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SUBSEQUENT EVENT
12 Months Ended
Feb. 28, 2023
Subsequent Events [Abstract]  
Subsequent Events [Text Block]

17. SUBSEQUENT EVENTS

 

On May 10, 2023, the Company executed the Second Amendment to our Loan Agreement with BOKF, NA. This amendment waived the fixed charge ratio default which occurred on February 28, 2023. The Second Amendment also added a cumulative maximum level of fiscal year to date inventory purchases through the expiration of the Revolving Loan Agreement, increased the borrowing rate on the Company’s Revolving Loan to Term SOFR Rate + 3.5%, reduced the revolving commitment from $15,000,000 to $14,000,000, effective May 10, 2023, and further reduced the revolving commitment to $13,500,000, effective July 15, 2023, among lesser items. See Note 9 for more information about our going concern assessment.