|12 Months Ended|
Dec. 31, 2020
Note 13 – Leases
The Company subleases portions of its office and restaurant space where it does not use the entire space for its operations. For the year ended December 31, 2020 and 2019, sublease income was $0.5 million and $0.7 million, respectively, of which $0.5 million was from related party, Bagatelle NY. Refer to Note 9 and Note 10 for details on transactions with this related party.
The components of lease expense for the period were as follows (in thousands):
Due to the negative effects of COVID-19, the Company implemented measures to reduce its costs, including negotiations with landlords regarding rent concessions. The Company is in ongoing discussions with landlords regarding rent obligations, including deferrals, abatements, and/or restructuring of rent. As the rent concessions received and currently being contemplated do not result in a significant increase in cash payments, the Company has elected to account for these concessions as a variable lease payment in accordance with ASC Topic 842. The Company’s right-of-use assets and operating lease liabilities have not been remeasured for lease concessions received. Variable lease cost is comprised of percentage rent and common area maintenance, offset by rent concessions received as a result of COVID-19.
Supplemental cash flow information related to leases for the period was as follows (in thousands):
As of December 31, 2020, maturities of the Company’s operating lease liabilities are as follows (in thousands):
The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef