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LEASES

3 Months Ended

Apr. 01, 2023

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 April 1, 2023 and December 31, 2022, 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:

SCHEDULE OF LEASE EXPENSE

	Three months ended		Three months ended
	April 1, 2023		March 26, 2022
Operating lease cost	$	214,563	$	249,503

At April 1, 2023, the Company’s future lease payments under non-cancellable leases were as follows:


2023 (excluding the three months ended April 1, 2023)	$	729,950
2024		891,292
2025		638,256
2026		604,000
2027		604,000
Thereafter		201,333
Total future lease payments		3,668,831
Less imputed interest		(500,016	)
Total	$	3,168,815

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at April 1, 2023 were as follows:

	April 1, 2023
Operating lease liabilities–current	$	790,567
Operating lease liabilities–noncurrent		2,378,248
Total lease liabilities	$	3,168,815

Supplemental cash flow information related to leases was as follows:

	Three months ended
	April 1, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	248,254

Other information related to leases was as follows:

	April 1, 2023
Weighted Average Discount Rate–Operating Leases		5.97	%
Weighted Average Remaining Lease Term–Operating Leases (in years)		4.48