Post-effective amendment to a registration statement that is not immediately effective upon filing

Leases

v3.22.1
Leases
3 Months Ended 12 Months Ended
Apr. 03, 2022
Jan. 02, 2022
Leases [Abstract]    
Leases
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  
    
 
 
 
Note 6. 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):
 
    
Fiscal Year Ended
January 2, 2022
 
Operating lease cost
   $ 1,535  
Supplemental lease information:
 
Operating leases
  
January 2, 2022
 
Weighted-average remaining lease term
     8.7 years  
Weighted-average discount rate
     6.8
 
Supplemental cash flow information related to leases are as follows (in thousands):
 
    
Fiscal Year Ended
January 2, 2022
 
Cash paid for amounts included in the measurement of lease liabilities:
  
Operating cash flows from operating leases
   $ 1,418  
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 January 2, 2022 (in thousands).
 
    
Operating lease
 
2022
   $ 1,366  
2023
     1,406  
2024
     1,449  
2025
     1,492  
2026
     1,491  
Thereafter
     5,774  
  
 
 
 
Total
     12,978  
  
 
 
 
Less: imputed interest
     (3,375
  
 
 
 
Present value of lease liabilities
   $ 9,603  
  
 
 
 
Prior Year Lease Disclosure under ASC 840
Under the legacy accounting guidance ASC 840, rent expense for the fiscal year 2020 was $1.4 million.
Minimum commitments under noncancelable operating lease agreements as of December 31, 2020 is as follows (in thousands):
 
    
Operating lease
 
2021
   $ 1,267  
2022
     1,305  
2023
     1,344  
2024
     1,384  
2025
     1,426  
Thereafter
     7,243  
  
 
 
 
Total
   $ 13,969