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Note 8 - Corporate Debt
 12 Months Ended
Aug. 31, 2017
Notes to Financial Statements  
Debt Disclosure [Text Block]
8.
CORPORATE DEBT
 
The Company has a revolving line of credit with PNC Bank of
$3,000,000.
No
amounts were outstanding under the line of credit as of both
August 31, 2017
and
2016.
At the option of the Company, outstanding advances under the line of credit bear interest at either (a) an annual rate based on LIBOR plus
2.15%
for the applicable LIBOR interest period selected by the Company or (b) at the rate publicly announced by PNC Bank from time to time as its prime rate. The line of credit matures on
January 7, 2018.
 
The line of credit is subject to standard covenants, including affirmative financial covenants, such as the maintenance of a minimum fixed charge coverage ratio, and negative covenants, which, among other things, limit the incurrence of additional indebtedness, loans and equity investments, disposition of assets, mergers and consolidations and other matters customarily restricted in such agreements. Under the loan agreement, the Company is subject to a minimum fixed charge coverage ratio of
1.10:1.00.
As of
August 31, 2017,
the Company was in compliance with all debt covenants.
 
The revolving credit facility allows the Company to request that PNC Bank issue letters of credit up to
$1,200,000.
The Company did
not
have any letters of credit reserved against the available letters of credit balance as of
August 31, 2017
and
2016
with PNC Bank. The availability of advances under the line of credit are reduced by the face amount of any letter of credit issued and outstanding (whether or
not
drawn) under the revolving credit facility. 
 
As of
August 31, 2017,
the Company had
$89,543
of letters of credit with JP Morgan Chase Bank that are performance based and set to expire between
2020
and
2022.