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Operating Leases:

6 Months Ended

Jun. 29, 2024

Operating Leases:

Operating Leases:

10. Operating Leases:

As of June 29, 2024, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. The remaining lease term for this lease is 5.5 years and the discount rate is 5.5%. The Company recognized $497,100 and $582,300 of rent expense for the periods ended June 29, 2024 and July 1, 2023, respectively.

Maturities of operating lease liabilities is as follows for the remainder of fiscal 2024 and full fiscal years thereafter as of June 29, 2024:


Operating Lease Liabilities expected to be recognized in		Amount
2024		$	395,700
2025			806,000
2026			828,200
2027			851,100
2028			874,600
Thereafter			898,700
Total lease payments			4,654,300
Less imputed interest			(641,100)
Present value of lease liabilities		$	4,013,200

Of the $4.0 million operating lease liability outstanding at June 29, 2024, $0.6 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 June 29, 2024:


		Six Months Ended
		June 29, 2024			July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow outflow from operating leases		$	388,600		$	378,200