XML 31 R19.htm IDEA: XBRL DOCUMENT

LEASES

3 Months Ended

Mar. 30, 2024

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 March 30, 2024 and December 30, 2023, the Company did not have any finance leases. Approximately all of its 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
	March 30, 2024		April 1, 2023
Operating lease cost	$	227,802	$	214,563

At March 30, 2024, the Company’s future lease payments under non-cancellable leases were as follows:


2024 (excluding the three months ended March 30, 2024)	$	579,834
2025		639,078
2026		604,000
2027		604,000
2028		201,333
Total future lease payments		2,628,245
Less imputed interest		(320,163	)
Total	$	2,308,082

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 30, 2024 were as follows:

	March 30, 2024
Operating lease liabilities–current	$	628,019
Operating lease liabilities–noncurrent		1,680,063
Total lease liabilities	$	2,308,082

Supplemental cash flow information related to leases was as follows:

	Three months ended
	March 30, 2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	216,272

Other information related to leases was as follows:

	March 30, 2024
Weighted Average Discount Rate–Operating Leases		6.26	%
Weighted Average Remaining Lease Term–Operating Leases (in years)		3.86