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LEASES
 6 Months Ended
Jul. 01, 2023
Leases  
LEASES

12. 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 July 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:

  

   Three Months Ended   Three Months Ended   Six Months Ended   Six Months Ended 
   July 1, 2023   June 25, 2022   July 1, 2023   June 25, 2022 
Operating lease cost  $217,863   $250,361   $432,426   $499,864 

 

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

   

      
2023 (excluding the six months ended July 1, 2023)  $483,463 
2024   898,459 
2025   639,281 
2026   604,000 
2027   604,000 
Thereafter   201,333 
Total future lease payments   3,430,536 
Less imputed interest   (451,577)
Total  $2,978,959 

 

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

   

   July 1, 2023 
Operating lease liabilities - current  $796,073 
Operating lease liabilities - noncurrent   2,182,886 
Total lease liabilities  $2,978,959 

 

Supplemental cash flow information related to leases was as follows:

   

   Six months ended 
   July 1, 2023 
Cash paid for amounts included in the measurement of operating lease liabilities  $496,691 

 

Other information related to leases was as follows:

 

   July 1, 2023 
Weighted Average Discount Rate - Operating Leases   6.00%
Weighted Average Remaining Lease Term - Operating Leases (in years)   4.28