Commitments and Contingencies
|9 Months Ended|
Sep. 30, 2021
|Commitments And Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||
15. COMMITMENTS AND CONTINGENCIES
The Company entered into various operating lease agreements that expire over various years in the next seven years. The Company’s Milan office lease contains an option to renew the lease for six 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 $426,000 and $233,000 for the three months ended September 30, 2021 and 2020, respectively, and $867,000 and $674,000 for the nine months ended September 30, 2021 and 2020, respectively.
Future minimum lease payments under leasing obligations as of September 30, 2021 are as follows (in thousands):
Future minimum lease payment under capital leases as of September 30, 2021 consisted of the following (in thousands):
The current and long term portion of the future minimum lease payments under capital lease are included in the condensed consolidated balance sheet line item “Other current liabilities” and “Other long-term liabilities”, respectively.
As of September 30, 2021, the Company had contingent liabilities of $127,000, 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