| Schedule of Debt [Table Text Block] |
Debt consists of the following:
| |
|
August 31, 2022
|
|
|
February 28, 2022
|
|
| |
|
|
|
|
|
|
|
|
|
Line of credit
|
|
$ |
12,060,900 |
|
|
$ |
17,723,500 |
|
| |
|
|
|
|
|
|
|
|
|
Floating rate term loan(s) (1)
|
|
$ |
21,000,000 |
|
|
$ |
14,651,000 |
|
|
Fixed rate term loan
|
|
|
15,000,000 |
|
|
|
10,349,100 |
|
|
Total long-term debt
|
|
|
36,000,000 |
|
|
|
25,000,100 |
|
| |
|
|
|
|
|
|
|
|
|
Less current maturities
|
|
|
(1,800,000 |
)
|
|
|
(2,542,200 |
)
|
|
Less debt issue cost
|
|
|
(224,200 |
)
|
|
|
(48,400 |
)
|
|
Long-term debt, net
|
|
$ |
33,975,800 |
|
|
$ |
22,409,500 |
|
| |
|
|
|
|
|
|
|
|
|
(1) The February 28, 2022 floating rate term loans balance of $14,651,000 was comprised of the MidFirst Bank advancing term loans #1 and #2.
|
|
|
| Schedule of Maturities of Long-Term Debt [Table Text Block] |
The following table reflects aggregate future scheduled maturities of long-term debt during the next five fiscal years and thereafter as follows:
|
Years ending February 28 (29),
|
|
|
|
|
|
2023
|
|
$ |
900,000 |
|
|
2024
|
|
|
1,800,000 |
|
|
2025
|
|
|
1,800,000 |
|
|
2026
|
|
|
1,800,000 |
|
|
2027
|
|
|
1,800,000 |
|
|
Thereafter
|
|
|
27,900,000 |
|
|
Total
|
|
$ |
36,000,000 |
|
|