Note 9 - Notes Payable

9 Months Ended

Sep. 30, 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 fixed rate of 6.47%.

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

Year	Payments due by period
2023 (remaining)	$	11,265
2024	$	46,757
2025	$	8,090
Total		66,112

Total interest expense on notes payable during 2023 was $4,130.