Uniroyal Global Engineered Products (UNIR) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Apr. 03, 2022	May 02, 2022
Document Information Line Items
Entity Registrant Name	UNIROYAL GLOBAL ENGINEERED PRODUCTS, INC.
Document Type	10-Q
Current Fiscal Year End Date	--01-02
Amendment Flag	false
Entity Central Index Key	0001172706
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Apr. 3, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-50081
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	65-1005398
Entity Address, Address Line One	1800 2nd Street
Entity Address, Address Line Two	Suite 970
Entity Address, City or Town	Sarasota
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34236
City Area Code	(941)
Local Phone Number	906-8580
Entity Interactive Data Current	Yes
Title of 12(b) Security	None
Common Class A [Member]
Document Information Line Items
Entity Common Stock, Shares Outstanding		3,412,186
Common Class B [Member]
Document Information Line Items
Entity Common Stock, Shares Outstanding		323,820

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 03, 2022	Jan. 02, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 324,499	$ 444,973
Accounts receivable, net	11,692,484	8,561,227
Inventories, net	24,142,917	21,840,404
Other current assets	2,503,150	2,196,322
Related party receivable	34,766	453
Total Current Assets	38,697,816	33,043,379
PROPERTY AND EQUIPMENT, NET	16,437,509	17,047,606
OPERATING LEASE RIGHT-OF-USE ASSETS, NET	5,367,004	5,626,542
OTHER ASSETS
Intangible assets	3,277,356	3,336,068
Goodwill	1,079,175	1,079,175
Other long-term assets	4,463,198	4,322,855
Total Other Assets	8,819,729	8,738,098
TOTAL ASSETS	69,322,058	64,455,625
CURRENT LIABILITIES
Checks issued in excess of bank balance	242,011	76,134
Lines of credit	21,443,596	17,816,919
Current maturities of long-term debt	3,489,646	2,365,905
Current maturities of finance lease liabilities	165,828	210,007
Accounts payable	11,379,971	8,959,467
Accrued expenses and other liabilities	3,829,926	3,658,612
Current maturities of related party finance lease liabilities	172,278	167,389
Current portion of postretirement benefit liability - health and life	169,749	169,749
Total Current Liabilities	40,893,005	33,424,182
LONG-TERM LIABILITIES
Long-term debt, less current portion	5,273,656	6,854,257
Finance lease liabilities, less current portion	21,288	36,372
Operating lease liabilities, less current portion	5,158,797	5,391,395
Related party finance lease liabilities, less current portion	2,300,866	2,344,239
Long-term debt to related parties	4,216,566	4,216,566
Postretirement benefit liability - health and life, less current portion	2,572,371	2,583,610
Other long-term liabilities	937,735	960,526
Total Long-Term Liabilities	20,481,279	22,386,965
Total Liabilities	61,374,284	55,811,147
STOCKHOLDERS' EQUITY
Preferred units, Series A UEP Holdings, LLC, 20,000,000 units authorized; 200,000 units issued and outstanding ($100 issue price)	617,571	617,571
Preferred units, Series B UEP Holdings, LLC, 15,000,000 units authorized; 150,000 units issued and outstanding ($100 issue price)	463,179	463,179
Preferred stock, Uniroyal Global (Europe) Limited, 50 shares issued and outstanding ($1.51 stated value)	75	75
Common stock, 95,000,000 shares authorized ($.001 par value) 3,736,006 shares issued and outstanding as of April 3, 2022 and January 2, 2022	3,736	3,736
Additional paid-in capital	35,290,590	35,290,590
Accumulated deficit	(27,004,546)	(26,459,190)
Accumulated other comprehensive loss	(1,422,831)	(1,271,483)
Total Stockholders' Equity	7,947,774	8,644,478
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 69,322,058	$ 64,455,625

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Apr. 03, 2022	Jan. 02, 2022
Preferred units, par value (in Dollars per share)	$ 1.51	$ 1.51
Preferred units, shares issued	50	50
Preferred units, shares outstanding	50	50
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	95,000,000	95,000,000
Common stock, shares issued	3,736,006	3,736,006
Common stock, shares outstanding	3,736,006	3,736,006
Series A Preferred Stock
Preferred units, par value (in Dollars per share)	$ 100	$ 100
Preferred units, shares issued	200,000	200,000
Preferred units, shares outstanding	200,000	200,000
Preferred units, shares authorized	20,000,000	20,000,000
Series B Preferred Stock
Preferred units, par value (in Dollars per share)	$ 100	$ 100
Preferred units, shares issued	150,000	150,000
Preferred units, shares outstanding	150,000	150,000
Preferred units, shares authorized	15,000,000	15,000,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Income Statement [Abstract]
NET SALES	$ 20,070,551	$ 21,896,001
COST OF GOODS SOLD	17,405,495	18,658,664
Gross Profit	2,665,056	3,237,337
OPERATING EXPENSES:
Selling	724,321	898,712
General and administrative	1,800,218	1,579,027
Research and development	389,108	327,458
Total Operating Expenses	2,913,647	2,805,197
Operating (Loss) Income	(248,591)	432,140
OTHER (EXPENSE) INCOME:
Interest expense	(438,508)	(403,746)
Funding from Paycheck Protection Program		838,864
Other (expense) income	(14,396)	206,304
Net Other (Expense) Income	(452,904)	641,422
(LOSS) INCOME BEFORE TAX (BENEFIT) PROVISION	(701,495)	1,073,562
TAX (BENEFIT) PROVISION	(156,139)	37,561
NET (LOSS) INCOME	(545,356)	1,036,001
Preferred stock dividend		(816,414)
NET (LOSS) INCOME ALLOCABLE TO COMMON SHAREHOLDERS	$ (545,356)	$ 219,587
(LOSS) EARNINGS PER COMMON SHARE:
Basic and Diluted (in Dollars per share)	$ (0.15)	$ 0.06
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic and Diluted (in Shares)	3,736,006	3,736,006

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Income Statement [Abstract]
NET (LOSS) INCOME	$ (545,356)	$ 1,036,001
OTHER COMPREHENSIVE (LOSS) INCOME:
Foreign currency translation adjustment	(151,348)	56,174
OTHER COMPREHENSIVE (LOSS) INCOME	(151,348)	56,174
COMPREHENSIVE (LOSS) INCOME	(696,704)	1,092,175
Preferred stock dividend		(816,414)
COMPREHENSIVE (LOSS) INCOME TO COMMON SHAREHOLDERS	$ (696,704)	$ 275,761

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	UEPH Series A	UEPH Series B	UGEL Preferred	Common Stock	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Total
Balance at Jan. 03, 2021	$ 617,571	$ 463,179	$ 75	$ 3,736	$ 35,290,590	$ (28,734,670)	$ (1,271,321)	$ 6,369,160
Balance (in Shares) at Jan. 03, 2021	200,000	150,000	50	3,736,006
Net income (loss)						1,036,001		1,036,001
Other comprehensive income (loss)							56,174	56,174
Preferred stock dividend						(816,414)		(816,414)
Balance at Apr. 04, 2021	$ 617,571	$ 463,179	$ 75	$ 3,736	35,290,590	(28,515,083)	(1,215,147)	6,644,921
Balance (in Shares) at Apr. 04, 2021	200,000	150,000	50	3,736,006
Balance at Jan. 02, 2022	$ 617,571	$ 463,179	$ 75	$ 3,736	35,290,590	(26,459,190)	(1,271,483)	8,644,478
Balance (in Shares) at Jan. 02, 2022	200,000	150,000	50	3,736,006
Net income (loss)						(545,356)		(545,356)
Other comprehensive income (loss)							(151,348)	(151,348)
Balance at Apr. 03, 2022	$ 617,571	$ 463,179	$ 75	$ 3,736	$ 35,290,590	$ (27,004,546)	$ (1,422,831)	$ 7,947,774
Balance (in Shares) at Apr. 03, 2022	200,000	150,000	50	3,736,006

