(9) Note Payable

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

(9) Note Payable

(9)        Note 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 Company’s obligations including interest at September 26, 2020 consist of the following:

Remaining in:	Payments due by period
FY 2020	$	17,250
FY 2021	$	69,000
FY 2022	$	63,984
FY 2023	$	48,934
FY 2024 and thereafter	$	57,089
Total	$	256,257