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Note 16 - Subsequent Events
 9 Months Ended
Oct. 01, 2023
Notes to Financial Statements  
Subsequent Events [Text Block]

(16)

Subsequent Events

 

As described in Note 9 above, subsequent to the third quarter ended October 1, 2023, the Company amended the Note to, among other things: (i) increase the amount by $2,500,000 to $6,500,000, (ii) extend the maturity dates for $2,000,000 of the obligation to April 1, 2025, $2,000,000 to April 1, 2026 and the balance to April 1, 2027, (iii) adjust the interest rate beginning on November 10, 2023 and on each April 1 thereafter, to reflect the greater of 8% or 500 basis points above the five-year Treasury note average during the previous 90-day period, and (iv) allow for the deferral of payment for up to 60% of the interest due on the Note to April 1, 2025.

 

Obligations under the Note are guaranteed by all of the subsidiaries and are secured by a first priority lien on substantially all assets of the Company, including those in Mexico.