Commitments and Contingencies (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Schedule of Supplemental Balance Sheet Information Related to Leases |
Supplemental balance sheet information related
to leases was as follows:
| Operating Leases |
|
Classification |
|
March 31, 2019 |
|
| Right-of-use assets |
|
Operating lease assets |
|
$ |
18,662,935 |
|
| |
|
|
|
|
|
|
| Current lease liabilities |
|
Current operating lease liabilities |
|
|
3,750,175 |
|
| Non-current lease liabilities |
|
Long-term operating lease liabilities |
|
|
17,228,799 |
|
| |
|
|
|
$ |
20,978,974 |
|
|
| Schedule of Lease Term and Discount Rate |
Lease term and discount rate were as follows:
| |
|
March 31, 2019 |
|
| Weighted average remaining lease term (years) |
|
|
7.16 |
|
| Weighted average discount rate |
|
|
10 |
% |
|
| Schedule of Components of Lease Cost |
The components of lease cost were as follows:
| |
|
Classification |
|
Three Months ended
March 31, 2019
|
|
| Operating lease cost |
|
Restaurant operating expenses and Restaurant pre-opening and closing expenses |
|
$ |
986,198 |
|
| Variable lease cost |
|
Restaurant operating expenses |
|
|
196,334 |
|
| |
|
|
|
$ |
1,182,532 |
|
|
| Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases |
Supplemental disclosures of cash flow information
related to leases were as follows:
| |
|
Three Months ended
March 31, 2019
|
|
| Cash paid for operating leases |
|
$ |
988,468 |
|
| Operating lease assets obtained in exchange for operating lease liabilities (1) |
|
|
19,822,753 |
|
| (1) |
Amounts for the quarter ended March 31, 2019 include the transition adjustment for the adoption of Leases Topic 842 discussed in Note 2 to the condensed consolidated financial statements. |
|
| Schedule of Operating Lease Liability Maturity |
Maturities of lease liabilities were as follows
as of March 31, 2019:
| |
|
Operating Leases |
|
| April 1, 2019 - March 31, 2020 |
|
$ |
3,923,244 |
|
| April 1, 2020 - March 31, 2021 |
|
|
3,741,405 |
|
| April 1, 2021 - March 31, 2022 |
|
|
3,723,305 |
|
| April 1, 2022 - March 31, 2023 |
|
|
3,380,149 |
|
| April 1, 2023 - March 31, 2024 |
|
|
2,928,742 |
|
| Thereafter |
|
|
15,067,822 |
|
| Total lease payments |
|
|
32,764,667 |
|
| Less: imputed interest |
|
|
11,785,693 |
|
| Present value of lease liabilities |
|
$ |
20,978,974 |
|
|