v3.25.1
LEASES
3 Months Ended
Mar. 29, 2025
Leases  
LEASES

11. LEASES

 

The Company enters into operating leases primarily for: real estate, including for manufacturing, engineering, research, administration and sales facilities, and information technology (“IT”) equipment. At March 29, 2025 and December 28, 2024, the Company did not have any finance leases. Approximately all of its future lease commitments, and related lease liability, relate to the Company’s real estate leases. Some of the Company’s leases include options to extend or terminate the lease.

 

The components of lease expense were as follows:

 

   Three months
ended
   Three months
ended
 
   March 29, 2025   March 30, 2024 
Operating lease cost  $216,147   $227,802 

 

At March 29, 2025, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2025 (excluding the three months ended March 29, 2025)  $550,705 
2026   732,611 
2027   669,255 
2028   201,333 
2029    
Total future lease payments   2,153,904 
Less effects of discounting   (216,815)
Total  $1,937,089 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 29, 2025 were as follows:

 

   March 29, 2025 
Operating lease liabilities–current  $614,359 
Operating lease liabilities–noncurrent   1,322,730 
Total lease liabilities  $1,937,089 

 

Supplemental cash flow information related to leases was as follows:

 

   Three months
ended
   Three months
ended
 
   March 29, 2025   March 30, 2024 
Cash paid for amounts included in the measurement of operating lease liabilities  $215,549   $216,272 

 

Other information related to leases was as follows:

 

   March 29, 2025 
Weighted Average Discount Rate–Operating Leases   6.80%
Weighted Average Remaining Lease Term–Operating Leases (in years)   2.96