Note 9 - Notes Payable

3 Months Ended

Mar. 30, 2024

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: 

Remaining in:
FY 2024	$	35,388
FY 2025	$	8,090
Total	$	43,478

Total interest expense on notes payable during Q1 2024 was $825 compared to $1,538 in Q1 2023.