Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

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Fair Value Measurements (Tables)
 12 Months Ended
Jan. 01, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables summarize the fair values of financial instruments measured at fair value on a recurring basis as of January 1, 2024 and January 2, 2023.

Items Measured at Fair Value at January 1, 2024 - Debt Instruments
(in thousands) Quoted prices in active market for identical assets (liabilities) (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Warrant liability —  182  — 
Total $ —  $ 182  $ — 
Items Measured at Fair Value at January 2, 2023
(in thousands) Quoted prices in active market for identical assets (liabilities) (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3)
Warrant liability $ 195 
Total $ —  $ 195  $ — 
Input Variable for Black-Scholes Model
The following table summarizes activity of RSUs and PSUs issued under the Plan during the year ended January 1, 2024:

Service Condition Performance Condition Market Condition
Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
 Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
 Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
Non-vested at January 2, 2023 162,000  $ 14.65  1,051,100  $ 12.62  232,500  $ 5.34 
Granted 330,960  1.30  496,000  1.19  —  — 
Vested (358,595) 5.25  (283,487) 13.66  (52,500) $ 6.40 
Forfeited (84,365) 1.59  (191,063) 5.85  (140,000) 5.38 
Non-vested at January 1, 2024
 50,000  $ 15.70  1,072,550  $ 8.27  40,000  3.37 
Performance Condition Service Condition
Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
 Restricted Stock Units
Weighted
Average
Grant Date
Fair Value
Non-vested at January 2, 2023 —  $ —  —  $ — 
Granted 700,000  $ 1.57  700,000  $ 1.57 
Vested —  —  —  — 
Forfeited —  —  —  — 
Non-vested at January 1, 2024
 700,000  $ 1.57  700,000  $ 1.57 
The input variables for the Black-Scholes are noted in the table below:
January 1, 2024 January 2, 2023
Risk-free interest rate 4.25  % 4.14  %
Expected life in years 2.0 3.0
Expected volatility 98.0  % 68.0  %
Expected dividend yield 0  % 0  %