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Statement of Cash Flows [Abstract]
Net (loss) income	$ (545,356)	$ 1,036,001
Adjustments to reconcile net (loss) income to net cash flows from operating activities:
Depreciation and amortization	569,138	619,375
Deferred tax (benefit) provision	(156,139)	37,062
Amortization of debt issuance costs	30,163	6,633
Loss on disposal of property and equipment	7,396	23,083
Funding from Paycheck Protection Program recognized as income		(838,864)
Deferred interest on loan from Main Street Lending Program		24,242
Noncash lease adjustment	23,391	24,060
Changes in assets and liabilities:
Accounts receivable	(3,290,761)	(3,048,143)
Inventories	(2,526,727)	(784,585)
Other current assets	(362,850)	(176,348)
Related party receivable	(34,313)	(29,366)
Other long-term assets	(1,914)	11,500
Accounts payable	2,543,264	1,032,380
Accrued expenses and other liabilities	236,696	280,844
Postretirement benefit liability - health and life	(11,239)	(12,508)
Cash used in operating activities	(3,519,251)	(1,794,634)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(186,177)	(202,778)
Payments on life insurance policies	(11,941)	(49,901)
Cash used in investing activities	(198,118)	(252,679)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in checks issued in excess of bank balance	165,877	(166,621)
Net advances on lines of credit	3,843,578	782,781
Payments on long-term debt	(347,642)	(314,631)
Proceeds from issuance of long-term debt - Paycheck Protection Program		2,000,000
Proceeds from issuance of long-term debt - other	38,290
Payments on finance lease liabilities	(59,262)	(72,812)
Payments on related party obligations	(38,483)	(34,302)
Cash provided by financing activities	3,602,358	2,194,415
Net change in cash and cash equivalents	(115,011)	147,102
Cash and cash equivalents - beginning of period	444,973	1,656,882
Effects of currency translation on cash and cash equivalents	(5,463)	16,520
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 324,499	$ 1,820,504

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Apr. 03, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	1. Basis of Presentation and Summary of Significant Accounting Policies Uniroyal Global Engineered Products, Inc. (the “Company,” “Uniroyal Global,” “we,” or “us”) owns all of the ownership interests in Uniroyal Engineered Products, LLC (“Uniroyal”), a U.S. manufacturer of textured coatings, and its holding company, UEP Holdings, LLC (“UEPH”), and all of the ordinary common stock of Uniroyal Global (Europe) Limited (“UGEL”) formerly known as Engineered Products Acquisition Limited (“EPAL”), the holding company for Uniroyal Global Limited (“UGL”) formerly Wardle Storeys (Earby) Limited (“Wardle Storeys”), a European manufacturer of textured coatings. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared based upon U.S. Securities and Exchange Commission rules that permit reduced disclosure for interim periods. Therefore, they do not include all information and footnote disclosures necessary for a complete presentation of the Company’s financial position, results of operations and cash flows, in conformity with generally accepted accounting principles. Uniroyal Global filed audited consolidated financial statements as of and for the fiscal years ended January 2, 2022 and January 3, 2021 which included all information and notes necessary for such complete presentation in conjunction with its 2021 Annual Report on Form 10-K. The results of operations for the interim period ended April 3, 2022 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended January 2, 2022, which are contained in the Company’s 2021 Annual Report on Form 10-K. The Company and its subsidiaries use a 52/53-week fiscal year ending on the Sunday nearest to December 31. The current year ending January 1, 2023 and the prior year ended January 2, 2022 are 52-week years. The Company’s U.K. subsidiaries use the calendar year end of December 31. The activity of the U.K. subsidiaries that occurs on the days that do not coincide with the Company’s year-end is not material. The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of April 3, 2022 and the results of operations, comprehensive (loss) income and cash flows for the interim periods ended April 3, 2022 and April 4, 2021. The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the U.S. dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s U.K.-based operations are measured using the British Pound Sterling as the functional currency. See Note 4 – “Foreign Currency Translation” for additional discussion. For purposes of comparability, certain reclassifications have been made to amounts previously reported to conform with the current period presentation. Significant Accounting Policies For a discussion of Uniroyal Global’s significant accounting policies, refer to Note 1 – “Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022. Coronavirus (COVID-19) Impact Update The coronavirus pandemic (“COVID-19”) and its related disruption of the supply chain has had an impact on markets the Company serves, its operations and liquidity. Since COVID-19 is a continually evolving situation, the Company cannot predict the long-term impact it will have on the economy or the Company’s business. The impact could have a material adverse effect on the Company’s financial position, results of operations and cash flows, which may require the Company to obtain additional financing. The Company continues to pursue supplementary cash flow opportunities, as discussed briefly below and in more detail in Notes 9 and 10. Through the Paycheck Protection Program (“PPP”) administered by the U.S. Small Business Administration (“SBA”) under the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”), the Company’s U.S. operations received $2,000,000 in March 2021 in funds from One Community Bank. The Company used all proceeds from the PPP loan for allowable expenses (as defined in the PPP loan) and applied for forgiveness of the PPP loan in accordance with the terms of the CARES Act. In August 2021, the Company was notified that all of its PPP Loan was forgiven. See Note 9 for further discussion. For the remaining nine months of fiscal year 2022 and the first three months of fiscal year 2023, the Company’s majority shareholder waived the interest expense and associated payments on the Company’s related party finance leases with him and the Company’s $2,000,000 senior subordinated promissory notes issued to him. See Note 10 for further discussion. In addition, executive officers of the Company agreed to a reduction in their salaries over the same time period. The total amount of cost savings will be approximately $731,000 for fiscal year 2022 and $244,000 for fiscal year 2023 which will provide additional liquidity to the Company. In addition, under amended documents that govern the preferred stock dividends, the preferred shareholders are no longer entitled to a quarterly dividend until such time as the Company declares a dividend payable. To preserve cash, quarterly preferred dividends were not declared on UEPH Series A and Series B preferred units and UGEL preferred stock during the three months ended April 3, 2022. Also to preserve cash, quarterly preferred dividend payments were deferred beginning with the three months ended December 29, 2019 through the three months ended April 4, 2021. Legal Proceedings In April 2021, a fine of £120,000 ($166,026) was imposed on the Company related to an incident in which an employee was injured in the course of his employment. At the end of the second quarter of 2021, the Company began making monthly payments for this fine in order to have it paid in full by the October 2022 due date. The accrual related to the fine was £46,856 ($61,543) and £69,356 ($93,484) as of April 3, 2022 and January 2, 2022, respectively, and was included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Noncash Transactions and Supple

Noncash Transactions and Supplemental Disclosure of Cash Flow Information	3 Months Ended
	Apr. 03, 2022
Supplemental Cash Flow Elements [Abstract]
Noncash Transactions and Supplemental Disclosure of Cash Flow Information	2. Noncash Transactions and Supplemental Disclosure of Cash Flow Information The following is supplemental disclosure of cash paid for the three months ended : April 3, 2022 April 4, 2021 Interest $ 439,424 $ 397,515

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Apr. 03, 2022
Fair Value Of Financial Instruments
Fair Value of Financial Instruments	3. Fair Value of Financial Instruments The Company’s short-term financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and lines of credit. The Company adjusts the carrying value of financial instruments denominated in other currencies such as cash, accounts receivable, accounts payable and lines of credit using the appropriate exchange rates at the balance sheet date. The Company believes that the carrying values of these short-term financial instruments approximate their estimated fair values. The fair value of the Company’s long-term debt is estimated based on current rates for similar instruments with the same remaining maturities. In determining the current interest rates for similar instruments, the Company takes into account its risk of nonperformance. The Company believes that the carrying value of its long-term debt approximates its estimated fair value. For the three months ended April 3, 2022, there have been no changes in the application of valuation methods applied to similar assets and liabilities.

