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BORROWING ARRANGEMENTS (Details Narrative)
$ in Thousands
12 Months Ended
May 31, 2024
USD ($)
Original Loan and Security Agreement  
Line of Credit, maximum borrowing $ 4,000
Variable interest rate the greater of (a) the prime rate plus an additional percentage of up to 1%, which additional percentage depends on the Company’s adjusted quick ratio, and (b) 4.75%
Second Amendment To Loan And Security Agreement  
Line of Credit, maximum borrowing $ 10,000
Variable interest rate the greater of (a) prime rate plus an additional percentage up to 1.0%, which additional percentage depends on the Company’s adjusted quick ratio, and (b) 3.25%
Revolving line maturity date Jan. 13, 2023
First Amendment to Loan and Security Agreement  
Line of Credit, maximum borrowing $ 1,700
Variable interest rate The PPP Loan was evidenced by a promissory note dated April 23, 2020 (the “Note”) that matured on April 23, 2022 and bore interest at a rate of 1% per annum
Revolving line maturity date Jan. 13, 2022
Loan balance $ 1,700
Loan forgiveness 1,700
Interest totaling $ 20
Third Amendment to Loan and Security Agreement  
Revolving line maturity date Jan. 13, 2025
Minimum liquidity net $ 20,000