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Leases
 12 Months Ended
Dec. 30, 2023
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 30, 2023 and December 31, 2022, 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 Technology License Agreement and an Asset Purchase Agreement with Lightning Silicon Technology, Inc. discussed in Note 5 Financial Instruments.

 

   2023   2022 
Operating lease cost  $865,377   $985,967 

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

 

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

 

      
     
2024  $795,884 
2025   639,373 
2026   604,000 
2027   604,000 
2028   201,333 
Thereafter   — 
Total future lease payments   2,844,590 
Less imputed interest   (360,105)
Total  $2,484,485 

 

Supplemental cash flow information related to leases was as follows:

 

   2023   2022 
Cash paid for amounts included in the measurement of operating lease liabilities  $983,289   $993,633 

 

Other information related to leases was as follows:

 

   2023   2022 
Weighted Average Discount Rate—Operating Leases   6.21%   5.94%
Weighted Average Remaining Lease Term—Operating Leases (in years)   4.04    4.69