The ONE Group Hospitality, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2020

The components of lease expense for the period were as follows (in thousands):


	March 31,			March 31,
	2020			2019
Lease cost
Operating lease cost	$	3,297		$	1,726
Variable lease cost		1,156			674
Short-term lease cost		128			108
Sublease income		(135)			(203)
Total lease cost	$	4,446		$	2,305

Weighted average remaining lease term – operating leases		13 years			14 years
Weighted average discount rate – operating leases		8.49	%		8.25	%

Supplemental cash flow information related to leases for the period was as follows (in thousands):


	March 31,		March 31,
	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	3,161	$	1,718
Right-of-use assets obtained in exchange for operating lease obligations	$	288	$	281

As of March 31, 2020, maturities of the Company’s operating lease liabilities are as follows (in thousands):


2020, nine months remaining	$	9,775
2021		12,843
2022		12,801
2023		13,087
2024		12,486
Thereafter		115,862
Total lease payments		176,854
Less: imputed interest		(74,908)
Present value of operating lease liabilities	$	101,946