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LEASES
 6 Months Ended
Jun. 25, 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 June 25, 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   Six Months
Ended		   Six Months
Ended		 
   June 25, 2022   June 26, 2021   June 25, 2022   June 26, 2021 
Operating lease cost  $250,361   $289,685   $499,864   $576,578 

 

At June 25, 2022, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2022 (excluding the six months ended June 25, 2022)  $480,260 
2023   981,434 
2024   892,573 
2025   638,070 
2026   604,000 
Thereafter   805,333 
Total future lease payments   4,401,670 
Less imputed interest   (660,971)
Total  $3,740,699 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at June 25, 2022 were as follows:

 

      
   June 25, 2022 
Operating lease liabilities - current  $767,440 
Operating lease liabilities - noncurrent   2,973,259 
Total lease liabilities  $3,740,699 

 

Supplemental cash flow information related to leases was as follows:

 

      
   Six months ended 
   June 25, 2022 
Cash paid for amounts included in the measurement of operating lease liabilities  $504,916 
      

 

Other information related to leases was as follows:

 

   June 25, 2022 
Weighted Average Discount Rate - Operating Leases   5.89%
Weighted Average Remaining Lease Term - Operating Leases (in years)   5.11