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Note 2 - Significant Accounting Policies
6 Months Ended
Jul. 03, 2022
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

Note 2 — Significant Accounting Policies

 

During the three and six months ended July 3, 2022 there were no changes in the Company's significant accounting policies from its disclosures in the Annual Report on Form 10-K for the year ended January 2, 2022. For a discussion of the significant accounting policies, please see the Annual Report on Form 10-K for the fiscal year ended  January 2, 2022, filed with the SEC on  March 22, 2022.

 

 

Recent Accounting Standards Adopted

 

In May 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-04, Issuers Accounting for Certain Modifications of Exchanges of Freestanding Equity-Classified Written Call Options to clarify the accounting for modifications or exchanges of freestanding equity-classified written call options, such as warrants, that remain equity classified after modification or exchange. This ASU became effective for the Company on January 3, 2022 and did not have a material impact on the Company's consolidated financial statements.

 

New Accounting Standards Not Yet Adopted

 

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions to clarify the measurement of the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and requires disclosures related to these types of equity securities. This ASU 2022-03 becomes effective for the Company on January 2, 2023 and is not expected to have an impact on the Company's consolidated financial statements or disclosures.