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LEASES
 9 Months Ended
Sep. 25, 2021
Leases  
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 September 25, 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:

 

   Three Months Ended   Three Months Ended   Nine Months Ended   Nine Months Ended 
   September
25, 2021		   September
26, 2020		   September
25, 2021		   September
26, 2020		 
Operating lease cost  $295,252   $284,529   $874,176   $851,846 

 

At September 25, 2021, the Company’s future lease payments under non-cancellable leases were as follows:

 

    Sep 25, 2021 
2021 (excluding the nine months ended September 25, 2021)  $247,533 
2022   915,627 
2023   457,351 
2024   165,922 
Total future lease payments  $1,786,433 
Less imputed interest   (85,006)
Total  $1,701,427 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at September 25, 2021 was as follows:

 

   September 25, 2021 
Operating lease liabilities - current  $889,076 
Operating lease liabilities -noncurrent   812,351 
Total lease liabilities  $1,701,427 

 

Supplemental cash flow information related to leases was as follows:

 

   Nine months
ended		 
   September 25, 2021 
Cash paid for amounts included in the measurement of operating lease liabilities  $907,789 

 

Other information related to leases was as follows:

 

   September 25, 2021 
Weighted Average Discount Rate - Operating Leases   5.15%
Weighted Average Remaining Lease Term - Operating Leases (in years)   2.06