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LEASES
3 Months Ended
Mar. 27, 2021
Leases [Abstract]  
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 27, 2021 and December 26, 2020, the Company did not have any finance leases. Approximately all of our 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 27, 2021   March 28, 2020 
Operating lease cost  $290,884   $283,000 

 

At March 27, 2021, the Company’s future lease payments under non-cancellable leases were as follows:

 

      
2021 (excluding the three months ended March 27, 2021)  $764,613 
2022   657,674 
2023   201,333 
Total future lease payments   1,623,620 
Less imputed interest   (93,968)
Total  $1,529,652 

 

The Company’s lease liabilities recognized in the Company’s condensed consolidated balance sheet at March 27, 2021 was as follows:

 

   March 27, 2021 
Operating lease liabilities–current  $886,609 
Operating lease liabilities–noncurrent   643,043 
Total lease liabilities  $1,529,652 

 

Supplemental cash flow information related to leases was as follows:

 

   Three months ended 
   March 27, 2021 
Cash paid for amounts included in the measurement of operating lease liabilities  $301,995 

 

Other information related to leases was as follows:

 

   March 27, 2021 
Weighted Average Discount Rate–Operating Leases   6.17%
Weighted Average Remaining Lease Term–Operating Leases (in years)   2.33