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Note 8 - Notes Payable

12 Months Ended

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.