STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY (Tables)
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6 Months Ended |
May 31, 2026 |
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| STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY |
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| Schedule of continuity of stock options and stock options outstanding and exercisable |
| | | | | | | | | | Weighted Average | | | Number of stock options | | Exercise price | Balance, November 30, 2025 | | — | | $ | — | Granted | | 887,375 | | | 9.87 | Balance, May 31, 2026 | | 887,375 | | $ | 9.87 |
As at May 31, 2026, the following stock options were outstanding and exercisable: | | | | | | | | | | | | | | | | | | | | | | | | | | | Outstanding Options | | Exercisable Options | | | | | | | | | | Weighted | | Weighted | | | | Weighted | | | | | | | | | | | | | Average | | Average | | | | Average | | Weighted | | | Expiry | | Exercise | | | | Remaining | | Exercise | | | | Remaining | | Average | Grant Date | | Date | | Price | | Number | | Life | | Price | | Number | | Life | | Exercise Price | | | | | $ | | | | | | $ | | | | | | $ | 15-Apr-26 | | 15-Apr-31 | | $ | 10.00 | | 750,000 | | 4.88 years | | $ | 10.00 | | 250,000 | | 4.88 years | | $ | 10.00 | 6-May-26 | | 6-May-31 | | $ | 9.15 | | 137,375 | | 4.93 years | | $ | 9.15 | | 52,564 | | 4.93 years | | $ | 9.15 | | | | | | | | 887,375 | | 4.89 years | | $ | 9.87 | | 302,564 | | 4.89 years | | $ | 9.85 |
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| Schedule of company determined that stock options had a fair value |
| | | Expected volatility | | 114.01% – 114.36% | Expected term | | 2.75 years – 3 years | Risk free interest rate | | 3.90% - 3.99% | Dividend yield | | 0% |
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| Schedule of continuity of RSUs |
| | | | | Number of RSUs | Balance, November 30, 2025 | | — | Granted | | 592,125 | Balance, May 31, 2026 | | 592,125 |
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| Schedule of RSUs were outstanding and vested |
As at May 31, 2026, the following RSUs were outstanding and vested: | | | | | Number of RSUs outstanding | | Grant date | | Number of RSUs Vested | 250,000 | | April 15, 2026 | | 83,333 | 342,125 | | May 6, 2026 | | 134,356 | 592,125 | | | | 217,689 |
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| Schedule of warrants activity |
As of May 31, 2026, the continuity of share purchase warrants is as follows: | | | | | | | | | | Number of | | Weighted Average | | Remaining | | | warrants | | Exercise price | | life (Years) | Balance, November 30, 2025 | | — | | $ | — | | — | Issued for PIPE financing | | 2,500,000 | | | 12.00 | | 4.74 | Issued on reverse recapitalization (Note 4) | | 20,922,133 | | | 11.50 | | 4.74 | Exercised | | (200) | | | 11.50 | | — | Adjustment | | (17) | | | 11.50 | | — | Balance, May 31, 2026 | | 23,421,916 | | $ | 11.55 | | 4.74 |
As of May 31, 2026, the following share purchase warrants were outstanding: | | | | | | Number of warrants outstanding | | Exercise price | | Expiry date | 2,500,000 | | $ | 12.00 | | February 24, 2031 | 20,921,916 | | $ | 11.50 | | February 24, 2031 | 23,421,916 | | | | | |
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| Schedule of anti-dilutive securities |
The Company has the following anti-dilutive securities as of May 31, 2026 and 2025: | | | | | | | May 31, 2026 | | May 31, 2025 | Warrants | | 23,421,916 | | — | Stock options | | 887,375 | | — | RSUs | | 592,125 | | — | Earnout shares | | 1,500,000 | | — | Series A Cumulative Convertible Preferred Stock | | 2,500,000 | | — | | | 28,901,416 | | — |
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| Common stock, subject to possible redemption |
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| STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY |
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| Schedule of redeemable common stock |
| | | | Redeemable common stock, November 30, 2024 | | $ | — | Gross proceeds | | | 300,000 | Less: share issuance costs | | | (170) | Plus: adjust carrying value to redemption value | | | 170 | Redeemable common stock, November 30, 2025 | | | 300,000 | Less: transfer to permanent equity | | | (300,000) | Redeemable common stock, May 31, 2026 | | $ | — |
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| Series A cumulative preferred stock, redeemable |
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| STOCKHOLDERS' EQUITY (DEFICIT) AND MEZZANINE EQUITY |
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| Schedule of redeemable common stock |
| | | | Redeemable Series A Cumulative Convertible Preferred Stock, November 30, 2025 | | $ | — | Gross proceeds | | | 29,700,000 | Allocation to warrant liability (Note 11) | | | (4,174,276) | Accretion | | | 204,076 | Redeemable Series A Cumulative Convertible Preferred Stock, May 31, 2026 | | $ | 25,729,800 |
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