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SUBSEQUENT EVENTS
6 Months Ended
Feb. 28, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

 

18.SUBSEQUENT EVENTS

 

Due to the worldwide banking industry phasing out the use of LIBOR, the Company’s Bank Line of Credit agreement has been revised to change the calculation of the interest rate from the one-month LIBOR rate to the one-month Secured Overnight Financing Rate (SOFR). Beginning with the monthly interest payment due March 1, 2022, interest is calculated based on the one-month SOFR plus 157 basis points, which as of March 1, 2022 was 1.62% (0.05% + 1.57%).