Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.2
Commitments and Contingencies (Tables)
 9 Months Ended
Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-cancellable Operating Leases Minimum Payments

As of June 28, 2020, the remaining minimum lease and estimated CAM payments under the non-cancelable office and facility space leases are as follows:

 

Non-cancellable Operating Leases

 

    (Thousands)        
    Optex
Richardson		     Applied Optics
Center		     Office
Equipment		     Consolidated  
Fiscal Year   Facility
Lease
Payments		     Facility
Lease
Payments		     Lease
Payments		     Total Lease
Payments		     Total
Variable
CAM
Estimate		  
2020 Base year lease   $ 74     $ 64     $ 5     $ 143     $ 53  
2021 Base year lease     148       263       18       429       149  
2022 Base year lease     -       22       5       27       7  
Total base lease payments   $ 222     $ 349     $ 28     $ 599     $ 209  
2022-2026 Lease option-assumed exercise(2)     -       1,312       -       1,312          
Total lease payments   $ 222     $ 1,661     $ 28     $ 1,911          
Imputed interest on lease payments (1)     (6 )     (335 )     (2 )     (343 )        
Total Operating Lease Liability(3)   $ 216     $ 1,326     $ 26     $ 1,568          
                                         
Right-of-use Asset   $ 186     $ 1,305     $ 26     $ 1,517          

 

(1) Assumes a discount borrowing rate of 7.5%.

 

(2) Assumes only one of the two five year options are exercised. The Company believes it is reasonably certain to exercise the first of the two 5 year options but believes the additional 5 year option falls outside of the range of reasonable predicability.

 

(3) Short-term and Long-term portion of Operating Lease Liability is $485 thousand and $1,083 thousand, respectively.