Note 11 - Long-Term Debt |
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| Long-Term Debt [Text Block] |
11. Long‑Term Debt
Long-term debt as of August 31, 2026 and February 28, 2026, was comprised of the following:
Investissement Québec financing facility
The Company recorded interest expense on the Investissement Québec loan for the three- and six-month periods ended August 31, 2026 in the amount of $33 and $66, respectively (2025 - $36 and $72) and an accretion expense of $11 and $22, respectively (2025 - $11 and $23). During the six-month period ended August 31, 2026, the Company made repayments of $132 (2025 - $136) on the Investissement Québec loan.
On July 17, 2026, the Company and Investissement Québec entered into an agreement to amend the existing Financing Facility which modifies the repayments of the principal amount (the “Fourth Financing Facility Amendment”). As per the Fourth Financing Facility Amendment, total annual principal repayments in monthly installments is $338 for the fiscal year ending February 28, 2027, with the remainder of the principal amount being repayable in 36 monthly installments.
Total repayments due on the Company's indebtedness over the next five years are as follows:
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 August 31, 2026, the Company borrowed $1,411 (CDN $1,957) under the Credit Facility. The Company recorded Interest expense on the Credit Facility for the three-and six-month periods ended August 31, 2026 in the amount of $26 and $26, respectively (2025- and ).
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