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REVOLVING LINE OF CREDIT | 6 Months Ended
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Aug. 31, 2024
Debt Disclosure [Abstract] |
REVOLVING LINE OF CREDIT | NOTE 7: REVOLVING LINE OF CREDIT The Company has a $1,500,000 revolving line of credit at prime which was 8.50% at August 31, 2024 and February 29, 2024. The revolving credit line is collateralized by the Company’s accounts receivable and inventory. The revolving credit line is payable on demand and must be retired for a 30-day period, once annually. If the Company fails to perform the 30-day annual pay down or if the bank elects to terminate the credit line, the bank may, at its option, convert the outstanding balance to a 36-month term note with payments including interest in 36 equal installments. As of August 31, 2024, $0 of the Company’s credit line was being utilized to collateralize Letters of Credit issued by the Company. As of August 31, 2024, there were no outstanding borrowings under the line of credit and the unused portion of the credit line was $1,500,000. The Company has a $750,000 equipment line of credit at prime plus 0.50%, which was 9% at August 31, 2024. At August 31, 2024, there were no outstanding borrowings under the equipment line of credit.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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