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Note 8 - Notes Payable | 12 Months Ended
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Dec. 25, 2021
Notes to Financial Statements |
Long-term Debt [Text Block] | (8) Notes Payable In March 2020, the Company acquired a Sonoscan ultrasound microscope for a price of $208 thousand. The full amount was financed through a 5 year note payable with Crest Capital Corporation. The note is collateralized by the microscope and is being paid in monthly installments of $4 thousand, consisting of principal plus interest at a rate of 6.47%. In July 2020 CPS placed into service a piece of manufacturing equipment which it financed with the machine’s vendor. The equipment cost of $40 thousand will be paid at the rate of $2 thousand per month over 2 years, resulting in an implied interest rate of 1.90%. The aggregate maturities of the notes payable based on the payment terms of the agreement are as follows:
Remaining in: |  | Payments due by period |
FY 2022 |  | $ | 63,983 |
FY 2023 |  | $ | 48,934 |
FY 2024 |  | $ | 48,934 |
FY 2025 |  | $ | 8,155 |
Interest on the above |  | $ | (15,416 | )
Total |  | $ | 154,590 |
Total interest expense on notes payable during 2021 was $10,886.

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