Foreign Currency Translation

Foreign Currency Translation	3 Months Ended
	Apr. 03, 2022
Foreign Currency Translation [Abstract]
Foreign Currency Translation	4. Foreign Currency Translation The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of operations denominated in foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, while the capital accounts are translated at the historical rate for the date they were recognized. Revenues and expenses are translated at the weighted average exchange rates during the year. The resulting translation gains and losses on assets and liabilities are recorded in accumulated other comprehensive loss and are excluded from net income until realized through a sale or liquidation of the foreign subsidiaries. Transaction gains and losses generated from the remeasurement of assets and liabilities denominated in currencies other than the functional currency of the Company’s foreign operations are included in other (expense) income in the accompanying consolidated statements of operations.

Inventories

Inventories	3 Months Ended
	Apr. 03, 2022
Inventory Disclosure [Abstract]
Inventories	5. Inventories Inventories consist of the following: April 3, 2022 January 2, 2022 Raw materials $ 7,325,007 $ 7,595,155 Work-in-process 6,769,864 5,501,493 Finished goods 12,359,676 11,043,667 26,454,547 24,140,315 Less: Allowance for inventory obsolescence (2,311,630 ) (2,299,911 ) Total Inventories, net $ 24,142,917 $ 21,840,404

Other Long-term Assets

Other Long-term Assets	3 Months Ended
	Apr. 03, 2022
Other Assets, Noncurrent [Abstract]
Other Long-Term Assets	6. Other Long-term Assets Other long-term assets consist of the following: April 3, 2022 January 2, 2022 Deferred tax asset, net $ 3,422,999 $ 3,264,876 Life insurance policies, net of policy loans 392,230 380,289 Debt issuance costs 250,816 281,049 Other 397,153 396,641 Total Other Long-term Assets $ 4,463,198 $ 4,322,855

Other Long-term Liabilities

Other Long-term Liabilities	3 Months Ended
	Apr. 03, 2022
Other Liabilities, Noncurrent [Abstract]
Other Long-term Liabilities	7. Other Long-term Liabilities Other long-term liabilities consist of the following: April 3, 2022 January 2, 2022 Deferred tax liability $ 934,472 $ 957,263 Other 3,263 3,263 Total Other Long-term Liabilities $ 937,735 $ 960,526

Lines of Credit

Lines of Credit	3 Months Ended
	Apr. 03, 2022
Line of Credit Facility [Abstract]
Lines of Credit	8. Lines of Credit The Company’s Uniroyal subsidiary has available a $15,000,000 revolving line of credit financing agreement with Wells Fargo Capital Finance, LLC (“Uniroyal Line of Credit”), which matures on June 15, 2023. Interest is payable monthly at the Eurodollar rate plus 2.25% or Wells Fargo Capital Finance, LLC's prime rate (“WF Prime”) at the Company's election on outstanding balances up to $6,000,000 and WF Prime on amounts in excess of $6,000,000. The line of credit weighted average interest rate including unused facility fees was approximately 3.41% as of April 3, 2022. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable, inventories and equipment. The line of credit is secured by substantially all of Uniroyal's assets and includes certain financial and restrictive covenants. The Company was in compliance with these covenants as of April 3, 2022. The outstanding balance on the Uniroyal Line of Credit was $12,635,149 and $11,400,409 as of April 3, 2022 and January 2, 2022, respectively. The Company has classified the outstanding balance on the line of credit within current liabilities in the accompanying consolidated balance sheets. Based upon eligible accounts receivable, inventories and equipment at April 3, 2022, the Uniroyal Line of Credit provided additional availability of approximately $394,000 and, combined with its total cash balance of $111,728, Uniroyal had liquidity of approximately $506,000 as of April 3, 2022. UGL has available an £11,000,000 (approximately $14.4 million) revolving line of credit financing agreement with PNC Business Credit (‘‘UGL Line of Credit”), which is subject to a three-month notice by either party after a minimum term of three years. Interest is payable monthly at the Bank of England Base Rate (“BoE Base”) plus 2.25%-3.00%. The line of credit weighted average interest rate was approximately 2.72% as of April 3, 2022. Borrowings on the line of credit are subject to the underlying borrowing base specified in the agreement. The underlying borrowing base is currently determined based upon eligible accounts receivable and inventories. The line of credit is secured by substantially all of UGL’s assets and includes certain financial and restrictive covenants. The Company was in compliance with these covenants as of April 3, 2022 except for the ratio of Earnings before interest, taxes, depreciation and amortization (“EBITDA”) to debt service charges, which was less than the required minimum of 1.15 to 1. PNC Business Credit is in the process of reviewing an amendment to revise the covenant calculation to more closely align with the current business environment. The outstanding balance on the UGL Line of Credit was £6,706,359 and £4,760,432 ($8,808,447 and $6,416,510) as of April 3, 2022 and January 2, 2022, respectively. The Company has classified the outstanding balance on the line of credit within current liabilities in the accompanying consolidated balance sheets. Based upon eligible accounts receivable and inventories at April 3, 2022, the UGL Line of Credit provided additional availability of approximately $121,000 and, combined with its total cash balance of $205,067, UGL had liquidity of approximately $326,000 as of April 3, 2022.

Long-term Debt

Long-term Debt	3 Months Ended
	Apr. 03, 2022
Debt Disclosure [Abstract]
Long-term Debt	9. Long-term Debt Long-term debt consists of the following: Interest Rate April 3, 2022 January 2, 2022 Notes Payable Wells Fargo Capital Finance, LLC WF Prime $ 366,567 $ 471,299 Automotive lenders 0.0% 3,538,929 3,631,715 Wells Fargo Capital Finance, LLC LIBOR+3.00% 2,508,800 2,508,800 6,414,296 6,611,814 Equipment Financing Obligations Regents Capital Corporation 6.20%-7.36% 294,578 339,859 PNC Business Credit BoE Base + 3.00% 2,054,428 2,268,489 2,349,006 2,608,348 Total 8,763,302 9,220,162 Less: Current portion (3,489,646 ) (2,365,905 ) Long-term portion $ 5,273,656 $ 6,854,257 Paycheck Protection Program Loan In March 2021, the Company’s U.S. operations received $2,000,000 in funds from One Community Bank through the PPP administered by the U.S. Small Business Administration under the Coronavirus Aid, Relief, and Economic Security Act. The $2,000,000 loan was scheduled to mature in March 2026 and bore an interest rate of 1.0%. The loan may be prepaid at any time prior to maturity with no prepayment penalties. All or a portion of the loan may be forgiven by the SBA for costs the Company incurred for payroll, rent, utilities and all other allowable expenses during the 24-week period that began March 1, 2021. The Company used all proceeds from the loan to maintain payroll and make payments for lease, utility and other allowable expenses. In accordance with International Accounting Standards (“IAS”) 20, “Accounting for Government Grants and Disclosure of Government Assistance,” the Company recognized the funding from the PPP as grant income of $838,864 for the three months ended April 4, 2021. This amount is included as a component of net other (expense) income in the consolidated statement of operations for the three months ended April 4, 2021. In August 2021, the Company was notified by the SBA that all of its PPP Loan was forgiven.

