XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.1
LEASES
 3 Months Ended
Mar. 26, 2022
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 March 26, 2022 and December 25, 2021, 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 
   March 26, 2022   March 27, 2021 
Operating lease cost  $249,503   $290,884 
           

 

At March 26, 2022, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2022 (excluding the three months ended March 26, 2022)  $645,519 
2023   867,756 
2024   769,923 
2025   604,000 
2026   604,000 
Thereafter   805,333 
Total future lease payments   4,296,531 
Less imputed interest   (691,239)
Total  $3,605,292 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 26, 2022 were as follows:

 

   March 26, 2022 
Operating lease liabilities–current  $658,298 
Operating lease liabilities–noncurrent   2,946,994 
Total lease liabilities  $3,605,292 

 

Supplemental cash flow information related to leases was as follows:

 

   Three months ended 
   March 26, 2022 
Cash paid for amounts included in the measurement of operating lease liabilities  $248,754 
      

 

Other information related to leases was as follows:

 

   March 26, 2022 
Weighted Average Discount Rate–Operating Leases   5.92%
Weighted Average Remaining Lease Term–Operating Leases (in years)   5.53