Debt Obligations	6 Months Ended
Jun. 28, 2020
Debt Disclosure [Abstract]
Debt Obligations	Note 7 — Debt Obligations Revolving Line of credit On September 28, 2018, the Company entered into a Loan and Security Agreement (“Loan Agreement”) with Heritage Bank. The Loan Agreement provided for, among other things, the Revolving Facility with aggregate commitments of $9,000,000. On December 21, 2018, the Company entered into an Amended and Restated Loan and Security Agreement (“Amended and Restated Loan Agreement”) with Heritage Bank to replace in its entirety the Loan Agreement. The Amended and Restated Loan Agreement increased the Revolving Facility from $9,000,000 to $15,000,000. The Amended and Restated Loan Agreement requires the Company to maintain at least $3,000,000 in unrestricted cash at Heritage Bank. On November 6, 2019 the Company entered into a First Amendment to the Amended and Restated Loan Agreement (“First Amendment”) to extend the maturity date of the Revolving Facility for one year through September 28, 2021. Under this First Amendment, the Revolving Facility advances shall bear interest, on the outstanding daily balance thereof, at a rate per annum equal to the greater of (i) one half of one percentage point (0.50%) above the Prime Rate, or (ii) five and one half of one percentage points (5.50%). As of June 28, 2020 and December 29, 2019, the Company had $15.0 million of revolving debt outstanding with an interest rates of 5.5% per annum. The Company was in compliance with all loan covenants under the Amended and Restated Loan Agreement as of the end of the current reporting period. On June 29, 2020, the Company repaid the $15.0 million loan. The Bank has a first priority security interest in substantially all of the Company’s tangible and intangible assets to secure any outstanding amounts under the Amended and Restated Loan Agreement. Payroll Protection Program Loan On May 6, the Company entered into a loan agreement with Heritage Bank (“PPP Loan”) for a loan of $1,191,687.77 pursuant to the PPP under the CARES Act, as implemented by the U.S. Small Business Administration. The PPP Loan is evidenced by a promissory note (“Note”) dated May 6, 2020, and matures two years from the disbursement date. The Note bears interest at a rate of 1.00% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Note contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the Note. Upon the occurrence of an event of default, the lender may require immediate repayment of all amounts outstanding under the Note. The principal and interest of the Loan are repayable in 18 monthly equal installments of $67,065.21 each starting in December 2020. Interest accrued in the first six months is included in the monthly installments. Installments must be paid by the fifth calendar day of each month. On June 5, 2020, the Paycheck Protection Flexibility Act (“PPPFA”) was signed into law. Among other changes, the PPPFA (i) reduces the amount of the loan required to be spent on payroll from 75% to 60%, (ii) extends the covered period to 24 weeks from 8 weeks, and (iii) extends the repayment term of PPP loan from 2 years to 5 years. For the loans disbursed before June 5, 2020, the PPPF provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company has opted for 24 weeks to spend the loan. As of June 28, 2020, the unutilized loan proceeds were $89,322, which is expected to be utilized in the third quarter. The loan amount can be fully or partially forgiven if the funds are used as per revised guidelines under the PPPFA. The Company intends to use the loan proceeds in compliance with the guidelines and will apply for the loan forgiveness, when the funds are fully utilized.

Debt Obligations

6 Months Ended

Jun. 28, 2020

Note 7 — Debt Obligations

Revolving Line of credit

On September 28, 2018, the Company entered into a Loan and Security Agreement (“Loan Agreement”) with Heritage Bank. The Loan Agreement provided for, among other things, the Revolving Facility with aggregate commitments of $9,000,000.

On December 21, 2018, the Company entered into an Amended and Restated Loan and Security Agreement (“Amended and Restated Loan Agreement”) with Heritage Bank to replace in its entirety the Loan Agreement. The Amended and Restated Loan Agreement increased the Revolving Facility from $9,000,000 to $15,000,000. The Amended and Restated Loan Agreement requires the Company to maintain at least $3,000,000 in unrestricted cash at Heritage Bank.

On November 6, 2019 the Company entered into a First Amendment to the Amended and Restated Loan Agreement (“First Amendment”) to extend the maturity date of the Revolving Facility for one year through September 28, 2021. Under this First Amendment, the Revolving Facility advances shall bear interest, on the outstanding daily balance thereof, at a rate per annum equal to the greater of (i) one half of one percentage point (0.50%) above the Prime Rate, or (ii) five and one half of one percentage points (5.50%).

As of June 28, 2020 and December 29, 2019, the Company had $15.0 million of revolving debt outstanding with an interest rates of 5.5% per annum. The Company was in compliance with all loan covenants under the Amended and Restated Loan Agreement as of the end of the current reporting period. On June 29, 2020, the Company repaid the $15.0 million loan.

The Bank has a first priority security interest in substantially all of the Company’s tangible and intangible assets to secure any outstanding amounts under the Amended and Restated Loan Agreement.

Payroll Protection Program Loan

On May 6, the Company entered into a loan agreement with Heritage Bank (“PPP Loan”) for a loan of $1,191,687.77 pursuant to the PPP under the CARES Act, as implemented by the U.S. Small Business Administration.

The PPP Loan is evidenced by a promissory note (“Note”) dated May 6, 2020, and matures two years from the disbursement date. The Note bears interest at a rate of 1.00% per annum, with the first six months of interest deferred. Principal and interest are payable monthly commencing six months after the disbursement date and may be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Note contains customary events of default relating to, among other things, payment defaults or breaches of the terms of the Note. Upon the occurrence of an event of default, the lender may require immediate repayment of all amounts outstanding under the Note.

The principal and interest of the Loan are repayable in 18 monthly equal installments of $67,065.21 each starting in December 2020. Interest accrued in the first six months is included in the monthly installments. Installments must be paid by the fifth calendar day of each month.

On June 5, 2020, the Paycheck Protection Flexibility Act (“PPPFA”) was signed into law. Among other changes, the PPPFA (i) reduces the amount of the loan required to be spent on payroll from 75% to 60%, (ii) extends the covered period to 24 weeks from 8 weeks, and (iii) extends the repayment term of PPP loan from 2 years to 5 years. For the loans disbursed before June 5, 2020, the PPPF provides the option to opt for 24 weeks for spending the loan instead of 8 weeks. The Company has opted for 24 weeks to spend the loan. As of June 28, 2020, the unutilized loan proceeds were $89,322, which is expected to be utilized in the third quarter. The loan amount can be fully or partially forgiven if the funds are used as per revised guidelines under the PPPFA. The Company intends to use the loan proceeds in compliance with the guidelines and will apply for the loan forgiveness, when the funds are fully utilized.