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LEASES

3 Months Ended

Mar. 28, 2020

Leases [Abstract]

LEASES

11. LEASES

The Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At March 28, 2020 and December 28, 2019, the Company did not have any finance leases. Approximately all of our future lease commitments, and related lease liability, relate to the Company’s real estate leases. Some of the Company’s leases include options to extend or terminate the lease.

The components of lease expense were as follows:

SCHEDULE OF LEASE EXPENSE

		Three months ended				Three months ended
		March 28, 2020				March 30, 2019
Operating lease cost		$	283,000			$	301,000

At March 28, 2020, the Company’s future lease payments under non-cancellable leases were as follows:

SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE

2020 (excluding the three months ended March 28, 2020)		$	893,000
2021			1,050,000
2022			654,000
2023			201,000
Thereafter			—
Total future lease payments			2,798,000
Less imputed interest			(225,000	)
Total		$	2,573,000

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 28, 2020 was as follows:

SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS

		March 28, 2020
Operating lease liabilities–current		$	1,059,429
Operating lease liabilities–noncurrent			1,513,520
Total lease liabilities		$	2,572,949

Supplemental cash flow information related to leases was as follows:

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES

		Three months ended
		March 28, 2020
Cash paid for amounts included in the measurement of operating lease liabilities		$	295,000

Other information related to leases was as follows:

		March 28, 2020
Weighted Average Discount Rate–Operating Leases			6.16%
Weighted Average Remaining Lease Term–Operating Leases (in years)			2.61

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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