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CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES

3 Months Ended

Mar. 30, 2024

Cash and Cash Equivalents [Abstract]

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES

3. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES

The Company considers all highly liquid, short-term debt instruments with original maturities of three months or less to be cash equivalents.

Restricted cash of approximately $0.8 million is included on the consolidated balance sheet as of March 30, 2024, and represents cash deposited by the Company into a separate account and designated as collateral for a standby letter of credit in the same amount in accordance with a contractual agreement with a vendor. The restricted cash balance at March 30, 2024 and December 30, 2023 is invested in a certificate of deposit and is classified as a Corporate debt available-for-sale marketable debt security.

Marketable debt securities consist primarily of commercial paper, medium-term corporate notes, and U.S. Government and agency backed securities. The Company classifies these marketable debt securities as available-for-sale at fair value in “Marketable debt securities, at fair value.” The Company records the amortization of premiums and accretion of discounts on marketable debt securities in the results of operations.

The Company uses the specific identification method as a basis for determining cost and calculating realized gains and losses with respect to marketable debt securities. The gross gains and losses realized related to sales and maturities of marketable debt securities were not material during the three months ended March 30, 2024 and April 1, 2023.

Investments in available-for-sale marketable debt securities were as follows at March 30, 2024 and December 30, 2023:

	Amortized Cost				Unrealized Losses						Fair Value
	2024		2023		2024			2023			2024		2023
U.S. Government and agency backed securities	$	1,500,018	$	4,500,030	$	(14,343	)	$	(25,655	)	$	1,485,675	$	4,474,375
Corporate debt		6,230,138		7,750,174		(24,733	)		(32,549	)		6,205,405		7,717,625
Total	$	7,730,156	$	12,250,204	$	(39,076	)	$	(58,204	)	$	7,691,080	$	12,192,000

The contractual maturity of the Company’s marketable debt securities was as follows at March 30, 2024:

SCHEDULE OF MARKETABLE DEBT SECURITIES

	Less than One year		One to Five years		Total
U.S. Government and agency backed securities	$	998,880	$	486,795	$	1,485,675
Corporate debt		5,725,347		480,058		6,205,405
Total	$	6,724,227	$	966,853	$	7,691,080