Related Party Obligations

Related Party Obligations	3 Months Ended
	Apr. 03, 2022
Related Party Obligations
Related Party Obligations	10. Related Party Obligations Long-term debt to related parties consists of the following: Interest Rate April 3, 2022 January 2, 2022 Senior subordinated promissory notes 9.25% $ 2,000,000 $ 2,000,000 Senior secured promissory note 10.00% 765,655 765,655 Subordinated secured promissory note 8.00% 225,000 225,000 Subordinated secured promissory note 0.00% 1,225,911 1,225,911 Long-term debt to related parties $ 4,216,566 $ 4,216,566 The above notes were issued to the Company’s majority shareholder. The first three notes above were amended on March 25, 2022 to change the maturity date to January 15, 2024. No other terms of the notes were changed. Interest expense on these notes was $79,616 and $95,033 for the three months ended April 3, 2022 and April 4, 2021, respectively. Accrued interest of $23,367 and $23,786 related to these notes was included in accrued expenses and other liabilities in the accompanying consolidated balance sheets as of April 3, 2022 and January 2, 2022, respectively. The Company has finance leases under which it leases its main U.S. manufacturing facility and certain other property from a related party lessor entity, owned by the Company’s majority shareholder. These related party finance leases expire at various dates from October 2023 through October 2033. Related party finance leases are included in property and equipment, net, current maturities of related party finance lease liabilities, and related party finance lease liabilities, less current portion in the accompanying consolidated balance sheets. There were no new right-of-use assets obtained in exchange for related party finance lease obligations for the three months ended April 3, 2022 and April 4, 2021. The Company has security deposits aggregating $267,500 held by the lessor entity. The components of lease expense for the related party finance leases for the three months ended April 3, 2022 and April 4, 2021 are as follows: Three Months Ended April 3, 2022 April 4, 2021 Finance lease expense: Amortization of right-of-use assets $ 41,794 $ 41,794 Interest on lease liabilities 100,130 103,299 Total finance lease expense $ 141,924 $ 145,093 Cash paid for amounts included in the measurement of related party finance lease liabilities for the three months ended April 3, 2022 and April 4, 2021 are as follows: Three Months Ended April 3, 2022 April 4, 2021 Operating cash flows from finance leases $ 100,130 $ 103,299 Financing cash flows from finance leases $ 38,483 $ 34,302 Supplemental balance sheet and other information regarding related party finance leases are as follows: April 3, 2022 January 2, 2022 Finance leases: Property and equipment, net $ 1,831,710 $ 1,873,504 Current maturities of finance lease liabilities $ 172,278 $ 167,389 Finance lease liabilities, less current portion 2,300,866 2,344,239 Total finance lease liabilities $ 2,473,144 $ 2,511,628 Weighted average remaining lease term 10.3 years 10.5 years Weighted average discount rate 16.93 % 16.95 % Maturities of related party finance lease liabilities as of April 3, 2022 are as follows: Totals Due in one year or less $ 196,672 Due after one year through two years 523,777 Due after two years through three years 469,141 Due after three years through four years 473,329 Due after four years through five years 477,558 Thereafter 2,994,916 Total lease payments 5,135,393 Less: Interest (2,662,249 ) Total related party finance lease liabilities $ 2,473,144 The lower amount that is due in one year or less in the above table reflects the interest expense that was waived by the Company’s majority shareholder for the remaining nine months of fiscal year 2022 and the first three months of fiscal year 2023. The Company’s majority shareholder also waived the interest expense on the $2,000,000 senior subordinated promissory notes over the same time period. The total amount of cost savings will be approximately $446,000 for fiscal year 2022 and $148,000 for fiscal year 2023.

Leases

Leases	3 Months Ended
	Apr. 03, 2022
Leases [Abstract]
Leases	11. Leases The Company has operating leases for equipment and office facilities and finance leases for equipment. These leases expire at various dates from April 2022 through March 2039. Operating leases are included in operating lease right-of-use assets, net, accrued expenses and other liabilities, and operating lease liabilities, less current portion in the accompanying consolidated balance sheets. Finance leases are included in property and equipment, net, current maturities of finance lease liabilities, and finance lease liabilities, less current portion in the accompanying consolidated balance sheets. There were no new right-of-use assets obtained in exchange for lease obligations for the three months ended April 3, 2022 and April 4, 2021. The components of lease expense for the three months ended April 3, 2022 and April 4, 2021 are as follows: Three Months Ended April 3, 2022 April 4, 2021 Operating lease expense $ 240,647 $ 253,945 Finance lease expense: Amortization of right-of-use assets $ 15,961 $ 24,982 Interest on lease liabilities 2,678 5,267 Total finance lease expense $ 18,639 $ 30,249 Cash paid for amounts included in the measurement of lease liabilities for the three months ended April 3, 2022 and April 4, 2021 are as follows: Three Months Ended April 3, 2022 April 4, 2021 Operating cash flows from operating leases $ 235,697 $ 292,219 Operating cash flows from finance leases $ 2,678 $ 5,267 Financing cash flows from finance leases $ 59,262 $ 72,812 Supplemental balance sheet and other information related to operating leases are as follows: April 3, 2022 January 2, 2022 Operating leases: Operating lease right-of-use assets, net $ 5,367,004 $ 5,626,542 Operating lease liabilities, current portion (1) $ 410,282 $ 419,001 Operating lease liabilities, less current portion 5,158,797 5,391,395 Total operating lease liabilities $ 5,569,079 $ 5,810,396 Weighted average remaining lease term 15.48 years 15.54 years Weighted average discount rate 7.37 % 7.35 % (1) Included in accrued expenses and other liabilities in the consolidated balance sheets. Supplemental balance sheet and other information related to finance leases are as follows: April 3, 2022 January 2, 2022 Finance leases: Property and equipment, net $ 895,872 $ 911,833 Current maturities of finance lease liabilities $ 165,828 $ 210,007 Finance lease liabilities, less current portion 21,288 36,372 Total finance lease liabilities $ 187,116 $ 246,379 Weighted average remaining lease term 0.96 years 1.14 years Weighted average discount rate 4.87 % 4.75 % Maturities of operating and finance lease liabilities as of April 3, 2022 are as follows: Operating Leases Finance Leases Due in one year or less $ 808,424 $ 170,533 Due after one year through two years 591,404 15,505 Due after two years through three years 512,045 3,262 Due after three years through four years 512,045 3,000 Due after four years through five years 512,045 1,251 Thereafter 6,880,865 - Total lease payments 9,816,828 193,551 Less: Interest (4,247,749 ) (6,435 ) Total lease liabilities $ 5,569,079 $ 187,116

