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Note 6 - Leases | 6 Months Ended
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Jul. 04, 2021
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | Note 6 — Leases The Company entered into operating leases for office space for its headquarters, for its domestic and foreign subsidiaries and for its sales offices. Finance leases are primarily for engineering design software. Operating leases generally have lease terms of one to five years. Finance leases are generally two to three years. As of July 4, 2021, the balance of right-of-use assets was approximately $1.5 million and the lease liability was approximately $1.6 million for operating and finance leases for the headquarters in San Jose and for the operating subsidiaries of SensiML in Oregon and SensiML in India. The lease term of the San Diego facility expired in July 2020 and the office was closed. On July 10, 2020, the Indian subsidiary leased a smaller office premises of approximately 1,100 square feet for a period of eleven months to accommodate the reduced headcount. Effective July 2020, the rental expense of the unused office in India were expensed to restructuring charges. The lease term of the Indian facility expired in July 2021. Total rent expense for the three months ended July 4, 2021 and June 28, 2020 was approximately $106,000 and $158,000, respectively. Total rent expense for the six months ended July 4, 2021 and June 28, 2020 was approximately $213,000 and $305,000, respectively. The following table provides the expenses related to operating and finance leases (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 4, 2021 |  |  | June 28, 2020 |  |  | July 4, 2021 |  |  | June 28, 2020 |
Operating lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed |  | $ | 101 |  |  | $ | 153 |  |  | $ | 204 |  |  | $ | 294 |
Short term |  |  | 5 |  |  |  | 5 |  |  |  | 9 |  |  |  | 11 |
Total |  | $ | 106 |  |  | $ | 158 |  |  | $ | 213 |  |  | $ | 305 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU asset |  | $ | 98 |  |  | $ | 52 |  |  | $ | 513 |  |  | $ | 101 |
Interest |  |  | 6 |  |  |  | 8 |  |  |  | 52 |  |  |  | 14 |
Total |  | $ | 104 |  |  | $ | 60 |  |  | $ | 565 |  |  | $ | 115 |
The following table provides the details of supplemental cash flow information. The right-of-use assets obtained in exchange for new finance and operating lease liabilities represent the new operating and finance leases entered into during the six months ended July 4, 2021 and June 28, 2020 (in thousands):
|  | Six Months Ended |
|  | July 4, |  |  | June 28, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 202 |  |  | $ | 260 |
Operating cash flows used for finance leases |  |  | 5 |  |  |  | 14 |
Financing cash flows used for financing leases |  |  | 156 |  |  |  | 120 |
Total |  | $ | 363 |  |  | $ | 394 |
Right-of-use assets obtained in exchange for finance lease obligations |  | $ | — |  |  | $ | 773 |
The following table provides the details of right-of-use assets and lease liabilities as of July 4, 2021 and January 3, 2021 (in thousands):
|  | July 4, |  |  | January 3, |
|  | 2021 |  |  | 2021 |
Right-of-use assets: |  |  |  |  |  |  |  |
Operating leases |  | $ | 974 |  |  | $ | 1,134 |
Finance leases |  |  | 509 |  |  |  | 705 |
Total right-of-use assets |  | $ | 1,483 |  |  | $ | 1,839 |
Lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | 1,045 |  |  | $ | 1,212 |
Finance leases |  |  | 513 |  |  |  | 670 |
Total lease liabilities |  | $ | 1,558 |  |  | $ | 1,882 |
The following table provided the details of future lease payments for operating and finance leases as of July 4, 2021 (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2021 (Remaining period) |  | $ | 200 |  |  | $ | 205 |
2022 |  |  | 409 |  |  |  | 334 |
2023 |  |  | 421 |  |  |  | — |
2024 |  |  | 107 |  |  |  | — |
Total lease payments |  |  | 1,137 |  |  |  | 539 |
Less: Interest |  |  | (92 | ) |  |  | (26 | )
Present value of lease liabilities |  | $ | 1,045 |  |  | $ | 513 |
The following table provides the details of lease terms and discount rates as of July 4, 2021 and January 3, 2021:
|  | July 4, |  |  | January 3, |
|  | 2021 |  |  | 2021 |
Right-of-use assets: |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 2.75 |  |  |  | 3.24 |
Finance leases |  |  | 1.72 |  |  |  | 2.21 |
Weighted-average discount rates: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.00 | % |  |  | 6.00 | %
Finance leases |  |  | 5.50 | % |  |  | 5.50 | %

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