Note 8 - Revolving Line of Credit

3 Months Ended

Mar. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

(8)     Revolving Line of Credit

In May 2023, the Company terminated its $3.0 million revolving line of credit (LOC) with Massachusetts Business Development Corporation (BDC). A new LOC in the amount of $3.0 million was entered into with Rockland Trust Company. The LOC is secured by the accounts receivable and other assets of the Company and has an interest rate of the National Prime Rate as published by the Wall Street Journal (8.5% at March 30, 2024). On March 30, 2024, the Company had $0 of borrowings under this LOC and its borrowing base at the time would have permitted an additional $3.0 million to have been borrowed.  The LOC remains in effect until terminated per mutual agreement by both parties.  Total interest expense for Q1 2024 was $0 and was $0 thousand for Q1 2023.