Leases

3 Months Ended

Jun. 28, 2020

Leases

Leases

Note 8. Leases

The Company leases certain office spaces and equipment. Leases with an initial term of twelve months or less are not recorded on the balance sheet. The Company’s leases include rental payments adjusted for inflation. The right-of-use lease asset and lease liability are recorded on our Consolidated Balance Sheet.

Quantitative information regarding the Company’s leases is as follows:

		Three Months Ended
		June 28, 2020
Operating lease expense	$	871,900
		As of June 28, 2020
Maturities of lease liabilities by fiscal year are as follow:
2021	$	2,364,100
2022		3,164,000
2023		3,018,300
2024		2,725,700
2025		2,609,900
Thereafter		1,987,600
Total		15,869,600
Less: present value discount		(2,437,700)
Present value of lease liabilities	$	13,431,900
Weighted-average discount rate:		3.8%
Weighted-average remaining lease term		5.1 years