Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jan. 02, 2022
Accounting Policies [Abstract]  
Schedule of property and equipment estimated useful life

Property and equipment are stated at the Company’s original cost, net of accumulated depreciation. Construction in progress is related to the construction or development of property and equipment that have not yet been placed in service for their intended use. Depreciation is calculated using the straight-line method over the estimated useful lives of the following assets below. Leasehold improvements at the leased locations are amortized over the shorter of its lease term or its estimated useful lives.

 

 

Useful Life (Years)

Process equipment

5

Office equipment

5

Furniture and fixtures

5

Leasehold improvements

Shorter of the economic life or the remaining lease term
Effect of adoption of ASC 842

The effect of the adoption of ASC 842 on the Consolidated Balance Sheet as of January 1, 2021 was as follows (in thousands):

 

 

 

December 31,
2020

 

 

Adjustments
from Adoption
of ASC 842

 

 

January 1,
2021

 

Operating lease, right-of-use assets

 

$

—

 

 

$

6,873

 

 

$

6,873

 

Other liabilities

 

 

14

 

 

 

(14

)

 

 

—

 

Deferred rent, non-current

 

 

1,567

 

 

 

(1,567

)

 

 

—

 

Operating lease liabilities, non-current

 

 

—

 

 

 

8,551

 

 

 

8,551