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LEASES
 9 Months Ended
Sep. 30, 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 September 30, 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   Nine Months Ended   Nine Months Ended 
   September 30, 2023   September 24, 2022   September 30, 2023   September 24, 2022 
Operating lease cost  $216,119   $242,833   $648,545   $742,697 

 

At September 30, 2023, the Company’s future lease payments under non-cancellable leases were as follows:

   

      
2023 (excluding the nine months ended September 30, 2023)  $234,233 
2024   894,227 
2025   637,893 
2026   604,000 
2027   604,000 
Thereafter   201,333 
Total future lease payments   3,175,686 
Less imputed interest   (405,088)
Total  $2,770,598 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheets at September 30, 2023 were as follows:

   

   September 30, 2023 
Operating lease liabilities - current  $762,521 
Operating lease liabilities - noncurrent   2,008,077 
Total lease liabilities  $2,770,598 

 

Supplemental cash flow information related to leases was as follows:

   

   Nine months ended 
   September 30, 2023 
Cash paid for amounts included in the measurement of operating lease liabilities  $741,757 

 

Other information related to leases was as follows:

 

   September 30, 2023 
Weighted Average Discount Rate - Operating Leases   6.06%
Weighted Average Remaining Lease Term - Operating Leases (in years)   4.11