Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.19.3
Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases was as follows:

 

Operating Leases   Classification   September 30, 2019  
Right-of-use assets*   Operating lease assets   $ 14,524,463  
             
Current lease liabilities*   Current operating lease liabilities     3,240,833  
Non-current lease liabilities*   Long-term operating lease liabilities     15,909,551  
        $ 19,150,384  

 

*Excludes South Africa as those amounts are recorded as assets and liabilities held for sale at September 30, 2019.

Schedule of Lease Term and Discount Rate

Lease term and discount rate were as follows:

 

    September 30, 2019  
Weighted average remaining lease term (years)     9.32  
Weighted average discount rate     10 %
Schedule of Components of Lease Cost

The components of lease cost were as follows:

 

    Classification   Nine Months ended September 30, 2019  
Operating lease cost   Restaurant operating expenses and Restaurant pre-opening and closing expenses   $ 2,912,220  
Variable lease cost   Restaurant operating expenses     616,298  
        $ 3,528,518  
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases

Supplemental disclosures of cash flow information related to leases were as follows:

 

    Nine Months ended September 30, 2019  
Cash paid for operating leases   $ 2,970,632  
Operating lease assets obtained in exchange for operating lease liabilities (1)     19,822,753  

 

(1) Amounts for the nine months ended September 30, 2019 include the transition adjustment for the adoption of Leases Topic 842 discussed in Note 2 to the condensed consolidated financial statements.
Schedule of Operating Lease Liability Maturity

Maturities of lease liabilities were as follows as of September 30, 2019:

 

    Operating Leases  
November 1, 2019 - October 31, 2020   $ 3,454,966  
November 1, 2020 - October 31, 2021     3,441,120  
November 1, 2021 - October 31, 2022     3,380,104  
November 1, 2022 - October 31, 2023     2,987,258  
November 1, 2023 - October 31, 2024     2,372,377  
Thereafter     13,592,954  
Total lease payments     29,228,779  
Less: imputed interest     10,078,395  
Present value of lease liabilities   $ 19,150,384