The Company leases its retail stores, distribution center and corporate and administrative office facilities under operating lease agreements which expire through June 2027. Stores range in size from small stores of only 1,000 sq.ft. to larger stores of up to 5,200 sq.ft. Store leases typically provide for an initial lease term of three to five years, while certain leases have terms of up to seven years. Certain leases have provisions calling for percentage rent, in addition to base rent, once sales exceed a minimum threshold. However, the Company believes that the minimum thresholds in such leases exceed the level of sales expected to be generated by the stores during the term of the lease. Certain leases also contain renewal options, but such options are not recognized by the Company as part of its right-of-use assets or lease liabilities because the Company does not believe it is reasonably certain it will exercise such options, due to the uncertainty of future store financial performance or the ability of the property to generate sufficient customer traffic. Operating lease expense for the 13 weeks ended May 1, 2021 and May 2, 2020 was $1,176,000 and $1,253,000, respectively.

Supplemental lease information as of May 1, 2021 is as follows ($ in thousands):

Operating right of use assets	$	10,045
Current operating lease liabilities	$	2,458
Long-term operating lease liabilities	$	8,227
Weighted-average remaining lease term in years		4.10
Weighted-average discount rate		12	%

As of May 1, 2021, maturities of lease liabilities are as follows (in thousands):

Years Ending Fiscal January
2022 (remaining nine months)	$	2,782
2023		3,400
2024		2,757
2025		2,065
2026		1,606
Thereafter		1,153
Total lease payments		13,763
Less: interest		(3,078	)
Total		10,685
Less: current portion		2,458
Long-term portion	$	8,227

On October 2, 2020, the Company entered into a security agreement with its primary inventory supplier of Apple products that are sold in the Company’s Simply Mac retail electronics stores and on the Simply Mac eCommerce site. Under the agreement, the Company granted the supplier a security interest in collateral comprised of substantially all of the Company’s assets including inventory, accounts receivable, fixed assets and other items. In exchange for entering into the agreement, the supplier increased the Company’s line of credit from $3 million to $6.6 million. At May 1, 2021 and January 30, 2021, the Company’s outstanding payable with this vendor amounted to $6,933,000 and $6,016,000, respectively.

The Company has in the past and may in the future become involved in certain legal proceedings and claims which arise in the normal course of business. As of the filing date of this report, the Company did not have any significant litigation outstanding.