Leases

12 Months Ended

Mar. 28, 2021

Leases

Leases

Note 7. Lease

The Company is committed to making rental payments under non-cancelable operating leases covering various facilities and equipment. Our leases have remaining lease terms of 1 to 5 years, some of which include options to extend the leases for up to 5 years. Rent expense for fiscal years 2021, 2020 and 2019 totaled $3,453,500, $3,046,000, and $3,001,800, respectively.

The Company leases office space in Timonium, Maryland, where the Company’s sales, marketing and administrative offices are located. This space is nearby to the Company’s Global Logistics Center in Hunt Valley, Maryland. The Agreement of Lease expires on December 31, 2025. Monthly rent payments now range from $183,000 to $203,800 through the remaining lease term.

The Company also leases office and warehouse space in Hunt Valley, Maryland, adjacent to the Company’s Global Logistics Center, expiring on July 31, 2023. The Company has an ongoing annual option to terminate the lease. The monthly rental fee ranges from $40,500 to $43,000 through the remaining lease term.

Additional sales and marketing offices are located in additional leased office space in San Antonio, Texas.  This space is leased pursuant to a lease agreement expiring on October 31, 2021.  Monthly rent payments are $19,100 through the remaining lease term.

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

		As of March 28, 2021
Maturities of lease liabilities by fiscal year are as follow:
2022	$	3,164,000
2023		3,018,300
2024		2,725,700
2025		2,609,900
2026		1,987,600
Total		13,505,500
Less: present value discount		(2,008,500)
Present value of lease liabilities	$	11,497,000
Weighted-average discount rate:		3.9%
Weighted-average remaining lease term		4.5 years