Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.20.2
Commitments and Contingencies
9 Months Ended
Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13. COMMITMENTS AND CONTINGENCIES

Lease Commitments

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 $362,000 and $259,000 for the three months ended September 30, 2020 and 2019, respectively, and $1.0 million and $679,000 for the nine months ended September 30, 2020 and 2019, respectively.

Future minimum lease payments under operating leases as of September 30, 2020 are as follows (in thousands):

 

 

 

As of September 30, 2020

 

2020 (remaining three months)

 

$

177

 

2021

 

 

678

 

2022

 

 

546

 

2023

 

 

486

 

2024

 

 

396

 

2025 and thereafter

 

 

456

 

Total

 

$

2,739

 

 

Contingencies

As of September 30, 2020, the Company had contingent liabilities of $128,000, relating to a tax appeal of Solutions Infini for which no provision was recognized as its occurrence was deemed remote.