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Note 20 - Subsequent Event
 6 Months Ended
Mar. 31, 2024
Notes to Financial Statements  
Subsequent Events [Text Block]

20.

SUBSEQUENT EVENT

 

On May 13, 2024, the Company entered into a two-year, $15,000 senior secured term loan agreement (“Term Loan”), which matures on May 13, 2026.

 

The Company is required to make non-amortizing quarterly interest payments. The Company may elect to pay quarterly interest on the Term Loan based on the three-month Secured Overnight Financing Rate ("SOFR") plus five percent (5%) in cash or the Company may elect to pay interest based on the three-month SOFR plus six percent (6%) with 50% paid in cash and the remainder paid by issuing shares of common stock.

 

The Company may redeem the Term Loan within one year at 101% of the principal amount and after one year at par value. The Term Loan includes financial covenants and contains other customary affirmative and negative covenants and events of default. All obligations under the Term Loan are secured by substantially all of the Company’s assets.