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BANK INDEBTEDNESS	9 Months Ended
	May 31, 2022
Debt Disclosure [Abstract]
BANK INDEBTEDNESS	7. BANK INDEBTEDNESS Bank indebtedness under the Company’s $10,000,000 line of credit as of May 31, 2022 was $9,000,000 (August 31, 2021 - $3,000,000). The Line of Credit was increased during the current nine-month period 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 May 31, 2022 was 2.36% (0.79% + 1.57%).

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- References

No definition available.

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- Definition

Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

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