Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.20.2
Commitments and Contingencies
6 Months Ended
Jun. 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 $337,000 and $224,000 for the three months ended June 30, 2020 and 2019, respectively, and $646,000 and $420,000 for the six months ended June 30, 2020 and 2019, respectively.

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

 

 

 

As of June 30, 2020

 

2020 (remaining six months)

 

$

436

 

2021

 

 

673

 

2022

 

 

536

 

2023

 

 

463

 

2024

 

 

370

 

2025 and thereafter

 

 

436

 

Total Minimum Lease Payments

 

$

2,914

 

 

Contingencies

As of June 30, 2020, the Company had contingent liabilities of $125,000, relating to a tax appeal of Solutions Infini for which no provision was recognized as its occurrence was deemed remote.