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Apr. 03, 2022
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Loss	12. Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss for the three months ended April 3, 2022 and April 4, 2021 were as follows: Minimum Foreign Currency Total Balance at January 3, 2021 $ (154,662 ) $ (1,116,659 ) $ (1,271,321 ) Other comprehensive income - 56,174 56,174 Balance at April 4, 2021 $ (154,662 ) $ (1,060,485 ) $ (1,215,147 ) Balance at January 2, 2022 $ (77,138 ) $ (1,194,345 ) $ (1,271,483 ) Other comprehensive loss - (151,348 ) (151,348 ) Balance at April 3, 2022 $ (77,138 ) $ (1,345,693 ) $ (1,422,831 )

(Loss) Income per Common Share

(Loss) Income per Common Share	3 Months Ended
	Apr. 03, 2022
Earnings Per Share [Abstract]
(Loss) Income per Common Share	13. (Loss) Income per Common Share Due to the net loss allocable to common shareholders for the three months ended April 3, 2022, the calculations of basic and diluted loss per share were the same since including options (as provided under the Company’s 2015 Stock Option Plan) to purchase shares of the Company’s common stock in the calculation of diluted loss per share would have been anti-dilutive. However, if diluted earnings per share had been reported for the three months ended April 3, 2022, the calculation would have excluded options to purchase 124,050 shares of common stock because the options’ weighted average exercise price of $14.05 per share was greater than the average market price of the common shares. The calculation of diluted earnings per share for the three months ended April 4, 2021 excluded options to purchase 139,300 shares of common stock because the options’ weighted average exercise price of $14.02 per share was greater than the average market price of the common shares.

Revenue

Revenue	3 Months Ended
	Apr. 03, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Revenue	14. Revenue The Company recognizes revenue and related accounts receivable when obligations under the terms of a contract with a customer are satisfied, which includes the control of products transferring to the customer. For Uniroyal, this generally occurs when products are shipped and, for UGL, this generally occurs when the customer accepts delivery either at the Company’s U.K. facility or at a mutually agreed upon location. Revenue is measured as the amount of consideration the Company expects to receive in exchange for products transferred to the customer. The following table sets forth revenue disaggregated by the Company’s automotive and industrial sectors Three Months Ended April 3, 2022 April 4, 2021 Revenue by sector: Automotive $ 11,917,231 $ 14,022,402 Industrial 8,153,320 7,873,599 Total Revenue $ 20,070,551 $ 21,896,001 The following table sets forth revenue disaggregated by the geographic locations of the Company’s customers Three Months Ended April 3, 2022 April 4, 2021 Revenue by customer location: North America $ 10,249,943 $ 10,166,297 Europe 8,297,226 10,303,440 Asia 1,034,131 1,281,196 Other 489,251 145,068 Total Revenue $ 20,070,551 $ 21,896,001

Subsequent Events

Subsequent Events	3 Months Ended
	Apr. 03, 2022
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events The Company has evaluated subsequent events occurring through May 13, 2022 for events requiring recording or disclosure in the April 3, 2022 consolidated financial statements. There were no material events or transactions occurring during this period requiring recognition or disclosure.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Apr. 03, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared based upon U.S. Securities and Exchange Commission rules that permit reduced disclosure for interim periods. Therefore, they do not include all information and footnote disclosures necessary for a complete presentation of the Company’s financial position, results of operations and cash flows, in conformity with generally accepted accounting principles. Uniroyal Global filed audited consolidated financial statements as of and for the fiscal years ended January 2, 2022 and January 3, 2021 which included all information and notes necessary for such complete presentation in conjunction with its 2021 Annual Report on Form 10-K. The results of operations for the interim period ended April 3, 2022 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended January 2, 2022, which are contained in the Company’s 2021 Annual Report on Form 10-K. The Company and its subsidiaries use a 52/53-week fiscal year ending on the Sunday nearest to December 31. The current year ending January 1, 2023 and the prior year ended January 2, 2022 are 52-week years. The Company’s U.K. subsidiaries use the calendar year end of December 31. The activity of the U.K. subsidiaries that occurs on the days that do not coincide with the Company’s year-end is not material. The accompanying unaudited interim consolidated financial statements contain all adjustments (consisting of normal recurring items) which are, in the opinion of management, necessary for a fair presentation of the Company’s financial position as of April 3, 2022 and the results of operations, comprehensive (loss) income and cash flows for the interim periods ended April 3, 2022 and April 4, 2021. The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the U.S. dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s U.K.-based operations are measured using the British Pound Sterling as the functional currency. See Note 4 – “Foreign Currency Translation” for additional discussion. For purposes of comparability, certain reclassifications have been made to amounts previously reported to conform with the current period presentation.
Significant Accounting Policies	Significant Accounting Policies For a discussion of Uniroyal Global’s significant accounting policies, refer to Note 1 – “Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2022.
Coronavirus (COVID-19) Impact Update	Coronavirus (COVID-19) Impact Update The coronavirus pandemic (“COVID-19”) and its related disruption of the supply chain has had an impact on markets the Company serves, its operations and liquidity. Since COVID-19 is a continually evolving situation, the Company cannot predict the long-term impact it will have on the economy or the Company’s business. The impact could have a material adverse effect on the Company’s financial position, results of operations and cash flows, which may require the Company to obtain additional financing. The Company continues to pursue supplementary cash flow opportunities, as discussed briefly below and in more detail in Notes 9 and 10. Through the Paycheck Protection Program (“PPP”) administered by the U.S. Small Business Administration (“SBA”) under the Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”), the Company’s U.S. operations received $2,000,000 in March 2021 in funds from One Community Bank. The Company used all proceeds from the PPP loan for allowable expenses (as defined in the PPP loan) and applied for forgiveness of the PPP loan in accordance with the terms of the CARES Act. In August 2021, the Company was notified that all of its PPP Loan was forgiven. See Note 9 for further discussion. For the remaining nine months of fiscal year 2022 and the first three months of fiscal year 2023, the Company’s majority shareholder waived the interest expense and associated payments on the Company’s related party finance leases with him and the Company’s $2,000,000 senior subordinated promissory notes issued to him. See Note 10 for further discussion. In addition, executive officers of the Company agreed to a reduction in their salaries over the same time period. The total amount of cost savings will be approximately $731,000 for fiscal year 2022 and $244,000 for fiscal year 2023 which will provide additional liquidity to the Company. In addition, under amended documents that govern the preferred stock dividends, the preferred shareholders are no longer entitled to a quarterly dividend until such time as the Company declares a dividend payable. To preserve cash, quarterly preferred dividends were not declared on UEPH Series A and Series B preferred units and UGEL preferred stock during the three months ended April 3, 2022. Also to preserve cash, quarterly preferred dividend payments were deferred beginning with the three months ended December 29, 2019 through the three months ended April 4, 2021.
Legal Proceedings	Legal Proceedings In April 2021, a fine of £120,000 ($166,026) was imposed on the Company related to an incident in which an employee was injured in the course of his employment. At the end of the second quarter of 2021, the Company began making monthly payments for this fine in order to have it paid in full by the October 2022 due date. The accrual related to the fine was £46,856 ($61,543) and £69,356 ($93,484) as of April 3, 2022 and January 2, 2022, respectively, and was included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

Noncash Transactions and Supp_2

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Apr. 03, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosure of cash paid	April 3, 2022 April 4, 2021 Interest $ 439,424 $ 397,515

