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CASH AND CASH EQUIVALENTS, RESTRICTED CASH, AND MARKETABLE DEBT SECURITIES | 6 Months Ended
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Jun. 29, 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 $1.1 million is included on the consolidated balance sheet as of June 29, 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 June 29, 2024 and December 30, 2023 is invested in certificates 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 and six months ended June 29, 2024 and July 1, 2023. Investments in available-for-sale marketable debt securities were as follows at June 29, 2024 and December 30, 2023: SCHEDULE OF AVAILABLE-FOR-SALE MARKETABLE DEBT SECURITIES
|  | 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 |  |  | $ | (12,718 | ) |  | $ | (25,655 | ) |  | $ | 1,487,300 |  |  | $ | 4,474,375 |
Corporate debt |  |  | 6,619,132 |  |  |  | 7,750,174 |  |  |  | (19,418 | ) |  |  | (32,549 | ) |  |  | 6,599,714 |  |  |  | 7,717,625 |
Total |  | $ | 8,119,150 |  |  | $ | 12,250,204 |  |  | $ | (32,136 | ) |  | $ | (58,204 | ) |  | $ | 8,087,014 |  |  | $ | 12,192,000 |
The contractual maturity of the Company’s marketable debt securities was as follows at June 29, 2024: SCHEDULE OF MARKETABLE DEBT SECURITIES
|  | Less than One year |  |  | One to Five years |  |  | Total |
U.S. Government and agency backed securities |  | $ | 999,555 |  |  | $ | 487,745 |  |  | $ | 1,487,300 |
Corporate debt |  |  | 6,120,626 |  |  |  | 479,088 |  |  |  | 6,599,714 |
Total |  | $ | 7,120,181 |  |  | $ | 966,833 |  |  | $ | 8,087,014 |

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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