Rodgers Silicon Valley Acquisition Corp. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Leases

Leases

3 Months Ended

Apr. 03, 2022

Note 5. Leases

The Company leases its headquarters, engineering and manufacturing space in Fremont, California under a single non-cancelable operating lease, right of use asset with an expiration date of August 31, 2030. In March 2021, the Company entered into a new agreement to lease office space in Fremont, California under a noncancelable operating lease that expires in April 2026 with an option to extend for five years.

The components of lease costs were as follows (in thousands):


	For the Quarters Ended
	April 3, 2022		March 31, 2021
Operating lease cost	$	420	$	292

Supplemental lease information:


	As of
Operating leases	April 3, 2022	March 31, 2021
Weighted-average remaining lease term	8.4 years	9.3 years
Weighted-average discount rate	6.8%	6.8%

Supplemental cash flow information related to leases are as follows (in thousands):


	For the Quarters Ended
	April 3, 2022		March 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	336	$	312
Lease liabilities arising from obtaining ROU assets:
Operating leases		—		8,763

Maturities of Lease Liabilities

The following is a schedule of maturities of lease liabilities as of April 3, 2022 (in thousands).


	Operating lease
2022 (remaining nine months)	$	1,029
2023		1,406
2024		1,449
2025		1,492
2026		1,491
Thereafter		5,774
Total		12,641
Less: imputed interest		(3,220	)
Present value of lease liabilities	$	9,421