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

Quarterly report pursuant to Section 13 or 15(d)

Revenue from contracts with customers

Revenue from contracts with customers

3 Months Ended

Mar. 31, 2021

Revenue from contracts with customers

Note 9 – Revenue from contracts with customers

The following table provides information about contract receivables and liabilities from contracts with customers, which include deferred license revenue, deferred gift card revenue and the Konavore rewards program (in thousands):


	March 31,		December 31,
	2021		2020
Receivables (1)	$	125	$	125
Deferred license revenue (2)	$	1,108	$	1,160
Deferred gift card and gift certificate revenue (3)	$	1,429	$	1,945
Konavore rewards program (4)	$	110	$	102

(1)

Receivables are included in accounts receivable on the condensed consolidated balance sheets.

(2)

Includes the current and long-term portion of deferred license revenue.

(3)

Deferred gift card revenue is included in deferred gift card revenue and other on the condensed consolidated balance sheets.

(4)

Konavore rewards program is included in accrued expenses on the condensed consolidated balance sheets.

Significant changes in deferred license revenue and deferred gift card revenue for the three months ended March 31, 2021 and 2020 are as follows (in thousands):


	March 31,		March 31,
	2021		2020
Revenue recognized from deferred license revenue	$	52	$	52
Revenue recognized from deferred gift card revenue	$	587	$	746

The estimated deferred license revenue to be recognized in the future related to performance obligations that are unsatisfied as of March 31, 2021 were as follows for each year ending (in thousands):


2021, nine months remaining	$	155
2022		180
2023		169
2024		134
2025		133
Thereafter		337
Total future estimated deferred license revenue	$	1,108