7. Short-Term Borrowings	12 Months Ended
May 31, 2024
Notes
7. Short-Term Borrowings:	7. Short-Term Borrowings: The Company has available a $10,000,000 bank demand line of credit from a bank, with interest payable at the Company's option of 30, 60 or 90 day SOFR rate plus 2.365%. The line is secured by a negative pledge of the Company's real and personal property and is subject to renewal annually. There is no amount outstanding under the line of credit at May 31, 2024 or 2023. The Company uses a cash management facility under which the bank draws against the available line of credit to cover checks presented for payment on a daily basis. Outstanding checks under this arrangement totaled $372,347 and $13,873 as of May 31, 2024 and 2023. These amounts are included in accounts payable.

7. Short-Term Borrowings

12 Months Ended

May 31, 2024

7. Short-Term Borrowings:

The Company has available a $10,000,000 bank demand line of credit from a bank, with interest payable at the Company's option of 30, 60 or 90 day SOFR rate plus 2.365%. The line is secured by a negative pledge of the Company's real and personal property and is subject to renewal annually.

There is no amount outstanding under the line of credit at May 31, 2024 or 2023.

The Company uses a cash management facility under which the bank draws against the available line of credit to cover checks presented for payment on a daily basis. Outstanding checks under this arrangement totaled $372,347 and $13,873 as of May 31, 2024 and 2023. These amounts are included in accounts payable.