STOCK-BASED COMPENSATION (Tables)
|
6 Months Ended |
12 Months Ended |
May 31, 2021 |
Nov. 30, 2020 |
| Share-based Payment Arrangement [Abstract] |
|
|
| Schedule of restricted stock unit activity |
|
The following table summarizes the RSU activity during the six months ended May 31, 2021: |
| |
|
RSUs |
|
| Unvested and outstanding as of November 30, 2020 |
|
|
1,573,500 |
|
| Granted |
|
|
174,493 |
|
| Exercised |
|
|
— |
|
| Cancelled |
|
|
— |
|
| Unvested and outstanding at May 31, 2021 |
|
|
1,747,993 |
|
|
The
following table summarizes the RSU activity during the year ended November 30, 2020:
| |
|
|
RSUs |
|
|
Weighted-Average
Exercise Price |
|
| |
|
|
|
|
|
|
|
| Outstanding, November
30, 2019 |
|
|
|
— |
|
|
|
— |
|
| Granted |
|
|
|
15,735,000 |
|
|
|
1.55 |
|
| Outstanding, November
30, 2020 |
|
|
|
15,735,000 |
|
|
|
1.55 |
|
| Exercisable, November
30, 2020 |
|
|
|
— |
|
|
|
— |
|
|
| Schedule of stock options valuation assumptions |
The assumptions that the Company used
to determine the grant-date fair value of stock options granted to employees and non-employees for the six months ended May 31, 2021 were
as follows:
Black-Scholes option pricing model
| Risk free rate |
|
|
0.33 |
% |
| Expected dividends |
|
|
0.00 |
|
| Expected volatility |
|
|
83 – 113 |
% |
| Expected life |
|
|
4 – 5 years |
|
| Market price of the Company’s common stock on date of grant |
|
$ |
14.74 – 19.70 |
|
| Exercise price |
|
$ |
14.90 – 17.00 |
|
Employee,
Director and Non-Employee (Black-Scholes option pricing model)
| |
|
2020 |
|
|
2019 |
|
| Risk
free rate |
|
|
0.00 –
1.68% |
|
|
|
2.00 |
% |
| Expected dividends |
|
|
0 |
% |
|
|
0 |
% |
| Expected volatility |
|
|
118 - 144% |
|
|
|
133 |
% |
| Expected life |
|
|
2 - 5 years |
|
|
|
5 years |
|
| Market price of
the Company’s common stock on date of grant |
|
$ |
0.19 – 1.48 |
|
|
$ |
0.14 |
|
| Exercise price |
|
$ |
0.19 – 1.50 |
|
|
$ |
0.14 |
|
|
| Schedule of stock options activity |
| The following table summarizes option activity under the 2017 and 2020 Plan during the six months ended May 31, 2021: |
| |
|
|
Stock |
|
|
Weighted-Average
Exercise Price Per Stock
Option |
|
| |
|
|
Options |
|
|
CDN$ |
|
|
USD$ |
|
| Outstanding, November 30, 2020 (1) |
|
|
|
705,967 |
|
|
|
2.40 |
|
|
|
3.10 |
|
| Granted |
|
|
|
41,000 |
|
|
|
18.90 |
|
|
|
15.60 |
|
| Exercised |
|
|
|
(22,667 |
) |
|
|
(1.90 |
) |
|
|
(1.50 |
) |
| Forfeited |
|
|
|
(82,250 |
) |
|
|
(5.10 |
) |
|
|
(4.20 |
) |
| Outstanding, May 31, 2021 (2) |
|
|
|
642,050 |
|
|
|
3.60 |
|
|
|
3.00 |
|
| Exercisable, May 31, 2021 (2) |
|
|
|
642,050 |
|
|
|
2.60 |
|
|
|
2.20 |
|
|
(1) |
As of November 30, 2020 all options were governed by the 2017 Plan. |
|
(2) |
As of May 31, 2021 all options were governed by the 2020 Plan. |
|
The
following table summarizes option activity under the 2017 Plan during the year ended November 30, 2020:
| |
|
|
Stock |
|
|
Weighted-Average
Exercise Price Per Stock
Option |
|
| |
|
|
Options |
|
|
CDN$ |
|
|
USD$ |
|
| Outstanding,
November 30, 2018 |
|
|
|
6,376,667 |
|
|
|
0.22 |
|
|
|
(0.18 |
) |
| Granted |
|
|
|
120,000 |
|
|
|
0.19 |
|
|
|
(0.14 |
) |
| Expired |
|
|
|
(1,270,000 |
) |
|
|
0.37 |
|
|
|
(0.28 |
) |
| Cancelled |
|
|
|
(2,315,000 |
) |
|
|
0.22 |
|
|
|
(0.17 |
) |
| Outstanding, November
30, 2019 |
|
|
|
2,911,667 |
|
|
|
0.19 |
|
|
|
0.14 |
|
| Granted |
|
|
|
4,535,500 |
|
|
|
0.42 |
|
|
|
0.33 |
|
| Expired |
|
|
|
(212,500 |
) |
|
|
(0.28 |
) |
|
|
(0.21 |
|
| Exercised |
|
|
|
(55,000 |
) |
|
|
(0.25 |
) |
|
|
(0.19 |
|
| Cancelled |
|
|
|
(120,000 |
) |
|
|
(1.79 |
) |
|
|
(1.38 |
|
| Outstanding, November
30, 2020 |
|
|
|
7,059,667 |
|
|
|
0.24 |
|
|
|
0.31 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercisable, November
30, 2020 |
|
|
|
5,059,667 |
|
|
|
|
|
|
|
|
|
| Exercisable, November
30, 2019 |
|
|
|
1,411,667 |
|
|
|
|
|
|
|
|
|
|
| Schedule of weighted-average contractual life |
|
The
stock options outstanding at the end of the year had weighted-average contractual life as follows:
| |
|
2020 |
|
|
2019 |
|
| |
|
|
(years) |
|
|
|
(years) |
|
| Total outstanding
options |
|
|
3.76 |
|
|
|
4.3 |
|
| Total exercisable options |
|
|
3.53 |
|
|
|
3.1 |
|
|
| Schedule of incentive warrants valuation assumptions |
|
The
assumptions that the Company used to determine the grant-date fair value of incentive warrants granted for the years ended November
30, 2020 and 2019 were as follows:
(Black-Scholes
option pricing model)
| |
|
2020 |
|
|
2019 |
|
| Risk free
rate |
|
|
1.47 |
% |
|
|
2.00 |
% |
| Expected dividends |
|
|
0 |
% |
|
|
0 |
% |
| Expected volatility |
|
|
57 |
% |
|
|
149 |
% |
| Expected life |
|
|
1.1 years |
|
|
|
3 years |
|
| Market price of the
Company’s common stock on date of grant |
|
$ |
0.22 |
|
|
$ |
0.16 |
|
| Exercise price |
|
$ |
0.25 |
|
|
$ |
0.16 |
|
|
| Schedule of restricted stock units valuation assumptions |
|
The
assumptions that the Company used to determine the grant-date fair value of RSUs granted for the year ended November 30, 2020
were as follows:
(Monte
Carlo simulation model)
| |
|
2020 |
|
| Risk
free rate |
|
|
0.26 |
% |
| Expected dividends |
|
|
0.00 |
% |
| Expected volatility |
|
|
121 |
% |
| Expected life |
|
|
3 years |
|
| Market price of
the Company’s common stock on date of grant |
|
$ |
1.41 – 1.58 |
|
| Exercise price |
|
$ |
1.41 – 1.58 |
|