Commitments and Contingencies
|12 Months Ended|
Dec. 31, 2020
|Commitments And Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||
20. COMMITMENTS AND CONTINGENCIES
The Company entered into various operating lease agreements that expire over various years in the next 7 years. The Company’s Milan office lease contains an option to renew the lease for 6 years under terms and conditions set forth in the lease agreement. Certain of the Company’s leases contain provisions for rental adjustments. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the date the Company takes possession of the property. Rent expense was $898,000 and $749,000 for the years ended December 31, 2020 and 2019, respectively.
Future minimum lease payments under leasing obligations as of December 31, 2020 are as follows (in thousands):
Future minimum lease payment under capital leases as of December 31, 2020, consisted of the following (in thousands):
The current portion of the capital lease obligation is included in other current liabilities and the long term portion is included in other long-term liabilities in the accompanying consolidated balance sheet.
As of December 31, 2020, the Company had contingent liabilities of $129,000, relating to a tax appeal of Solutions Infini for which no provision was recognized as its occurrence was deemed remote.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef