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BANK INDEBTEDNESS | 12 Months Ended
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Aug. 31, 2022
Bank Indebtedness |
BANK INDEBTEDNESS |
| 7. | BANK INDEBTEDNESS
Bank indebtedness under the Company’s $10,000,000 line of credit as of August 31, 2022 was $7,000,000 (August 31, 2021 - $3,000,000). The Line of Credit was increased during the current fiscal year from $5,000,000 to $10,000,000. Bank indebtedness, when it exists, is secured by an assignment of accounts receivable and inventory. Interest was previously calculated solely on the one-month LIBOR rate plus 175 basis points. Beginning with the monthly interest payment due March 31, 2022, the Company’s Bank Line of Credit agreement was revised to change the calculation of the interest rate from the one-month LIBOR rate to the one-month Secured Overnight Financing Rate (SOFR). Interest is now calculated based on the one-month SOFR plus 157 basis points, which as of August 31, 2022 was 3.85% (2.28% + 1.57%).

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