Note 11 - Long-Term Debt

3 Months Ended

May 31, 2026

11. Long‑Term Debt

Long-term debt as of May 31, 2026 and February 28, 2026, was comprised of the following:

	*May 31, 2026*			February 28, 2026
Investissement Québec financing facility:
Principal amount	$	2,994		$	3,027
Unamortized discount		(89	)		(101	)
Accrued interest		108			109
Total Investissement Québec financing facility		3,013			3,035
Less: current portion of long-term debt		(807	)		(605	)
Long-term debt, net of current portion	$	2,206		$	2,430

Investissement Québec financing facility

The Company recorded interest expense on the Investissement Québec loan for the three months ended May 31, 2026 in the amount of $33, respectively (2025 – $36) and an accretion expense of $11, respectively (2025 – $11). During the three month period ended May 31, 2026, the Company made repayments of nil (2025 – $55) on the Investissement Québec loan.

Total repayments due on the Company's indebtedness over the next five years are as follows:

Years ending	*Amount*
February 28, 2027		599
February 29, 2028		834
February 28, 2029		834
February 28, 2030		834
Total	$	3,101

Credit facility from a Canadian bank

On July 26, 2022, Loop Canada, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), entered into an Operating Credit Facility (the “Credit Facility”) with a Canadian bank. The Credit Facility allows for borrowings of up to CDN $3,500 in aggregate principal amount. The Credit Facility is secured by the Company's Terrebonne, Québec property and was initially subject to a minimum equity covenant, tested quarterly.

On July 4, 2025, the Borrower, the Company and the Canadian bank executed an amendment to the Credit Facility, modifying the minimum equity covenant to include the balance of Series B Convertible Preferred Stock as at February 28, 2026 of $12,054 in the calculation of stockholders' equity.

On October 10, 2025, the Borrower, the Company and the Canadian bank executed an amendment to the Credit Facility, which removed the minimum equity covenant tested quarterly for the duration of the term of the Credit Facility.

All borrowings under the Credit Facility bear interest at an annual rate equal to the bank's Canadian prime rate plus 1.0%. As at May 31, 2026, the $2,537 (CDN $3,500) Credit Facility was available and undrawn.