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Leases
 12 Months Ended
Dec. 28, 2024
Leases  
Leases

3. Leases

 

The Company enters into operating leases primarily for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At December 28, 2024 and December 30, 2023, the Company did not have any finance leases. Almost all of the Company’s future lease commitments, and related lease liability, relate to the Company’s facility leases. Some of the Company’s leases include options to extend or terminate the lease.

 

    2024     2023   2022
Operating lease cost   $ 867,920     $ 865,377   $ 985,967  

 

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

 

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

 

       
2025   $768,841 
2026    732,611 
2027    669,255 
2028    201,333 
2029    — 
Thereafter    — 
Total future lease payments    2,372,040 
Less effects of discounting    (253,492)
Total   $2,118,548 

 

Cash paid for operating cash flows from operating leases:

 

   2024   2023  2022  
Cash paid for amounts included in the measurement of operating lease liabilities  $861,775   $983,289  $ 993,633  

 

Other information related to leases was as follows:

 

   2024   2023 
Weighted Average Discount Rate—Operating Leases   6.77%   6.21%
Weighted Average Remaining Lease Term—Operating Leases (in years)   3.16    4.04