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Line of Credit | 3 Months Ended
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Dec. 31, 2024
Line of Credit |
Line of Credit | 9. Line of Credit As of December 31, 2024 and September 30, 2024, the Company maintained an inventory line of credit with a borrowing capacity of $15.0 million. It may be used by the TS and HPP segments in the U.S. to purchase inventory from approved vendors with payment terms which exceed those offered by the vendors. No interest accrues under the inventory line of credit when advances are paid within terms, however, late payments are subject to an interest charge of Prime plus 5%. The credit agreement for the inventory line of credit contains financial covenants which require the Company to maintain the following TS segment-specific financial ratios: (1) a minimum current ratio of 1.2, (2) tangible net worth of no less than $4.0 million, and (3) a maximum ratio of total liabilities to total net worth of less than 5.0:1. As of December 31, 2024 and September 30, 2024, Company borrowings, all from the TS segment, under the inventory line of credit were $2.6 million and $4.2 million, respectively, and the Company was in compliance with all financial covenants. As of December 31, 2024 and September 30, 2024, this line of credit also includes availability of a limited cash withdrawal of up to $1.0 million. As of December 31, 2024 and September 30, 2024 there were no cash withdrawals outstanding.

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