method”.

 
Three Months Ended
 
Six Months Ended
 
May 31, 2015
 
May 31, 2014
 
May 31, 2015
 
May 31 2014
Net (loss) income available for common shareholders
$
(1,586,718
)
 
$
(4,136,706
)
 
$
(1,529,111
)
 
$
(5,376,271
)
Weighted average common shares outstanding-Basic
7,006,684

 
7,006,684

 
7,006,684

 
7,006,684

Net effect of dilutive stock options
—

 
—

 
—

 
—

Weighted average common shares and common shares equivalents—Diluted
7,006,684

 
7,006,684

 
7,006,684

 
7,006,684

 
 
 
 
 
 
 
 
Earnings (Loss) per Share:
 
 
 
 
 
 
 
    Basic
 
 
 
 
 
 
 
Continuing Operations
$
(0.25
)
 
$
0.15

 
$
(0.25
)
 
$
(0.02
)
Discontinued Operations
$
0.03

 
$
(0.74
)
 
$
0.03

 
$
(0.74
)
Income (Loss)
$
(0.22
)
 
$
(0.59
)
 
$
(0.22
)
 
$
(0.76
)
 
 
 
 
 
 
 
 
    Diluted
 
 
 
 
 
 
 
Continuing Operations
$
(0.25
)
 
$
0.15

 
$
(0.25
)
 
$
(0.02
)
Discontinued Operations
$
0.03

 
$
(0.74
)
 
$
0.03

 
$
(0.74
)
Income (Loss)
$
(0.22
)
 
$
(0.59
)
 
$
(0.22
)
 
$
(0.76
)


For the three and six month periods ended May 31, 2015, there were 1,892,744 of shares underlying an outstanding warrant and 312,000 shares underlying previously issued stock options that were excluded from diluted loss per share because the effects of such shares were anti-dilutive.

For the three and six month periods ended May 31, 2014, there were 100,000 shares underlying previously issued stock options that were excluded from diluted loss per share because the effect of such shares were anti-dilutive.