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LEASES
 6 Months Ended
Jun. 27, 2020
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block]

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 June 27, 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:

 

 

   Three Months Ended   Three Months Ended   Six Months Ended   Six Months Ended 
   June 27,2020   June 29, 2019   June 27, 2020   June 29, 2019 
Operating lease cost  $283,443   $308,080   $566,443   $603,565 

 

At June 27, 2020, the Company’s future lease payments under non-cancellable leases were as follows:

 

 

2020 (excluding the six months ended June 27, 2020)  $596,627 
2021   1,048,973 
2022   653,367 
2023   201,333 
Thereafter   - 
Total future lease payments  $2,500,300 
Less imputed interest   (187,955) 
Total  $2,312,345 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at June 27, 2020 was as follows:

 

 

   June 27, 2020 
Operating lease liabilities - current  $1,077,756 
Operating lease liabilities -noncurrent   1,236,818 
Total lease liabilities  $2,314,574 

 

Supplemental cash flow information related to leases was as follows:

 

 

   Six months ended 
   June 27, 2020 
Cash paid for amounts included in the measurement of operating lease liabilities  $591,500 

 

Other information related to leases was as follows:

 

   June 27, 2020 
Weighted Average Discount Rate - Operating Leases   6.16% 
Weighted Average Remaining Lease Term - Operating Leases (in years)   2.39