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 03, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	April 3, 2022 January 2, 2022 Raw materials $ 7,325,007 $ 7,595,155 Work-in-process 6,769,864 5,501,493 Finished goods 12,359,676 11,043,667 26,454,547 24,140,315 Less: Allowance for inventory obsolescence (2,311,630 ) (2,299,911 ) Total Inventories, net $ 24,142,917 $ 21,840,404

Other Long-term Assets (Tables)

Other Long-term Assets (Tables)	3 Months Ended
	Apr. 03, 2022
Other Assets, Noncurrent [Abstract]
Schedule of Other Long-term Assets	April 3, 2022 January 2, 2022 Deferred tax asset, net $ 3,422,999 $ 3,264,876 Life insurance policies, net of policy loans 392,230 380,289 Debt issuance costs 250,816 281,049 Other 397,153 396,641 Total Other Long-term Assets $ 4,463,198 $ 4,322,855

Other Long-term Liabilities (Ta

Other Long-term Liabilities (Tables)	3 Months Ended
	Apr. 03, 2022
Other Liabilities, Noncurrent [Abstract]
Schedule of Other Long-term Liabilities	April 3, 2022 January 2, 2022 Deferred tax liability $ 934,472 $ 957,263 Other 3,263 3,263 Total Other Long-term Liabilities $ 937,735 $ 960,526

Long-term Debt (Tables)

Long-term Debt (Tables)	3 Months Ended
	Apr. 03, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt	Interest Rate April 3, 2022 January 2, 2022 Notes Payable Wells Fargo Capital Finance, LLC WF Prime $ 366,567 $ 471,299 Automotive lenders 0.0% 3,538,929 3,631,715 Wells Fargo Capital Finance, LLC LIBOR+3.00% 2,508,800 2,508,800 6,414,296 6,611,814 Equipment Financing Obligations Regents Capital Corporation 6.20%-7.36% 294,578 339,859 PNC Business Credit BoE Base + 3.00% 2,054,428 2,268,489 2,349,006 2,608,348 Total 8,763,302 9,220,162 Less: Current portion (3,489,646 ) (2,365,905 ) Long-term portion $ 5,273,656 $ 6,854,257

Related Party Obligations (Tabl

Related Party Obligations (Tables) - Related party [Member]	3 Months Ended
	Apr. 03, 2022
Related Party Obligations (Tables) [Line Items]
Schedule of Long-term Debt to Related Parties	Interest Rate April 3, 2022 January 2, 2022 Senior subordinated promissory notes 9.25% $ 2,000,000 $ 2,000,000 Senior secured promissory note 10.00% 765,655 765,655 Subordinated secured promissory note 8.00% 225,000 225,000 Subordinated secured promissory note 0.00% 1,225,911 1,225,911 Long-term debt to related parties $ 4,216,566 $ 4,216,566
Schedule of Components of Lease Expense	Three Months Ended April 3, 2022 April 4, 2021 Finance lease expense: Amortization of right-of-use assets $ 41,794 $ 41,794 Interest on lease liabilities 100,130 103,299 Total finance lease expense $ 141,924 $ 145,093
Schedule of Measurement of Related Party Finance Lease Liabilities	Three Months Ended April 3, 2022 April 4, 2021 Operating cash flows from finance leases $ 100,130 $ 103,299 Financing cash flows from finance leases $ 38,483 $ 34,302
Schedule of Supplemental Information Related to Finance Leases	April 3, 2022 January 2, 2022 Finance leases: Property and equipment, net $ 1,831,710 $ 1,873,504 Current maturities of finance lease liabilities $ 172,278 $ 167,389 Finance lease liabilities, less current portion 2,300,866 2,344,239 Total finance lease liabilities $ 2,473,144 $ 2,511,628 Weighted average remaining lease term 10.3 years 10.5 years Weighted average discount rate 16.93 % 16.95 %
Schedule of Maturities of Related Party Finance Lease Liabilities	Totals Due in one year or less $ 196,672 Due after one year through two years 523,777 Due after two years through three years 469,141 Due after three years through four years 473,329 Due after four years through five years 477,558 Thereafter 2,994,916 Total lease payments 5,135,393 Less: Interest (2,662,249 ) Total related party finance lease liabilities $ 2,473,144

Leases (Tables)

Leases (Tables)	3 Months Ended
	Apr. 03, 2022
Leases [Abstract]
Schedule of Operating Lease Expense	Three Months Ended April 3, 2022 April 4, 2021 Operating lease expense $ 240,647 $ 253,945 Finance lease expense: Amortization of right-of-use assets $ 15,961 $ 24,982 Interest on lease liabilities 2,678 5,267 Total finance lease expense $ 18,639 $ 30,249
Schedule of Cash Paid for Lease Liabilities	Three Months Ended April 3, 2022 April 4, 2021 Operating cash flows from operating leases $ 235,697 $ 292,219 Operating cash flows from finance leases $ 2,678 $ 5,267 Financing cash flows from finance leases $ 59,262 $ 72,812
Schedule of Supplemental Information Related to Operating Leases	April 3, 2022 January 2, 2022 Operating leases: Operating lease right-of-use assets, net $ 5,367,004 $ 5,626,542 Operating lease liabilities, current portion (1) $ 410,282 $ 419,001 Operating lease liabilities, less current portion 5,158,797 5,391,395 Total operating lease liabilities $ 5,569,079 $ 5,810,396 Weighted average remaining lease term 15.48 years 15.54 years Weighted average discount rate 7.37 % 7.35 % (1) Included in accrued expenses and other liabilities in the consolidated balance sheets.
Schedule of Supplemental Information Related to Finance Leases	April 3, 2022 January 2, 2022 Finance leases: Property and equipment, net $ 895,872 $ 911,833 Current maturities of finance lease liabilities $ 165,828 $ 210,007 Finance lease liabilities, less current portion 21,288 36,372 Total finance lease liabilities $ 187,116 $ 246,379 Weighted average remaining lease term 0.96 years 1.14 years Weighted average discount rate 4.87 % 4.75 %
Schedule of Maturities of Lease Liabilities	Operating Leases Finance Leases Due in one year or less $ 808,424 $ 170,533 Due after one year through two years 591,404 15,505 Due after two years through three years 512,045 3,262 Due after three years through four years 512,045 3,000 Due after four years through five years 512,045 1,251 Thereafter 6,880,865 - Total lease payments 9,816,828 193,551 Less: Interest (4,247,749 ) (6,435 ) Total lease liabilities $ 5,569,079 $ 187,116

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Apr. 03, 2022
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Minimum Foreign Currency Total Balance at January 3, 2021 $ (154,662 ) $ (1,116,659 ) $ (1,271,321 ) Other comprehensive income - 56,174 56,174 Balance at April 4, 2021 $ (154,662 ) $ (1,060,485 ) $ (1,215,147 ) Balance at January 2, 2022 $ (77,138 ) $ (1,194,345 ) $ (1,271,483 ) Other comprehensive loss - (151,348 ) (151,348 ) Balance at April 3, 2022 $ (77,138 ) $ (1,345,693 ) $ (1,422,831 )

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 03, 2022
Revenue Recognition and Deferred Revenue [Abstract]
Schedule of Revenue Disaggregated by Automotive and Industrial Sectors	Three Months Ended April 3, 2022 April 4, 2021 Revenue by sector: Automotive $ 11,917,231 $ 14,022,402 Industrial 8,153,320 7,873,599 Total Revenue $ 20,070,551 $ 21,896,001
Schedule of Revenue Disaggregated by Geographic Location	Three Months Ended April 3, 2022 April 4, 2021 Revenue by customer location: North America $ 10,249,943 $ 10,166,297 Europe 8,297,226 10,303,440 Asia 1,034,131 1,281,196 Other 489,251 145,068 Total Revenue $ 20,070,551 $ 21,896,001

