Operating Leases:

3 Months Ended

Mar. 28, 2020

11. Operating Leases:

As of March 28, 2020, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. The weighted average remaining lease term for these leases is 9.75 years and the weighted average discount rate is 5.5%. The Company recognized $300,400 and $365,600 of rent expense for the periods ended March 28, 2020 and March 30, 2019, respectively.

Maturities of operating lease liabilities is as follows for the remainder of fiscal 2020 and full fiscal years thereafter as of March 28, 2020:


Operating Lease Liabilities expected to be recognized in	Amount
2020	$	529,400
2021		723,100
2022		742,900
2023		763,300
2024		784,400
Thereafter		4,258,600
Total lease payments		7,801,700
Less imputed interest		(1,767,400)
Present value of lease liabilities	$	6,034,300

Of the $6.0 million operating lease liability outstanding at March 28, 2020, $0.4 million is included in Accrued liabilities in the Current liabilities section of the Consolidated Condensed Balance Sheets.

Supplemental cash flow information related to our operating leases is as follows for the period ended March 28, 2020:

Three Months Ended

Three Months Ended

March 28, 2020

March 30, 2019

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flow outflow from operating leases