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Note 8 - Leases

9 Months Ended

Sep. 29, 2024

Lessee, Operating and Finance Leases [Text Block]

Note 8 — 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 and have lease terms of one to three years. The Company maintains sales offices out of which it conducts sales and marketing activities in various countries outside of the United States which are rented under short-term leases. The Company has elected the practical expedient to apply to recognition requirements to short-term leases and recognizes rent payments on short-term leases on a straight-line basis over the lease term. Total rent expenses were $0.1 million for the three months ended September 29, 2024 and October 1, 2023 and $0.3 million for the nine months ended September 29, 2024 and October 1, 2023.

The following table provides the expenses related to operating leases (in thousands):

	*Three Months Ended*				*Nine Months Ended*
	*September 29, 2024*		*October 1, 2023*		*September 29, 2024*		*October 1, 2023*
Operating lease costs:
Fixed	$	92	$	100	$	284	$	301
Short term		4		4		13		13
Total	$	96	$	104	$	297	$	314

The following table provides the details of supplemental cash flow information (in thousands):

	*Nine Months Ended*
	*September 29, 2024*		*October 1, 2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	287	$	315

Non-cash ROU assets related to operating leases included in the operating cash flows for the nine months ended September 29, 2024 and October 1, 2023 were $199 thousand and $274 thousand, respectively.

The following table provides the details of right-of-use assets and lease liabilities as of September 29, 2024 and December 31, 2023 (in thousands):

	*September 29, 2024*		*December 31, 2023*
Right-of-use assets:
Operating leases	$	828	$	981
Lease liabilities:
Operating leases	$	804	$	983

The following table provides the details of future lease payments for operating leases as of September 29, 2024 (in thousands):

	*Operating Leases*
2024 (remaining period)	$	91
2025		339
2026		349
2027		128
Total lease payments		907
Less: Interest		(103	)
Present value of lease liabilities	$	804

The following table provides the details of lease terms and discount rates as of September 29, 2024 and December 31, 2023:

	*September 29, 2024*			*December 31, 2023*
Right-of-use assets:
Weighted-average remaining lease term (years)
Operating leases⁽¹⁾		2.67			3.25
Weighted-average discount rates:
Operating leases		6.00	%		6.00	%

⁽¹⁾ The operating lease relates to the Company's headquarters in San Jose, CA. The lease term expires on June 14, 2027.