Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

Stock-Based Compensation (Tables)

12 Months Ended

Nov. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The fair value of the stock option grants in fiscal years 2017, 2016 and 2015 were estimated on the date of the grant using a Black-Scholes valuation model and the assumptions in the following table:



	Assumptions:
Option Grant Date	Risk-free Interest Rate		Dividend Yield		Stock Volatility		Option Term (years)
January 5, 2015	1.57	%	—	%	37.74	%	10
April 9, 2015	1.40	%	—	%	37.79	%	10
December 1, 2015	1.19	%	—	%	39.39	%	5
June 22, 2016	1.20	%	—	%	36.43	%	10
June 22, 2016	1.20	%	—	%	36.43	%	5
October 5, 2016	1.26	%	—	%	36.29	%	5
June 20, 2017	1.77	%	—	%	36.37	%	10
October 2, 2017	1.31	%	—	%	36.73	%	5

Activity of share-based payment award

A summary of stock option activity for the Company is as follows:



	Number of Options	Weighted-Average Exercise Price	Weighted-Average Remaining Term (years)	Aggregate Intrinsic Value
Outstanding at November 30, 2015	104,000	$3.41	7.91
Granted	519,000	3.23
Exercised	—	—
Canceled or Forfeited	59,000	3.42
Outstanding at November 30, 2016	564,000	3.25	5.83
Granted	307,500	3.30
Exercised	—	—
Canceled or Forfeited	—	—
Outstanding at November 30, 2017	871,500	$3.27	6.00

Future amortization expense

A summary of the amortization expense of stock options outstanding as of November 30, 2017 is as follows:



For the years ended November 30,
2018	2019	2020	2021	2022
$202,142	$132,298	$119,322	$98,229	$43,099

Schedule of shares authorized by exercise price range

The following table summarizes information about currently outstanding and vested stock options at November 30, 2017:



		Weighted-Average Remaining Term (years)
	Number of Options Granted		Number of Option Shares Vested
Exercise Price	Number of Options Granted		Number of Option Shares Vested
$3.03	14,000	3.85	2,800
$3.16	300,000	3.00	300,000
$3.18	10,000	7.36	4,000
$3.30	232,500	9.56	—
$3.30	75,000	3.56	75,000
$3.30	75,000	4.84	—
$3.35	130,000	8.56	26,000
$3.48	35,000	7.10	14,000
Total	871,500		421,800