Note 4 - Equipment Loan

6 Months Ended

Jun. 30, 2024

Notes to Financial Statements

Debt Disclosure [Text Block]

Note 4. Equipment Loan

On March 20, 2021, the Company entered into a debt arrangement to finance $165,996 for the purchase of an Output Solutions sorter. The loan was for a period of 36 months with a maturity date of March 20, 2024 and annual interest of 3.95%. Monthly principal and interest payments were required in the amount of $4,902. Principal payments for the three months ended  June 30, 2024 and 2023 were $0 and $14,171, respectively, and are reflected on the Company's Condensed Consolidated Statement of Cash Flows. Principal payments for the six months ended  June 30, 2024 and 2023 were $14,312 and $27,659, respectively. This loan was paid in full on its maturity date.

On  October 1, 2023, the Company entered into a debt arrangement to finance $811,819 for the purchase of an Output Solutions folder and inserter. The loan is for a period of 66 months with a maturity date of  April 5, 2029 and annual interest of 6.75%. Monthly principal and interest payments are required in the amount of $16,017, with interest only payments required for the first six months of the loan term. Total interest and principal payments on this folder and inserter equipment loan were $36,687 for the three months ended  June 30, 2024. Total interest and principal payments on this folder and inserter equipment loan were $50,168 for the six months ended  June 30, 2024.