Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

11.    Leases

The Company’s leases consist of restaurant locations. We determine if a contract contains a lease at inception. The leases generally have remaining terms of 1-10 years and most leases included the option to extend the lease for an additional 5 years.

The total lease cost associated with right of use assets and operating lease liabilities for the three and six months ended June 30, 2023, was $0.2 million and $0.4 million and $0.2 million and $0.5 million for the three and six months ended June 30, 2022, respectively, and has been recorded in the Unaudited Condensed Consolidated Statement of Operations as Rent expense within Restaurant operating expenses.

The assets and liabilities related to the Company’s leases were as follows:

	As of
	June 30, 2023	December 31, 2022
	$’000	$’000
Assets
Right to use asset	2,059	2,433
Liabilities
Operating leases – current	511	560
Operating leases – non-current	1,673	2,019
Total lease liabilities	2,184	2,579

The table below presents the future minimum lease payments under the noncancellable operating leases as of June 30, 2023:

	Operating Leases
	$’000
Fiscal Year:
2023	378
2024	706
2025	556
2026	386
2027	300
2028	222
Thereafter	367
Total lease payments	2,915
Less imputed interest	(731)
Present value of lease liabilities	2,184

The Company’s lease term and discount rates were as follows:

	As of June 30, 2023
Weighted-average remaining lease term (in years)
Operating leases	4.89
Weighted-average discount rate
Operating leases	12.0	%