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Intangible Assets
 9 Months Ended 12 Months Ended
Sep. 28, 2024
Dec. 30, 2023
Staffing 360 Solutions, Inc. [Member]    
Intangible Assets [Line Items]    
INTANGIBLE ASSETS

NOTE 5 — INTANGIBLE ASSETS

The following provides a breakdown of intangible assets as of:

 

September 28, 2024
   

Tradenames

  

Non-Compete

  

Customer
Relationship

  

Total

Intangible assets, gross

  

$

8,282

 

  

$

2,215

 

  

$

18,953

 

  

$

29,450

 

Accumulated amortization

  

 

(5,359

)

  

 

(2,215

)

  

 

(11,926

)

  

 

(19,500

)

Intangible assets, net

  

$

2,923

 

  

$

—

 

  

$

7,027

 

  

$

9,950

 
 

December 30, 2023
   

Tradenames

  

Non-Compete

  

Customer
Relationship

  

Total

Intangible assets, gross

  

$

8,282

 

  

$

2,215

 

  

$

18,953

 

  

$

29,450

 

Accumulated amortization

  

 

(4,928

)

  

 

(2,215

)

  

 

(11,114

)

  

 

(18,257

)

Intangible assets, net

  

$

3,354

 

  

$

—

 

  

$

7,839

 

  

$

11,193

 

As of September 28, 2024, estimated annual amortization expense for each of the next five fiscal years is as follows:

Fiscal quarter ended September

  

Amount

2024

  

$

416

2025

  

 

1,617

2026

  

 

1,567

2027

  

 

1,567

2028

  

 

1,321

Thereafter

  

 

3,462

Total

  

$

9,950

Amortization of intangible assets for the three and nine months ended September 28, 2024 and September 30, 2023 was $406, $1,249, $456 and $1,363, respectively. The weighted average useful life of intangible assets remaining is 5.5 years.

NOTE 6 — INTANGIBLE ASSETS

The following provides a breakdown of intangible assets as of:

 

December 30, 2023
   

Tradenames

  

Non-Compete

  

Customer
Relationship

  

Total

Intangible assets, gross

  

$

8,282

 

  

$

2,215

 

  

$

18,953

 

  

$

29,450

 

Accumulated amortization

  

 

(4,928

)

  

 

(2,215

)

  

 

(11,114

)

  

 

(18,257

)

Intangible assets, net

  

$

3,354

 

  

 

—

 

  

$

7,839

 

  

$

11,193

 
 

December 31, 2022
   

Tradenames

  

Non-Compete

  

Customer
Relationship

  

Total

Intangible assets, gross

  

$

8,217

 

  

$

2,134

 

  

$

18,826

 

  

$

29,177

 

Accumulated amortization

  

 

(4,315

)

  

 

(2,134

)

  

 

(9,889

)

  

 

(16,338

)

Intangible assets, net

  

$

3,902

 

  

$

—

 

  

$

8,937

 

  

$

12,839

 

On April 18, 2022, the Company entered into a Stock Purchase Agreement with Headway Workforce Solutions, pursuant to which, among other things, the Company agreed to purchase all of the issued and outstanding securities of Headway in exchange for (i) a cash payment of $14, and (ii) 9,000,000 shares of our Series H Preferred Stock, with a value equal to the Closing Payment, as defined in the Stock Purchase Agreement. On May 18, 2022, the Headway Acquisition closed.

As of December 30, 2023, estimated annual amortization expense for each of the next five fiscal years is as follows:

Fiscal year ended December

  

Amount

2024

  

$

1,797

2025

  

 

1,728

2026

  

 

1,580

2027

  

 

1,580

2028

  

 

1,333

Thereafter

  

 

3,175

Total

  

$

11,193

Amortization of intangible assets for the period ended Fiscal 2023 and Fiscal 2022 was $1,820 and $1,529, respectively. The weighted average useful life remaining of intangible assets remaining is 6 years.