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Note 15 - Commitments and Contingencies | 12 Months Ended
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Jan. 02, 2022
Notes to Financial Statements |
Commitments Disclosure [Text Block] | NOTE 15-COMMITMENTS AND CONTINGENCIES Commitments Certain wafer manufacturers require the Company to forecast wafer starts several months in advance. The Company is committed to take delivery of and pay for a portion of forecasted wafer volume. As of the end of 2021 and 2020, the Company had $972,000 and $60,000 respectively, of outstanding commitments for the purchase of wafer inventory. The Company has purchase obligations with certain suppliers for the purchase of goods and services entered into in the ordinary course of business. As of January 2, 2022, total outstanding purchase obligations were $939,000 all of which is due within next twelve months. Litigation From time to time, the Company may become involved in legal actions arising in the ordinary course of business including, but not limited to, intellectual property infringement and collection matters. Absolute assurance cannot be given that any such third-party assertions will be resolved without costly litigation; in a manner that is not adverse to the Company’s financial position, results of operations or cash flows; or without requiring royalty or other payments which may adversely impact gross profit.

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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