Note 9 - Notes Payable

6 Months Ended

Jul. 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:	Payments due by period
FY 2023	$	22,272
FY 2024	$	46,757
FY 2025	$	8,090
Total		77,119

Total interest expense on notes payable during 2023 was $2,902.