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BANK INDEBTEDNESS | 12 Months Ended
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Aug. 31, 2023
Bank Indebtedness |
BANK INDEBTEDNESS | 7. BANK INDEBTEDNESS Bank indebtedness under the Company’s line of credit as of August 31, 2023 was $1,259,259 (August 31, 2022 - $7,000,000). During fiscal year ended August 31, 2023, the line of credit was temporarily increased from $10,000,000 to $12,000,000 through August 31, 2023. Effective September 1, 2023, the line of credit returns to the original $10,000,000 limit. 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, 2023 was 6.88% (5.31% + 1.57%). In conjunction with the temporary increase in the available borrowing limit, additional financial covenants have been added to the line of credit. These new covenants require the Company to maintain certain leverage ratios of borrowed funds to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). The Company is currently in compliance with these covenants.

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