Note Payable to Officers and Directors (Related Party Transactions)

3 Months Ended

May 31, 2022

Related Party Transactions [Abstract]

Note Payable to Officers and Directors (Related Party Transactions)

Note 6. – Note Payable to Officers and Directors (Related Party Transactions)

The Company increased borrowings by $326 thousand to fund working capital needs and owes an additional $50 thousand in Company rent for the quarter ending May 31, 2022 that is due to the CEO. The $784 thousand note contains no repayment terms and is expected to be repaid in fiscal 2023 along with the $410 thousand in rent owed. The note payable and rent owed are included in the Company’s consolidated balance sheets as of May 31, 2022 as a note payable to officers and directors and within accounts payable, respectively.