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v3.23.1

Short Term Debt | 3 Months Ended
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Apr. 01, 2023
Debt Disclosure [Abstract] |
Short Term Debt | Note 11: Short Term Debt Short term debt and other financing obligations as of April 1, 2023 and December 31, 2022, consist of the following (in $000’s):
|  | April 1, 2023 |  |  | December 31, 2022 |
AFCO Finance |  | $ | 69 |  |  | $ | 274 |
Total short-term debt |  | $ | 69 |  |  | $ | 274 |
AFCO Finance The Company has entered into a financing agreement with AFCO Credit Corporation (“AFCO”) purchased through Marsh Insurance on an annual basis to fund the annual premiums on insurance policies due July 1 of each year. These policies relate to workers’ compensation and various liability policies including, but not limited to, General, Auto, Umbrella, Property, and Directors’ and Officers’ insurance. The total amount of the premiums financed in July 2022 was approximately $516,000 with an interest rate ranging from approximately 6.0% over the period. An initial down payment of approximately $129,000 was made on July 21, 2022 with additional monthly payments of approximately $59,000, escalating to approximately $69,000 over the term, being made beginning August 1, 2022 and ending on April 1, 2023.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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