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Note 7 - Leases | 12 Months Ended
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Jan. 01, 2023
Notes to Financial Statements |
Lessee, Operating and Finance Leases [Text Block] | NOTE 7 — LEASES The Company's principal research and development and corporate facilities are leased office buildings located in the United States. These lease facilities are classified as operating leases. Operating leases generally have lease terms of 1 year to 5 years. Finance leases are primarily for engineering design software and have lease terms of generally 2 years to 3 years. The Company's corporate facility is located at 2220 Lundy Avenue, San Jose, California, 95131, where the Company occupies approximately 24,164 square feet of space. The five-year lease was entered into in February 2019. The Company's SensiML subsidiary in Beaverton, Oregon occupies approximately 705 square feet of space. The four-year lease was entered into in April 2019. The Company expects to renew this lease in Fiscal 2023 under similar terms. The Company maintains sales offices out of which it conducts sales and marketing activities in various countries outside of the United States. The sales offices are rented under short-term leases. Total rent expense was approximately $0.4 million, $0.4 million and $0.5 million for the years ended January 1, 2023, January 2, 2022 and January 3, 2021, respectively. The Company believes that these facilities are adequate for its current needs. The following table provides the activity related to operating and finance leases (in thousands):
|  | January 1, 2023 |  |  | January 2, 2022 |
Operating lease costs: |  |  |  |  |  |  |  |
Fixed |  | $ | 409 |  |  | $ | 402 |
Short term |  |  | 11 |  |  |  | 23 |
Total |  | $ | 420 |  |  | $ | 425 |
Finance lease costs: |  |  |  |  |  |  |  |
Amortization of ROU asset |  | $ | 437 |  |  | $ | 700 |
Interest |  |  | 23 |  |  |  | 69 |
Total |  | $ | 460 |  |  | $ | 769 |
The following table provides the details of supplemental cash flow information (in thousands):
|  | January 1, 2023 |  |  | January 2, 2022 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows used for operating leases |  | $ | 409 |  |  | $ | 402 |
Operating cash flows used for finance leases |  |  | 23 |  |  |  | 69 |
Financing cash flows used for financing leases |  |  | 452 |  |  |  | 378 |
Finance lease |  | $ | 650 |  |  | $ | 1,311 |
The following table provides the details of ROU assets and lease liabilities (in thousands):
|  | January 1, 2023 |  |  | January 2, 2022 |
Right-of-use assets: |  |  |  |  |  |  |  |
Operating leases |  | $ | 464 |  |  | $ | 809 |
Finance leases |  |  | 933 |  |  |  | 720 |
Total |  | $ | 1,397 |  |  | $ | 1,529 |
Lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | 507 |  |  | $ | 873 |
Finance leases |  |  | 887 |  |  |  | 690 |
Total |  | $ | 1,394 |  |  | $ | 1,563 |
The following table provides the details of future lease payments for operating and finance leases as of January 1, 2023 and (in thousands):
Annual Fiscal Years |  | Operating |  |  | Finance |
2023 |  | $ | 421 |  |  | $ | 491 |
2024 |  |  | 106 |  |  |  | 455 |
Total lease payments |  |  | 527 |  |  |  | 946 |
Less: Interest |  |  | 20 |  |  |  | 59 |
Present value of lease liabilities |  | $ | 507 |  |  | $ | 887 |
The following table provides the details of lease terms and discount rates:
|  | January 1, 2023 |
ROU assets: |  |  |  |
Weighted-average remaining lease term (years) |  |  |  |
Operating leases |  |  | 1.25 |
Finance leases |  |  | 1.91 |
Weighted-average discount rates: |  |  |  |
Operating leases |  |  | 6.00 | %
Finance leases |  |  | 5.95 | %

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