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Property and Equipment | 12 Months Ended
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Jan. 01, 2022
Property, Plant and Equipment [Abstract] |
Property and Equipment | Note 7: Property and equipment Property and equipment, as of January 1, 2022 and January 2, 2021, consist of the following (in $000's):
|  | Useful Life (Years) |  | January 1, 2022 |  |  | January 2, 2021 |
Buildings and improvements |  | 3-30 |  | $ | 80 |  |  | $ | 75 |
Equipment |  | 3-15 |  |  | 3,638 |  |  |  | 2,528 |
Projects under construction |  |  |  |  | 851 |  |  |  | 387 |
Property and equipment |  |  |  |  | 4,569 |  |  |  | 2,990 |
Less accumulated depreciation |  |  |  |  | (2,456 | ) |  |  | (2,258 | )
Total property and equipment, net |  |  |  | $ | 2,113 |  |  | $ | 732 |
Depreciation expense was approximately $192,000 and approximately $79,000 for the fiscal years ended January 1, 2022 and January 2, 2021, respectively. Equipment Financing Agreement On March 25, 2021, ARCA Recycling entered into a Master Equipment Finance Agreement (collectively, the “Equipment Finance Agreement”) with KLC Financial, Inc. (“KLC”). Under the terms of the Equipment Finance Agreement, KLC has agreed to make loans to ARCA Recycling secured by certain equipment purchased or to be purchased by ARCA Recycling on terms set forth or to be set forth in schedules to the Equipment Finance Agreement. Under the terms of Schedule No. 01 (the “Initial Loan”), KLC has agreed to loan ARCA Recycling approximately $1.8 million secured by existing equipment of and new equipment to be purchased by ARCA Recycling. ARCA Recycling will make monthly payments of $31,000, inclusive of principal and interest, over a period of five years, at which time it is intended that the Initial Loan will be repaid in full. The Initial Loan bears interest at 7.59% per annum. KLC will have a first priority security interest over, among other things, all equipment identified in the schedules. The Initial Loan is guaranteed by Virland Johnson, the Chief Financial Officer of JanOne and Chief Financial Officer and Secretary of ARCA Recycling. The Equipment Finance Agreement contains customary affirmative and negative covenants, representations and warranties, and events of default for transactions of this nature.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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