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Investment in Leasing Operations:

12 Months Ended

Dec. 28, 2024

3. Investment in Leasing Operations:

In May 2021, the Company made the decision to no longer solicit new leasing customers in its middle-market leasing business and will pursue an orderly run-off of this leasing portfolio.

Investment in leasing operations consists of the following:


	December 28, 2024		December 30, 2023
Direct financing and sales-type leases:
Minimum lease payments receivable	$	—	$	77,100
Estimated unguaranteed residual value of equipment		—		17,700
Unearned lease income, net of initial direct costs deferred		—		(6,700)
Security deposits		—		(28,100)
Total investment in direct financing and sales-type leases		—		60,000
Allowance for credit losses		—		(1,500)
Net investment in direct financing and sales-type leases		—		58,500
Operating leases:
Operating lease assets		543,800		876,500
Less accumulated depreciation and amortization		(543,800)		(859,900)
Net investment in operating leases		—		16,600
Total net investment in leasing operations	$	—	$	75,100

As of December 30, 2023, the $75,100 total net investment in leases was all classified as current.

As of December 28, 2024 and December 30, 2023, no customers had leased assets totaling more than 10% of the Company’s total assets.

The Company’s key credit quality indicator for its investment in direct financing and sales-type leases is the status of the lease, defined as accruing or non-accrual. Leases that are accruing income are considered to have a lower risk of loss. Non-accrual leases are those that the Company believes have a higher risk of loss. The Company experienced no credit losses in its lease portfolio during the fiscal years ended December 28, 2024, December 30, 2023, and December 31, 2022. At December 28, 2024, there were no direct financing and sales-type leases in the Company’s lease portfolio. At December 30, 2023, no direct financing and sales-type leases in the Company’s lease portfolio were past due, and all were on accrual status.

Leasing income as presented on the Consolidated Statements of Operations consists of the following:


	Year Ended		Year Ended		Year Ended
	December 28, 2024		December 30, 2023		December 31, 2022
Interest income on direct financing and sales-type leases	$	6,700	$	246,200	$	760,500
Selling profit (loss) at commencement of sales-type leases		—		94,900		1,326,900
Operating lease income		1,023,400		2,999,400		2,243,300
Income on sales of equipment under lease		391,800		834,500		1,798,000
Other		389,900		591,200		809,000
Leasing income	$	1,811,800	$	4,766,200	$	6,937,700