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Notes Payable | 12 Months Ended
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Aug. 31, 2023
Notes Payable [Abstract] |
Notes Payable | 7. NOTES PAYABLE At August 31, 2023 and 2022, our notes payable consisted of a term loan payable to a bank and a note payable to the former owners of Strive Talent, Inc. (Note 3). The note payable to the former owners of Strive is recorded at net present value and accrues interest at 3.6 percent until the obligation is paid in full. The balances and classification of our notes payable were as follows at the dates indicated (in thousands):
|  | Current Portion of Notes Payable |  | Notes Payable, Less Current Portion
|  | August 31, |  | August 31, |  |  | August 31, |  |  | August 31,
Description |  | 2023 |  | 2022 |  |  | 2023 |  |  | 2022
Term loan payable |  | $ | 5,000 |  | $ | 5,000 |  | $ | - |  | $ | 5,000
Strive acquisition note payable |  |  | 835 |  |  | 835 |  |  | 1,535 |  |  | 2,268
|  | $ | 5,835 |  | $ | 5,835 |  | $ | 1,535 |  | $ | 7,268
Principal payments of $1.25 million on our term loan payable under the 2023 Credit Agreement are due and payable on the last day of each March, June, September, and December until the term loan liability is fully repaid in 2024. Interest accrues on the term loans and is paid as discussed in Note 6 above. Under the terms of the Strive acquisition, we pay the former principal owner of Strive $0.8 million each April for the first five years following the acquisition. Principal payments on these notes payable are as follows over the next five years (in thousands): ‎
YEAR ENDING |  | Term Loan |  |  | Strive Note |  |  |
AUGUST 31, |  | Payable |  |  | Payable |  |  | Total
2024 | $ | 5,000 |  | $ | 835 |  | $ | 5,835
2025 |  | - |  |  | 835 |  |  | 835
2026 |  | - |  |  | 835 |  |  | 835
2027 |  | - |  |  | - |  |  | -
| $ | 5,000 |  | $ | 2,505 |  | $ | 7,505

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