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LEASES
 9 Months Ended
Sep. 24, 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 September 24, 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   Nine months Ended   Nine months Ended 
   September 24,
2022		   September 25,
2021		   September 24,
2022		   September 25,
2021		 
Operating lease cost  $242,833   $295,252   $742,697   $874,176 

 

At September 24, 2022, the Company’s future lease payments under non-cancellable leases were as follows:

  

      
2022 (excluding the nine months ended September 24, 2022)  $227,363 
2023   968,535 
2024   878,450 
2025   634,147 
2026   604,000 
Thereafter   805,332 
Total future lease payments   4,117,827 
Less imputed interest   (602,208)
Total  $3,515,619 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at September 24, 2022 were as follows:

  

  

September 24, 2022

 
Operating lease liabilities - current  $761,734 
Operating lease liabilities - noncurrent   2,753,885 
Total lease liabilities  $3,515,619 

 

Supplemental cash flow information related to leases was as follows:

  

   Nine months ended 
   September 24, 2022 
Cash paid for amounts included in the measurement of operating lease liabilities  $743,785 

 

Other information related to leases was as follows:

 

   September 24, 2022 
Weighted Average Discount Rate - Operating Leases   5.93%
Weighted Average Remaining Lease Term - Operating Leases (in years)   4.92