Annual report pursuant to Section 13 and 15(d)

Stock-based compensation (Tables)

Stock-based compensation (Tables)

12 Months Ended

Nov. 30, 2015

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

The fair value of the stock option grants below 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)
February 1, 2014	1.49%	—%	32.16%	5
October 2, 2014	1.70%	—%	36.63%	10
October 16, 2014	1.70%	—%	37.51%	10
January 5, 2015	1.57%	—%	37.74%	10
April 9, 2015	1.40%	—%	37.79%	10

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, 2013	—	—	—	—
Granted	137,000	$3.40	—
Exercised	—	—	—	—
Cancelled or Forfeited	—	—	—	—
Outstanding at November 30, 2014	137,000	3.40	5.70	—
Granted	185,000	3.46	—	—
Exercised	—	—	—	—
Cancelled or Forfeited	218,000	3.45	—	—
Outstanding at November 30, 2015	104,000	3.42	7.91	—

Schedule of Stock Options, Future Amortization Expense

A summary of the amortization expense of stock options outstanding as of November 30, 2015 is as follows:



For the years ended November 30,
2016	2017	2018	2019	2020
$18,401	$18,401	$18,401	$18,401	$2,304

Schedule of Shares Authorized by Exercise Price Range

The following table summarizes information about currently outstanding and vested stock options at November 30, 2015:



		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
$3.40	20,000	3.17	20,000
$3.42	27,000	8.84	27,000
$3.36	2,000	8.88	2,000
$3.48	45,000	9.10	—
$3.18	10,000	9.36	—
Total	104,000		49,000