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Long Term Debt | 12 Months Ended
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May 31, 2019
Long Term Debt |
4. | Long-Term Debt
The Company has a financing agreement with a bank providing for a $15,000,000 unsecured revolving line of credit, which was amended on November 30, 2018 to extend the maturity from September 30, 2019 to September 30, 2021 . There were no advances against the line of credit during fiscal years 2019 and 2018; there was no balance outstanding at May 31, 2019. Interest on any borrowings is LIBOR plus 100 basis points (rate under the terms of the agreement was 3.49% at May 31, 2019). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA, each of which the Company was in compliance with at May 31, 2019.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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Namespace Prefix: | us-gaap_
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Balance Type: | na
Period Type: | duration