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Note 1 - Basis of Presentation | 6 Months Ended
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Jul. 03, 2021
Notes to Financial Statements |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
1. | Basis of Presentation
The accompanying condensed consolidated interim financial statements of RCM Technologies, Inc. and subsidiaries (“RCM” or the “Company”) are unaudited. The year-end consolidated balance sheet was derived from audited statements but does not include all disclosures required by accounting principles generally accepted in the United States. These statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission pertaining to reports on Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and the notes thereto for the year ended January 2, 2021 included in the Company’s Annual Report Form 10-K for such period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. The condensed consolidated financial statements for the unaudited interim periods presented include all adjustments (consisting only of normal, recurring adjustments) necessary for a fair presentation of financial position, results of operations and cash flows for such interim periods. Results for the thirteen week and twenty-six periods ended July 3, 2021 are not necessarily indicative of results that may be expected for the full year. Fiscal Year The Company follows a 52/53 week fiscal reporting calendar ending on the Saturday closest to December 31. The current fiscal year ended January 1, 2022 (fiscal 2021) is a 52-week reporting year. The prior fiscal year ending January 2, 2021 (fiscal 2020) was a 53-week reporting year. The fiscal quarters for the current year (fiscal 2021) and the prior year (fiscal 2020) align as follows:
Fiscal 2021 Quarters | Weeks | Fiscal 2020 Quarters | Weeks
April 3, 2021 | Thirteen | March 28, 2020 | Thirteen
July 3, 2021 | Thirteen | June 27, 2020 | Thirteen
October 2, 2021 | Thirteen | September 26, 2020 | Thirteen
January 1, 2022 | Thirteen | January 2, 2021 | Fourteen

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