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Operating Leases: | 12 Months Ended
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Dec. 28, 2024
Operating Leases: |
Operating Leases: | 10. Operating Leases: As of December 28, 2024, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. Our lease includes both lease (fixed payments including rent) and non-lease components (common area or other maintenance costs and taxes) which are accounted for as a single lease component as we have elected the practical expedient to group lease and non-lease components for all leases. The lease provides us the option to extend the lease for two additional five year periods. The lease renewal option is at our sole discretion; therefore, the renewals to extend the lease term are not included in our right of use asset and lease liabilities as they are not reasonably certain of exercise. The weighted average remaining lease term for this lease is 5.0 years and the discount rate is 5.5%. As our lease does not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of the lease payments. The Company recognized $1,067,400, $1,171,100 and $1,207,200 of rent expense for the periods ended December 28, 2024, December 30, 2023 and December 31, 2022, respectively. ​ Maturities of operating lease liabilities is as follows as of December 28, 2024: ​
​ | ​ | ​ | ​
Operating Lease Liabilities expected to be recognized in |  | Amount
2025 | ​ | $ | 806,000
2026 | ​ |  | 828,200
2027 | ​ |  | 851,100
2028 | ​ |  | 874,600
2029 | ​ |  | 898,700
Thereafter | ​ |  | —
Total lease payments | ​ | ​ | 4,258,600
Less imputed interest | ​ | ​ | (542,800)
Present value of lease liabilities | ​ | $ | 3,715,800
​ Of the $3.7 million operating lease liability outstanding at December 28, 2024, $0.6 million is included in Accrued liabilities in the Current liabilities section of the Consolidated Balance Sheets. ​ For leases that contain predetermined fixed escalations of the minimum rent, we recognize the related rent expense on a straight-line basis from the date we take possession of the property to the end of the initial lease term. We record any difference between the straight-line rent amounts and amounts payable under the leases as an adjustment to the amortization of the operating lease right of use asset and operating lease liabilities. ​ Cash or lease incentives received upon entering into certain leases (“tenant allowances”) are recognized on a straight-line basis as a reduction to rent from the date we take possession of the property through the end of the initial lease term. In 2019, we recorded a $2.1 million tenant allowance for non-cash landlord leasehold improvements received as a reduction to the operating lease right of use asset. The reduction in rent also causes a reduction in the amortization of the operating lease right of use asset through the end of the initial lease term. ​ The Company’s policy for leases with a term of twelve months or less is to exclude these short-term leases from our right of use asset and lease liabilities. ​ Supplemental cash flow information related to our operating leases is as follows for the periods ended December 28, 2024 and December 30, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ |  | December 28, 2024 |  | December 30, 2023
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flow outflow from operating leases | ​ | $ | 784,400 | ​ | $ | 763,300
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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