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Related Party Transactions | 6 Months Ended
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Jul. 03, 2022
Related Party Transactions [Abstract] |
Related Party Transactions | Related Party Transactions In August 2022, we entered into an agreement with Oxbow Industries, LLC (“Oxbow”), an affiliate of our principal stockholder, CMI Oxbow Partners, LLC, to provide funding in an amount up to $12,500, if necessary, to enable the Company to meet its obligations as they become due through October 18, 2022. Professional Services Oxbow, an affiliate of our principal stockholder, CMI Oxbow Partners, LLC, provided management and financial consulting services to us prior to our IPO. We incurred management fees to Oxbow of $0 and $55 of during the three months ended July 3, 2022 and July 4, 2021, respectively, and $0 and $215 for the six months ended July 3, 2022 and July 4, 2021, respectively, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. A member of our board of directors provided legal and professional services to us prior to our IPO. We incurred fees of $0 and $1 for the three months ended July 3, 2022 and July 4, 2021, respectively, and $0 and $117 for the six months ended July 3, 2022 and July 4, 2021, respectively, which have been expensed and included in general and administrative expenses in our condensed consolidated statements of operations. Sale-Leaseback Transaction On September 29, 2020, we entered into an agreement to sell the land and building representing our primary operating location in Bloomington, Minnesota to an entity (“Oxbow Realty”) controlled by our principal stockholder. We subsequently entered into an agreement to lease the land and building from Oxbow Realty for initial payments of $394 per month over 20 years. The monthly payments are subject to a 2% increase each year during the term of the lease. We are also required to make certain customary payments constituting "additional rent," including certain monthly reserve, insurance and tax payments, in accordance with the terms of the lease agreement. Future minimum lease commitments to Oxbow Realty as of July 3, 2022 were as follows (such amounts are eliminated from our condensed consolidated financial statements due to the consolidation of Oxbow Realty, see Note 14 – Variable Interest Entities):
Remainder of 2022 | $ | 2,426 |
2023 | 4,932 |
2024 | 5,031 |
2025 | 5,132 |
2026 | 5,234 |
Thereafter | 84,116 |
Total lease payments | 106,871 |
Less: imputed interest | (79,382) |
Total | $ | 27,489 |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI https://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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