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Note 9 - Notes Payable
3 Months Ended
Apr. 01, 2023
Notes to Financial Statements  
Long-Term Debt [Text Block]

(9)      Note Payable

In March 2020, the Company acquired inspection equipment 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 equipment 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:

 

 

 

FY 2023

  33,016 

FY 2024

 $46,757 

FY 2025

 $8,090 

Total

  87,863 

 

Total interest expense on notes payable during Q1 2023 was $1,538 compared to $2,269 in Q1 2022.