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Term Notes Payable And Line Of Credit | 9 Months Ended
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May 31, 2020
Term Notes Payable And Line Of Credit [Abstract] |
Term Notes Payable And Line Of Credit | ﻿ ﻿ NOTE 3 – TERM NOTES PAYABLE AND LINE OF CREDIT ﻿ Pursuant to the credit agreement we obtained in August 2019 (the 2019 Credit Agreement), we have the ability to borrow up to $25.0 million in term loans. At August 31, 2019, we had borrowed $20.0 million of the available term loan amount. During November 2019, we borrowed the remaining $5.0 million term loan available. The additional $5.0 million term loan has the same terms and conditions as the previous term loan and does not change the amount of our quarterly principal payments. However, the maturity date of the term loans is extended for one year to August 2024 as a result of the additional payments. At May 31, 2020, our future principal payments on the term loans are as follows (in thousands): ﻿ ﻿
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﻿YEAR ENDING AUGUST 31, |  |  | Amount
﻿2020 |  | $ | 1,250
﻿2021 |  |  | 5,000
﻿2022 |  |  | 5,000
﻿2023 |  |  | 5,000
﻿2024 |  |  | 5,000
﻿ |  | $ | 21,250
﻿ During the quarter ended May 31, 2020, we with drew $14.9 million (the available credit) on our revolving credit facility primarily to maximize our flexibility during this period of economic uncertainty. The line of credit is due and payable in August 2024. ﻿

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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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