Note 8 - Notes Payable

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

(8) Notes Payable 

In March 2020, the Company acquired a Sonoscan ultrasound microscope for a price of $208 thousand.  The full amount was financed through a 5 year note payable with a third party equipment finance company.  The note is collateralized by the microscope and is being paid in monthly installments of $4 thousand, consisting of principal plus interest at a rate of 6.47%.

The aggregate maturities of the notes payable based on the payment terms of the agreement are as follows:

Remaining in:	Payments due by period
FY 2023	$	48,934
FY 2024	$	48,934
FY 2025	$	8,155
Less Interest	$	(7,339	)
Total Principal Payments	$	98,684

Total interest expense on notes payable during 2022 was $7,954 and during 2021 was $10,886.