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ASSETS HELD FOR SALE
6 Months Ended
Aug. 31, 2023
Assets Held For Sale Abstract  
Assets Held For Sale [Text Block]

Note 3 – ASSETS HELD FOR SALE

 

During the second quarter of fiscal 2024, the Company executed the Third Amendment to the existing Credit Agreement with BOKF, NA. This amendment required the Company to list its real estate property located at 10302 East 55th Place, Tulsa, Oklahoma 74146 for sale by August 18, 2023. This property was appraised for a market value of $5,100,000.

 

The Company ceased recording depreciation on the assets upon meeting the held for sale criteria at the end of its second quarter of fiscal 2024. The Company records assets held for sale at the lower of their carrying value or fair value less costs to sell. As of August 31, 2023, the total carrying value of assets held for sale was $811,800 and is separately recorded on the condensed balance sheets. The net cash received from the sale will be applied to the Term Loans outstanding in the Credit Agreement with the Company’s Bank.