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Notes Payable | 12 Months Ended
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Aug. 31, 2024
Notes Payable [Abstract] |
Notes Payable | 6. NOTES PAYABLE At August 31, 2024, our notes payable consisted of a note payable to the former owners of Strive Talent, Inc., which was acquired in fiscal 2021. The note payable to the former owners of Strive is recorded at net present value and accrues interest at 3.6% until the obligation is paid in full. The previously outstanding term loan payable to the bank under the 2023 Credit Agreement was repaid in full, as scheduled, in June 2024. 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 |  | 2024 |  | 2023 |  |  | 2024 |  |  | 2023
Term loan payable |  | $ | - |  | $ | 5,000 |  | $ | - |  | $ | -
Strive acquisition note payable |  |  | 835 |  |  | 835 |  |  | 775 |  |  | 1,535
|  | $ | 835 |  | $ | 5,835 |  | $ | 775 |  | $ | 1,535
Principal payments of $1.25 million on our term loan payable under the 2023 Credit Agreement were due and payable on the last day of each March, June, September, and December until the term loan liability was fully repaid in 2024. 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. The difference between the Strive Inc. note principal payments shown below and the amounts on our consolidated balance sheets above is interest that accrues over the life of the note. Remaining principal payments on our notes payable are as follows (in thousands):
YEAR ENDING |  | Term Loan |  |  | Strive Note |  |  |
AUGUST 31, |  | Payable |  |  | Payable |  |  | Total
2025 | $ | - |  | $ | 835 |  | $ | 835
2026 |  | - |  |  | 835 |  |  | 835
| $ | - |  | $ | 1,670 |  | $ | 1,670

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