Leases

9 Months Ended

Dec. 27, 2020

Leases

Leases

Note 9. 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:

		Nine Months Ended
		December 27, 2020
Operating lease expense	$	2,565,300
		As of December 27, 2020
Maturities of lease liabilities by fiscal year are as follow:
2021	$	809,200
2022		3,164,000
2023		3,018,300
2024		2,725,700
2025		2,609,900
Thereafter		1,987,600
Total		14,314,700
Less: present value discount		(2,190,100)
Present value of lease liabilities	$	12,124,600
Weighted-average discount rate:		3.9%
Weighted-average remaining lease term		4.7 years