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Note 6 - Leases | 6 Months Ended
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Jul. 03, 2022
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. The Company has elected the practical expedient to apply to recognition requirements to short-term leases for its domestic and foreign subsidiaries and for its sales offices and recognized rent payments on short-term leases on a straight-line basis over the lease term. 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 3, 2022 and January 2, 2022, the balance of right-of-use assets was approximately $1.1 million and $1.5 million, respectively, and the lease liability was approximately $1.2 million and $1.6 million, respectively, for operating and finance leases for the headquarters in San Jose and for the operating subsidiaries of SensiML in Oregon and the Company's subsidiary in India. Total rent expense was $0.1 million and $0.2 million for the three and six months ended July 3, 2022 and July 4, 2021, respectively. The following table provides the expenses related to operating and finance leases (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |
|  | July 3, 2022 |  |  | July 4, 2021 |  |  | July 3, 2022 |  |  | July 4, 2021 |
Operating lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed |  | $ | 100 |  |  | $ | 101 |  |  | $ | 199 |  |  | $ | 204 |
Short term |  |  | 6 |  |  |  | 5 |  |  |  | 13 |  |  |  | 9 |
Total |  | $ | 106 |  |  | $ | 106 |  |  | $ | 212 |  |  | $ | 213 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of ROU asset |  | $ | 109 |  |  | $ | 98 |  |  | $ | 219 |  |  | $ | 513 |
Interest |  |  | 6 |  |  |  | 6 |  |  |  | 13 |  |  |  | 52 |
Total |  | $ | 115 |  |  | $ | 104 |  |  | $ | 232 |  |  | $ | 565 |
The following table provides the details of supplemental cash flow information. 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 3, 2022 and the six months ended July 4, 2021 were $0 (in thousands):
|  | Six Months Ended |
|  | July 3, 2022 |  |  | July 4, 2021 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 203 |  |  | $ | 202 |
Operating cash flows used for finance leases |  |  | 13 |  |  |  | 5 |
Financing cash flows used for financing leases |  |  | 198 |  |  |  | 156 |
Total |  | $ | 414 |  |  | $ | 363 |
The following table provides the details of right-of-use assets and lease liabilities as of July 3, 2022 and January 2, 2022 (in thousands):
|  | July 3, 2022 |  |  | January 2, 2022 |
Right-of-use assets: |  |  |  |  |  |  |  |
Operating leases |  | $ | 640 |  |  | $ | 809 |
Finance leases |  |  | 501 |  |  |  | 720 |
Total right-of-use assets |  | $ | 1,141 |  |  | $ | 1,529 |
Lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | 695 |  |  | $ | 873 |
Finance leases |  |  | 492 |  |  |  | 690 |
Total lease liabilities |  | $ | 1,187 |  |  | $ | 1,563 |
The following table provided the details of future lease payments for operating and finance leases as of July 3, 2022 (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2022 (remaining period) |  | $ | 206 |  |  | $ | 264 |
2023 |  |  | 422 |  |  |  | 141 |
2024 |  |  | 106 |  |  |  | 106 |
Total lease payments |  |  | 734 |  |  |  | 511 |
Less: Interest |  |  | (39 | ) |  |  | (19 | )
Present value of lease liabilities |  | $ | 695 |  |  | $ | 492 |
The following table provides the details of lease terms and discount rates as of July 3, 2022 and January 2, 2022:
|  | July 3, 2022 |  |  | January 2, 2022 |
Right-of-use assets: |  |  |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 1.75 |  |  |  | 2.25 |
Finance leases |  |  | 1.84 |  |  |  | 2.15 |
Weighted-average discount rates: |  |  |  |  |  |  |  |
Operating leases |  |  | 6.00 | % |  |  | 6.00 | %
Finance leases |  |  | 4.42 | % |  |  | 4.57 | %

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