At December 31, 2024, Newman Engineerings liabilities include the following: $20 million of 8% bonds were issued for $20 million on May 31, 2002. The bonds mature on May 31, 2032, but bondholders have the option of calling (demanding payment on) the bonds on May 31, 2025. However, the option to call is not expected to be exercised, given prevailing market conditions. $24 million of 7% notes are due on May 31, 2025. A debt covenant requires Newman to maintain current assets at least equal to 185% of its current liabilities. On December 31, 2024, Newman is in violation of this covenant. Newman obtained a waiver from National City Bank until June 2025, having convinced the bank that the