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LEASES

6 Months Ended

Jun. 26, 2021

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 June 26, 2021 and December 26, 2020, 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				Six Months Ended				Six Months Ended
		June 26,2021				June 27, 2020				June 26, 2021				June 27, 2020
Operating lease cost		$	289,685			$	283,443			$	576,578			$	566,443

At June 26, 2021, the Company’s future lease payments under non-cancellable leases were as follows:

 SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE

2021 (excluding the six months ended June 26, 2021)		$	462,092
2022			658,068
2023			201,335
Total future lease payments		$	1,321,495
Less imputed interest			(70,964	)
Total		$	1,250,531

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at June 26, 2021 was as follows:

SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS 

		June 26, 2021
Operating lease liabilities - current		$	762,139
Operating lease liabilities -noncurrent			488,392
Total lease liabilities		$	1,250,531

Supplemental cash flow information related to leases was as follows:

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES 

		Six months ended
		June 26, 2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	604,672

Other information related to leases was as follows:

		June 26, 2021
Weighted Average Discount Rate - Operating Leases			6.19	%
Weighted Average Remaining Lease Term - Operating Leases (in years)			2.40

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- References

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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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