Operating Leases:

3 Months Ended

Mar. 27, 2021

Operating Leases:

Operating Leases:

11. Operating Leases:

As of March 27, 2021, the Company leases its Minnesota corporate headquarters in a facility with an operating lease that expires in December 2029. The remaining lease term for this lease is 8.75 years and the discount rate is 5.5%. The Company recognized $300,900 and $300,400 of rent expense for the periods ended March 27, 2021 and March 28, 2020, respectively.

Maturities of operating lease liabilities is as follows for the remainder of fiscal 2021 and full fiscal years thereafter as of March 27, 2021:

Operating Lease Liabilities expected to be recognized in	Amount
2021	$	544,000
2022		742,900
2023		763,300
2024		784,400
2025		806,000
Thereafter		3,452,600
Total lease payments		7,093,200
Less imputed interest		(1,468,100)
Present value of lease liabilities	$	5,625,100

Of the $5.6 million operating lease liability outstanding at March 27, 2021, $0.4 million is included in Accrued liabilities in the Current liabilities section of the Consolidated Condensed Balance Sheets.

Supplemental cash flow information related to our operating leases is as follows for the period ended March 27, 2021:

	Three Months Ended
	March 27, 2021		March 28, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow outflow from operating leases	$	179,100	$	174,300