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Note 8 - Leases

12 Months Ended

Dec. 29, 2024

Lessee, Operating and Finance Leases [Text Block]

NOTE 8 — LEASES

The Company's principal research and development and corporate facilities are leased office buildings located in the United States. These lease facilities are classified as operating leases. Operating leases generally have lease terms of 1 to 5 years. The Company's corporate facility is located at 2220 Lundy Avenue, San Jose, California, 95131, where the Company occupies approximately 24,164 square feet of space. The original five-year lease was entered into in February 2019 and has since been extended to June 14, 2027 under similar terms. Upon expiration, the Company has the ability to extend the term of the lease for an additional period of five years at a base rent equal to the prevailing market rent rate. Due to the Company's uncertainty in renewing the lease upon expiration, the option to renew is not included within the Company's measurement of the related ROU asset and operating lease liability. The Company's SensiML subsidiary in Beaverton, Oregon occupies approximately 925 square feet of space. The original four-year lease was entered into in April 2019 and on April 1, 2023, was extended to March 31, 2025 under similar terms. The Company maintains sales offices out of which it conducts sales and marketing activities in various countries outside of the United States. The sales offices are rented under short-term leases. Total rent expense was approximately $0.4 million for each of the years ended December 29, 2024, December 31, 2023, and January 1, 2023, respectively.

The following table provides the activity related to operating leases (in thousands):

	*December 29, 2024*		*December 31, 2023*
Operating lease costs:
Fixed	$	374	$	394
Short term		18		18
Total	$	392	$	412

Right-of-use assets obtained in exchange for obligations lease:
Operating leases	$	46	$	865
Total	$	46	$	865

The following table provides the details of supplemental cash flow information (in thousands):

	*December 29, 2024*		*December 31, 2023*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	378	$	421
Total	$	378	$	421

Non-cash ROU assets related to operating leases included in the operating cash flows for the fiscal year ended December 29, 2024 and December 31, 2023 were $269 thousand and $348 thousand, respectively.

The following table provides the details of ROU assets and lease liabilities (in thousands):

	*December 29, 2024*		*December 31, 2023*
Right-of-use assets:
Operating leases	$	758	$	981
Total	$	758	$	981
Lease liabilities:
Operating leases	$	731	$	983
Total	$	731	$	983

The following table provides the details of future lease payments for operating leases as of December 29, 2024 and (in thousands):

Annual Fiscal Years	*Operating*
2025	$	339
2026		349
2027		128
Total lease payments		816
Less: Interest		85
Present value of lease liabilities	$	731

The following table provides the details of lease terms and discount rates:

	*December 29, 2024*
ROU assets:
Weighted-average remaining lease term (years)
Operating leases		2.42
Weighted-average discount rates:
Operating leases		9.00	%