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LEASES

9 Months Ended

Sep. 28, 2024

Leases

LEASES

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 September 28, 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				Nine months Ended				Nine months Ended
		September 28, 2024				September 30, 2023				September 28, 2024				September 30, 2023
Operating lease cost		$	218,348			$	216,119			$	651,718			$	648,545

At September 28, 2024, the Company’s future lease payments under non-cancellable leases were as follows:

 SCHEDULE OF FUTURE LEASE PAYMENT UNDER NON-CANCELLABLE LEASE

2024 (excluding the nine months ended September 28, 2024)		$	212,013
2025			766,014
2026			732,610
2027			669,255
2028			201,333
Total future lease payments			2,581,225
Less imputed interest			(293,289	)
Total		$	2,287,936

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at September 28, 2024 were as follows:

 SCHEDULE OF OPERATING LEASE PAYMENTS RECOGNIZED IN CONSOLIDATED BALANCE SHEETS

		September 28, 2024
Operating lease liabilities–current		$	653,546
Operating lease liabilities–noncurrent			1,634,390
Total lease liabilities		$	2,287,936

Supplemental cash flow information related to leases was as follows:

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES 

		Nine months ended
		September 28, 2024				September 30, 2023
Cash paid for amounts included in the measurement of operating lease liabilities		$	649,276			$	741,757

Other information related to leases was as follows:

		September 28, 2024				September 30, 2023
Weighted Average Discount Rate–Operating Leases			6.80	%			6.06	%
Weighted Average Remaining Lease Term–Operating Leases (in years)			3.38				4.11

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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