XML 22 R31.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events (Details Narrative) (Mortgage Refinance, USD $)
3 Months Ended
Nov. 30, 2013
Mortgage Refinance
 
Subsequent event date Dec. 16, 2013
Cash payment to reduce mortgage $ 323,000
Description of refinancing The Company refinanced the mortgage on the Sono-Tek Industrial Park in Milton, New York, where the Company's offices and manufacturing facility are located. Under the terms of the refinancing, M&T Bank loaned the Company $1,600,000 which accrues interest at the rate of 4.15% per annum and has a repayment term of ten years. The loan is secured by a mortgage on the Sono-Tek Industrial Park. The M&T Bank loan replaces the acquisition financing that was obtained from the seller of the Sono-Tek Industrial Park under which approximately $1,600,000 remained outstanding and which accrued interest at a rate of 5.5% per annum and had a repayment term of twenty years, with seventeen years remaining.