Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

Commitments and Contingencies (Tables)

12 Months Ended

Sep. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Non-cancellable Operating Leases Minimum Payments

As of September 27, 2020, the remaining minimum base lease and estimated common area maintenance (CAM) payments under the non-cancelable office and facility space leases are as follows:

Non-cancellable Operating Leases Minimum Payments

				(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
2021 Base year lease		148			263			18			429			149
2022 Base year lease		-			22			5			27			7
Total base lease payments	$	148		$	285		$	23		$	456		$	156
2022-2026 Lease option-assumed exercise⁽²⁾		-			1,312			-			1,312
Total lease payments	$	148		$	1,597		$	23		$	1,768
Imputed interest on lease payments ⁽¹⁾		(3	)		(310	)		(1	)		(314	)
Total Operating Lease Liability⁽³⁾	$	145		$	1,287		$	22		$	1,454

Right-of-use Asset	$	126		$	1,268		$	22		$	1,416

(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 five-year options but believes the additional five-year option falls outside of the range of reasonable predictability.

(3) Short-term and Long-term portion of Operating Lease Liability is $417 thousand and $1,037 thousand, respectively.