Revolving Credit Facility	9 Months Ended
Apr. 30, 2024
Revolving Credit Facility [Abstract]
REVOLVING CREDIT FACILITY	NOTE 7 – REVOLVING CREDIT FACILITY *Thermo Communications Funding, LLC* On February 2, 2024, the Operating Subsidiaries entered into a loan and security agreement (the “Revolving Credit Agreement”) among the Operating Subsidiaries, Thermo Communications Funding, LLC, as agent for the lenders parties thereto (in such capacity, the “Revolving Agent”), and the lenders named therein (the “Revolving Lenders”), which provides for a revolving credit facility in an aggregate amount not to exceed the lesser of (a) a borrowing base calculated based on the Operating Subsidiaries’ eligible accounts receivable balance and (b) $2,000,000 (the “Revolving Facility”) evidenced by a promissory note (the “Revolving Note”). Pursuant to the Revolving Credit Agreement, amounts borrowed under the Revolving Credit Facility are secured by liens on the same assets that serve as collateral for the obligations under the Credit Agreement, consisting of substantially all of the assets of the Operating Subsidiaries, subject to an intercreditor agreement, dated as of February 2, 2024, among Post Road, the Revolving Agent and the Revolving Lenders (the “Intercreditor Agreement”). Amounts outstanding under the Revolving Note bear interest at a floating rate per annum equal to the greater of (a) the Wall Street Journal prime rate (currently 8.50%) plus 2.75% and (b) 10.50%. In addition, the Operating Subsidiaries are required to pay a monthly monitoring fee of $10,000 to the Revolving Agent. The Revolving Credit Agreement contains customary representations and warranties, events of default and covenants in favor of the Revolving Agent and Revolving Lenders. This includes a financial covenant to maintain a minimum cash flow to debt service ratio of not less than 1.10 to 1.00 as of the end of each fiscal quarter beginning with the quarter ended March 31, 2024. As of April 30, 2024, the Company determined that it was in compliance with such financial covenant. The Revolving Facility may be terminated in whole, but not in part, by paying outstanding amounts thereunder plus a premium equal to (a) within six months of the effectiveness of the Revolving Credit Agreement, 1% of the maximum amount of the Revolving Note, multiplied by the number of months remaining until maturity, divided by 12 and (b) thereafter, 0.5% of the maximum amount of the Revolving Note, multiplied by the number of months remaining until maturity, divided by 12. No premium is payable if the Revolving Facility is terminated within 30 days of its stated maturity date. The Revolving Facility matures on February 2, 2025. The outstanding balance as of April 30, 2024 was $2,000,000. The Company paid $67,273 in interest expense during the nine months ended April 30, 2024.

Revolving Credit Facility

9 Months Ended

Apr. 30, 2024

Revolving Credit Facility [Abstract]

NOTE 7 – REVOLVING CREDIT FACILITY

Thermo Communications Funding, LLC

On February 2, 2024, the Operating Subsidiaries entered into a loan and security agreement (the “Revolving Credit Agreement”) among the Operating Subsidiaries, Thermo Communications Funding, LLC, as agent for the lenders parties thereto (in such capacity, the “Revolving Agent”), and the lenders named therein (the “Revolving Lenders”), which provides for a revolving credit facility in an aggregate amount not to exceed the lesser of (a) a borrowing base calculated based on the Operating Subsidiaries’ eligible accounts receivable balance and (b) $2,000,000 (the “Revolving Facility”) evidenced by a promissory note (the “Revolving Note”).

Pursuant to the Revolving Credit Agreement, amounts borrowed under the Revolving Credit Facility are secured by liens on the same assets that serve as collateral for the obligations under the Credit Agreement, consisting of substantially all of the assets of the Operating Subsidiaries, subject to an intercreditor agreement, dated as of February 2, 2024, among Post Road, the Revolving Agent and the Revolving Lenders (the “Intercreditor Agreement”).

Amounts outstanding under the Revolving Note bear interest at a floating rate per annum equal to the greater of (a) the Wall Street Journal prime rate (currently 8.50%) plus 2.75% and (b) 10.50%. In addition, the Operating Subsidiaries are required to pay a monthly monitoring fee of $10,000 to the Revolving Agent. The Revolving Credit Agreement contains customary representations and warranties, events of default and covenants in favor of the Revolving Agent and Revolving Lenders. This includes a financial covenant to maintain a minimum cash flow to debt service ratio of not less than 1.10 to 1.00 as of the end of each fiscal quarter beginning with the quarter ended March 31, 2024. As of April 30, 2024, the Company determined that it was in compliance with such financial covenant.

The Revolving Facility may be terminated in whole, but not in part, by paying outstanding amounts thereunder plus a premium equal to (a) within six months of the effectiveness of the Revolving Credit Agreement, 1% of the maximum amount of the Revolving Note, multiplied by the number of months remaining until maturity, divided by 12 and (b) thereafter, 0.5% of the maximum amount of the Revolving Note, multiplied by the number of months remaining until maturity, divided by 12. No premium is payable if the Revolving Facility is terminated within 30 days of its stated maturity date. The Revolving Facility matures on February 2, 2025. The outstanding balance as of April 30, 2024 was $2,000,000. The Company paid $67,273 in interest expense during the nine months ended April 30, 2024.