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Note J - Line of Credit
6 Months Ended
Jun. 29, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE J – LINE OF CREDIT

 

The Company has maintained an unsecured line of credit for short term operating cash needs of $50,000,000 and $10,000,000 as of June 29, 2025 and December 31, 2024, respectively. The line of credit expires on September 30, 2025. The outstanding balance as of June 29, 2025 and December 31, 2024 was $12,636,000 and $0, respectively. The interest rate on the current line of credit resets monthly to the 30-day Secured Overnight Financing Rate (SOFR) plus one-and-one-quarter percent. The interest rate on the previous line of credit reset monthly to the 30-day SOFR plus one percent.  Additionally, the Company had no issued commercial letters of credit as of  June 29, 2025 and December 31, 2024.