XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.2
LEASES
6 Months Ended
Jun. 28, 2025
Leases  
LEASES

11. 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 28, 2025 and December 28, 2024, 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:

 

   Three Months
Ended
   Three Months
Ended
   Six Months
Ended
   Six Months
Ended
 
   June 28, 2025   June 29, 2024   June 28, 2025   June 29, 2024 
Operating lease cost  $224,256   $205,743   $442,397   $433,370 

 

At June 28, 2025, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2025 (excluding the six months ended June 28, 2025)  $452,808 
2026   901,471 
2027   838,116 
2028   243,548 
2029    
Total future lease payments   2,435,943 
Less effects of discounting   (234,108)
Total  $2,201,835 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at June 28, 2025 were as follows:

 

   June 28, 2025 
Operating lease liabilities–current  $765,559 
Operating lease liabilities–noncurrent   1,436,276 
Total lease liabilities  $2,201,835 

 

Supplemental cash flow information related to leases was as follows:

 

   Six Months
Ended
   Six Months
Ended
 
   June 28, 2025   June 29, 2024 
Cash paid for amounts included in the measurement of operating lease liabilities  $443,133   $432,612 

 

Other information related to leases was as follows:

 

   June 28, 2025   June 29, 2024 
Weighted Average Discount Rate–Operating Leases   6.50%   6.79%
Weighted Average Remaining Lease Term–Operating Leases (in years)   2.8    3.6