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Leases
 12 Months Ended
Dec. 31, 2022
Leases  
Leases

3. Leases

 

The Company enters into operating leases primarily for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At December 31, 2022 and December 25, 2021, the Company did not have any finance leases. Almost all of the Company’s future lease commitments, and related lease liability, relate to the Company’s facility leases. Some of the Company’s leases include options to extend or terminate the lease. In the fourth quarter of 2022, the Company impaired its Operating lease right-of-use assets related to the subsequent event in note 15.

 

   2022   2021 
Operating lease cost  $985,967    1,131,998 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

 

At December 31, 2022, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2023   976,329 
2024   891,607 
2025   637,625 
2026   604,000 
2027   604,000 
Thereafter   201,333 
Total future lease payments   3,914,894 
Less imputed interest   (551,083)
Total  $3,363,811 

 

Supplemental cash flow information related to leases was as follows:

 

   2022   2021 
Cash paid for amounts included in the measurement of operating lease liabilities  $993,633    1,157,060 

 

Other information related to leases was as follows:

 

   2022   2021 
Weighted Average Discount Rate—Operating Leases   5.94%   5.89%
Weighted Average Remaining Lease Term—Operating Leases (in years)   4.69    5.71