Annual report pursuant to Section 13 and 15(d)

Leases

v3.22.4
Leases
 12 Months Ended
Jan. 01, 2023
Leases [Abstract]  
Leases 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 non-cancelable operating lease that expires in April 2026 with an option to extend for 5 years.
The following table summarizes the components of lease costs (in thousands).
Fiscal Years
2022 2021
Operating lease cost $ 1,682  $ 1,535 
The following table shows supplemental lease information.
As of
Operating leases January 1, 2023 January 2,
2022
Weighted-average remaining lease term 7.7 years 8.7 years
Weighted-average discount rate 6.8% 6.8%
The following table shows supplemental cash flow information related to leases (in thousands).
Fiscal Years
2022 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 1,366  $ 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 1, 2023 (in thousands).
Operating lease
2023 $ 1,406 
2024 1,449 
2025 1,492 
2026 1,491 
2027 1,513 
Thereafter 4,262 
Total 11,613 
Less: imputed interest (2,756)
Present value of lease liabilities $ 8,857 
Prior Year Lease Disclosure under ASC 840
Under the legacy accounting guidance ASC 840, rent expense for the year ended December 31, 2020 was $1.4 million.