Operating Leases:

6 Months Ended

Jul. 01, 2023

Operating Leases:

Operating Leases:

10. Operating Leases:

As of July 1, 2023, 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 6.5 years and the discount rate is 5.5%. The Company recognized $582,300 and $604,900 of rent expense for the periods ended July 1, 2023 and June 25, 2022, respectively.

Maturities of operating lease liabilities is as follows for the remainder of fiscal 2023 and full fiscal years thereafter as of July 1, 2023:

Operating Lease Liabilities expected to be recognized in	Amount
2023	$	385,100
2024		784,400
2025		806,000
2026		828,200
2027		851,100
Thereafter		1,773,300
Total lease payments		5,428,100
Less imputed interest		(929,600)
Present value of lease liabilities	$	4,498,500

Of the $4.5 million operating lease liability outstanding at July 1, 2023, $0.5 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 July 1, 2023:

	Six Months Ended
	July 1, 2023		June 25, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow outflow from operating leases	$	378,200	$	368,100