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Note 8 - Leases

12 Months Ended

Dec. 31, 2023

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. Operating leases generally have lease terms of 1 to 5 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 original five-year lease was entered into in February 2019 and on October 24, 2023, was extended to April 14, 2027 under similar terms. The Company's SensiML subsidiary in Beaverton, Oregon occupies approximately 925 square feet of space. The original four-year lease was entered into in April 2019 and on April 1, 2023, was extended to March 31, 2025 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 for each of the years ended December 31, 2023, January 1, 2023, and January 2, 2022, respectively.

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

	*December 31, 2023*		*January 1, 2023*
Operating lease costs:
Fixed	$	394	$	409
Short term		18		11
Total	$	412	$	420

Right-of-use assets obtained in exchange for obligations lease:
Operating leases	$	865	$	—
Total	$	865	$	—

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

	*December 31, 2023*		*January 1, 2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	421	$	409
Total	$	421	$	409

Non-cash ROU assets related to operating leases included in the operating cash flows for the fiscal year ended December 31, 2023 and January 1, 2023 were $348 thousand and $345 thousand, respectively.

The following table provides the details of ROU assets and lease liabilities (in thousands):

	*December 31, 2023*		*January 1, 2023*
Right-of-use assets:
Operating leases	$	981	$	464
Total	$	981	$	464
Lease liabilities:
Operating leases	$	983	$	507
Total	$	983	$	507

The following table provides the details of future lease payments for operating leases as of December 31, 2023 and (in thousands):

Annual Fiscal Years	Operating
2024	$	378
2025		340
2026		351
2027		64
Total lease payments		1,133
Less: Interest		150
Present value of lease liabilities	$	983

The following table provides the details of lease terms and discount rates:

	*December 31, 2023*
ROU assets:
Weighted-average remaining lease term (years)
Operating leases		3.25
Weighted-average discount rates:
Operating leases		6.00	%