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Apr. 03, 2022USD ($)	Jan. 02, 2023USD ($)	Apr. 03, 2022GBP (£)	Jan. 02, 2022USD ($)	Jan. 02, 2022GBP (£)	Mar. 31, 2021USD ($)
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Senior subordinated promissory notes	$ 2,000,000
Cost of savings				$ 731,000
Forecast [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Cost of savings		$ 244,000
COVID-19 [Member] | Second Draw P P P Loan [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Proceeds from loan						$ 2,000,000
Health And Safety Executive [Member]
Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Fees imposed	166,026		£ 120,000
Estimated amount of fine to be imposed under legal advice	$ 61,543		£ 46,856	$ 93,484	£ 69,356

Noncash Transactions and Supp_3

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Details) - Schedule of supplemental disclosure of cash paid - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Schedule of supplemental disclosure of cash paid [Abstract]
Interest	$ 439,424	$ 397,515

Inventories (Details) - Schedul

Inventories (Details) - Schedule of inventories - USD ($)	Apr. 03, 2022	Jan. 02, 2022
Schedule of inventories [Abstract]
Raw materials	$ 7,325,007	$ 7,595,155
Work-in-process	6,769,864	5,501,493
Finished goods	12,359,676	11,043,667
Inventories, gross	26,454,547	24,140,315
Less: Allowance for inventory obsolescence	(2,311,630)	(2,299,911)
Total Inventories, net	$ 24,142,917	$ 21,840,404

Other Long-term Assets (Details

Other Long-term Assets (Details) - Schedule of other long-term assets - USD ($)	Apr. 03, 2022	Jan. 02, 2022
Schedule of other long-term assets [Abstract]
Deferred tax asset, net	$ 3,422,999	$ 3,264,876
Life insurance policies, net of policy loans	392,230	380,289
Debt issuance costs	250,816	281,049
Other	397,153	396,641
Total Other Long-term Assets	$ 4,463,198	$ 4,322,855

Other Long-term Liabilities (De

Other Long-term Liabilities (Details) - Schedule of other long-term liabilities - USD ($)	Apr. 03, 2022	Jan. 02, 2022
Schedule of other long-term liabilities [Abstract]
Deferred tax liability	$ 934,472	$ 957,263
Other	3,263	3,263
Total Other Long-term Liabilities	$ 937,735	$ 960,526

Lines of Credit (Details)

Lines of Credit (Details)	3 Months Ended
	Apr. 03, 2022USD ($)	Apr. 03, 2022GBP (£)	Jan. 02, 2022USD ($)	Jan. 02, 2022GBP (£)
Wells Fargo Capital Finance LLC [Member]
Lines of Credit (Details) [Line Items]
Credit Instrument Maturity Date	Jun. 15, 2023
Line of credit maximum amount	$ 15,000,000
Line of credit interest rate description	Interest is payable monthly at the Eurodollar rate plus 2.25% or Wells Fargo Capital Finance, LLC's prime rate (“WF Prime”) at the Company's election on outstanding balances up to $6,000,000 and WF Prime on amounts in excess of $6,000,000.
Facility fees	3.41%	3.41%
Line of credit outstanding	$ 12,635,149		$ 11,400,409
Line of Credit provided additional availability	394,000
Total cash balance	111,728
Line of credit liquidity amount	506,000
New Ugl Line Of Credit [Member]
Lines of Credit (Details) [Line Items]
Line of credit maximum amount	$ 14,400,000
Line of credit interest rate description	Interest is payable monthly at the Bank of England Base Rate (“BoE Base”) plus 2.25%-3.00%.
New Ugl Line Of Credit [Member] | Ugl [Member]
Lines of Credit (Details) [Line Items]
Line of credit maximum amount | £		£ 11,000,000
Line of credit term	3 years
Lloyds Bank Commercial Finance Limited [Member] | Wardle Storeys [Member]
Lines of Credit (Details) [Line Items]
Line of credit outstanding	$ 4,760,432	£ 6,706,359	$ 6,416,510	£ 8,808,447
Line of Credit provided additional availability	121,000
Total cash balance	205,067
Line of credit liquidity amount	$ 326,000

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	3 Months Ended
	Apr. 04, 2021	Mar. 31, 2021
Long-term Debt (Details) [Line Items]
Grant income	$ 838,864
PPPLoan [Member]
Long-term Debt (Details) [Line Items]
Grant income	$ 2,000,000
Second Draw P P P Loan [Member]
Long-term Debt (Details) [Line Items]
Proceeds from loan		$ 2,000,000
First Draw P P P [Member]
Long-term Debt (Details) [Line Items]
Interest rate		1.00%

Long-term Debt (Details) - Sche

Long-term Debt (Details) - Schedule of long-term debt - USD ($)	3 Months Ended
	Apr. 03, 2022	Jan. 02, 2022
Debt Instrument [Line Items]
Long-term debt	$ 8,763,302	$ 9,220,162
Less: Current portion	(3,489,646)	(2,365,905)
Long-term Portion	5,273,656	6,854,257
Notes Payable [Member]
Debt Instrument [Line Items]
Long-term debt	6,414,296	6,611,814
Notes Payable [Member] | Wells Fargo Capital Finance, LLC [Member]
Debt Instrument [Line Items]
Long-term debt	$ 366,567	471,299
Notes Payable [Member] | Automotive lenders [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	0.00%
Long-term debt	$ 3,538,929	3,631,715
Notes Payable [Member] | Wells Fargo Capital Finance, LLC 1 [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate basis	LIBOR+
Long term debt, interest rate	3.00%
Long-term debt	$ 2,508,800	2,508,800
Equipment Financing Obligations [Member] | Regents Capital Corporation [Member]
Debt Instrument [Line Items]
Long-term debt	$ 294,578	339,859
Equipment Financing Obligations [Member] | Regents Capital Corporation [Member] | Minimum [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	6.20%
Equipment Financing Obligations [Member] | Regents Capital Corporation [Member] | Maximum [Member]
Debt Instrument [Line Items]
Long term debt, interest rate	7.36%
Equipment Financing Obligation [Member]
Debt Instrument [Line Items]
Long-term debt	$ 2,349,006	2,608,348
Equipment Financing Obligation [Member] | PNC Business Credit [Member]
Debt Instrument [Line Items]
Long-term debt, interest rate basis	BoE Base +
Long term debt, interest rate	3.00%
Long-term debt	$ 2,054,428	$ 2,268,489

Related Party Obligations (Deta

Related Party Obligations (Details) - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021	Jan. 02, 2023	Jan. 02, 2022
Related Party Obligations (Details) [Line Items]
Interest expense	$ 79,616	$ 95,033
Accrued expenses and other liabilities	23,367			$ 23,786
Related party finance lease, security deposit	267,500
Interest expense waived	$ 2,000,000
Accrued dividends				$ 446,000
Forecast [Member]
Related Party Obligations (Details) [Line Items]
Accrued dividends			$ 148,000
Promissory Notes[ Member]
Related Party Obligations (Details) [Line Items]
Maturity date	Mar. 25, 2022

