Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.4
Commitments and Contingencies (Tables)
 3 Months Ended
Dec. 27, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-cancellable Operating Leases Minimum Payments

As of December 27, 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  
2021 Base year lease     74       197       14       285       95  
2022 Base year lease     -       22       4       26       7  
Total base lease payments   $ 74     $ 219     $ 18     $ 311     $ 102  
2022-2026 Lease option-assumed exercise(2)                       -             1,312                    -       1,312          
Total lease payments   $ 74     $ 1,531     $ 18     $ 1,623          
Imputed interest on lease payments (1)     (1 )     (286 )     -       (287 )        
Total Operating Lease Liability(3)   $ 73     $ 1,245     $       18     $ 1,336          
                                         
Right-of-use Asset   $ 64     $ 1,230     $ 18     $ 1,312          

 

(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 predictability. See also Note 9, “Subsequent Events’.

 

(3) Short-term and Long-term portion of Operating Lease Liability is $345 thousand and $991 thousand, respectively.