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LEASES

6 Months Ended

Jun. 29, 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 June 29, 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		Six Months Ended		Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease cost	$	205,743	$	217,863	$	433,370	$	432,426

At June 29, 2024, the Company’s future lease payments under non-cancellable leases were as follows:


2024 (excluding the six months ended June 29, 2024)	$	426,743
2025		763,994
2026		732,610
2027		669,255
2028		201,333
Total future lease payments		2,793,935
Less imputed interest		(335,876	)
Total	$	2,458,059

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at June 29, 2024 were as follows:

	June 29, 2024
Operating lease liabilities–current	$	672,038
Operating lease liabilities–noncurrent		1,786,021
Total lease liabilities	$	2,458,059

Supplemental cash flow information related to leases was as follows:

	June 29, 2024		July 1, 2023
	Six months ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of operating lease liabilities	$	432,612	$	496,691

Other information related to leases was as follows:

	June 29, 2024			July 1, 2023
Weighted Average Discount Rate–Operating Leases		6.79	%		6.00	%
Weighted Average Remaining Lease Term–Operating Leases (in years)		3.6			4.28