Related Party Obligations (De_2

Related Party Obligations (Details) - Schedule of long-term debt to related parties - USD ($)	3 Months Ended
	Apr. 03, 2022	Jan. 02, 2022
Related Party Transaction [Line Items]
Total Long-term Debt to Related Parties	$ 4,216,566	$ 4,216,566
Senior subordinated promissory note [Member]
Related Party Transaction [Line Items]
Long-term debt, interest rate	9.25%
Total Long-term Debt to Related Parties	$ 2,000,000	2,000,000
Senior secured promissory note [Member]
Related Party Transaction [Line Items]
Long-term debt, interest rate	10.00%
Total Long-term Debt to Related Parties	$ 765,655	765,655
Subordinated secured promissory note [Member]
Related Party Transaction [Line Items]
Long-term debt, interest rate	8.00%
Total Long-term Debt to Related Parties	$ 225,000	225,000
Subordinated secured promissory note 2 [Member]
Related Party Transaction [Line Items]
Long-term debt, interest rate	0.00%
Total Long-term Debt to Related Parties	$ 1,225,911	$ 1,225,911

Related Party Obligations (De_3

Related Party Obligations (Details) - Schedule of components of lease expense - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Finance lease expense:
Amortization of right-of-use assets	$ 41,794	$ 41,794
Interest on lease liabilities	100,130	103,299
Total finance lease expense	$ 141,924	$ 145,093

Related Party Obligations (De_4

Related Party Obligations (Details) - Schedule of measurement of related party finance lease liabilities - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Schedule of measurement of related party finance lease liabilities [Abstract]
Operating cash flows from finance leases	$ 100,130	$ 103,299
Financing cash flows from finance leases	$ 38,483	$ 34,302

Related Party Obligations (De_5

Related Party Obligations (Details) - Schedule of supplemental balance sheet and other information regarding related party finance leases - Related Party [Member] - USD ($)	3 Months Ended	12 Months Ended
	Apr. 03, 2022	Jan. 02, 2022
Finance leases:
Property and equipment, net	$ 1,831,710	$ 1,873,504
Current maturities of finance lease liabilities	172,278	167,389
Finance lease liabilities, less current portion	2,300,866	2,344,239
Total finance lease liabilities	$ 2,473,144	$ 2,511,628
Weighted average remaining lease term	10 years 3 months 18 days	10 years 6 months
Weighted average discount rate	16.93%	16.95%

Related Party Obligations (De_6

Related Party Obligations (Details) - Schedule of maturities of related party finance lease liabilities	3 Months Ended
	Apr. 03, 2022USD ($)
Schedule of maturities of related party finance lease liabilities [Abstract]
Due in one year or less	$ 196,672
Due after one year through two years	523,777
Due after two years through three years	469,141
Due after three years through four years	473,329
Due after four years through five years	477,558
Thereafter	2,994,916
Total lease payments	5,135,393
Less: Interest	(2,662,249)
Total related party finance lease liabilities	$ 2,473,144

Leases (Details) - Schedule of

Leases (Details) - Schedule of components of lease expense - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Schedule of components of lease expense [Abstract]
Operating lease expense	$ 240,647	$ 253,945
Finance lease expense:
Amortization of right-of-use assets	15,961	24,982
Interest on lease liabilities	2,678	5,267
Total finance lease expense	$ 18,639	$ 30,249

Leases (Details) - Schedule o_2

Leases (Details) - Schedule of cash paid for lease liabilities - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Schedule of cash paid for lease liabilities [Abstract]
Operating cash flows from operating leases	$ 235,697	$ 292,219
Operating cash flows from finance leases	2,678	5,267
Financing cash flows from finance leases	$ 59,262	$ 72,812

Leases (Details) - Schedule o_3

Leases (Details) - Schedule of supplemental information related to operating leases - USD ($)		Apr. 03, 2022	Jan. 02, 2022
Operating leases:
Operating lease right-of-use assets, net		$ 5,367,004	$ 5,626,542
Operating lease liabilities, current portion	[1]	410,282	419,001
Operating lease liabilities, less current portion		5,158,797	5,391,395
Total operating lease liabilities		$ 5,569,079	$ 5,810,396
Weighted average remaining lease term		15 years 5 months 23 days	15 years 6 months 14 days
Weighted average discount rate		7.37%	7.35%
[1]	Included in accrued expenses and other liabilities in the consolidated balance sheets.

Leases (Details) - Schedule o_4

Leases (Details) - Schedule of supplemental information related to finance leases - USD ($)	Apr. 03, 2022	Jan. 02, 2022
Finance leases:
Property and equipment, net	$ 895,872	$ 911,833
Current maturities of finance lease liabilities	165,828	210,007
Finance lease liabilities, less current portion	21,288	36,372
Total finance lease liabilities	$ 187,116	$ 246,379
Weighted average remaining lease term	11 months 15 days	1 year 1 month 20 days
Weighted average discount rate	4.87%	4.75%

Leases (Details) - Schedule o_5

Leases (Details) - Schedule of maturities of operating and finance lease liabilities	Apr. 03, 2022USD ($)
Operating Leases
Leases (Details) - Schedule of maturities of operating and finance lease liabilities [Line Items]
Due in one year or less	$ 808,424
Due after one year through two years	591,404
Due after two years through three years	512,045
Due after three years through four years	512,045
Due after four years through five years	512,045
Thereafter	6,880,865
Total lease payments	9,816,828
Less: Interest	(4,247,749)
Total lease liabilities	5,569,079
Finance Leases
Leases (Details) - Schedule of maturities of operating and finance lease liabilities [Line Items]
Due in one year or less	170,533
Due after one year through two years	15,505
Due after two years through three years	3,262
Due after three years through four years	3,000
Due after four years through five years	1,251
Thereafter
Total lease payments	193,551
Less: Interest	(6,435)
Total lease liabilities	$ 187,116

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - Schedule of accumulated other comprehensive loss - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ (1,271,483)	$ (1,271,321)
Other comprehensive loss	(151,348)	56,174
Balance	(1,422,831)	(1,215,147)
Minimum Benefit Liability Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(77,138)	(154,662)
Other comprehensive loss
Balance	(77,138)	(154,662)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1,194,345)	(1,116,659)
Other comprehensive loss	(151,348)	56,174
Balance	$ (1,345,693)	$ (1,060,485)

(Loss) Income per Common Share

(Loss) Income per Common Share (Details) - $ / shares	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Earnings Per Share [Abstract]
Weighted average effect of dilutive securities	124,050	139,300
Option exercise price	$ 14.05	$ 14.02

Revenue (Details) - Schedule of

Revenue (Details) - Schedule of revenue disaggregated by automotive and industrial sectors - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Revenue by sector:
Automotive	$ 11,917,231	$ 14,022,402
Industrial	8,153,320	7,873,599
Total Revenue	$ 20,070,551	$ 21,896,001

Revenue (Details) - Schedule _2

Revenue (Details) - Schedule of revenue disaggregated by geographic location - USD ($)	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Revenue, Major Customer [Line Items]
Total Revenue	$ 20,070,551	$ 21,896,001
North America [Member]
Revenue, Major Customer [Line Items]
Total Revenue	10,249,943	10,166,297
Europe [Member]
Revenue, Major Customer [Line Items]
Total Revenue	8,297,226	10,303,440
Asia [Member]
Revenue, Major Customer [Line Items]
Total Revenue	1,034,131	1,281,196
Other Countries [Member]
Revenue, Major Customer [Line Items]
Total Revenue	$ 489,251	$ 145,068