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Consolidated Variable Interest Entities | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | 4. Consolidated Variable Interest Entities The Company determined that it is the primary beneficiary of the following material variable interest entities (“VIEs”): Ned-Soho House, LLP The Ned-Soho House, LLP joint venture maintains a management agreement to operate The Ned, which is owned by unconsolidated related parties to the Company. Management fees are recognized in other revenues in the consolidated statements of operations. The Company has a greater economic interest in Ned Soho House, LLP as compared to its related party venture partner and therefore the Company is determined to be the primary beneficiary. Soho Works Limited The Soho Works Limited (“SWL”) joint venture develops and operates Soho-branded, membership-based co-working spaces, with four sites currently in operation in the UK. The joint venture agreement relates to the UK only. The joint venture was formed on September 29, 2017 when the Company granted to two unrelated individuals an option to subscribe for 30% of the issued shares of SWL. The option has not yet been exercised and, consequently, the Company has 100% economic interest in SWL. Upon exercise of the option, the Company would have 70% economic interest in SWL. The options carry voting rights such that the Company and other joint venture partners each hold 50% of the voting rights in respect of shareholder resolutions and certain reserved matters as defined in the joint venture agreement. The Company is determined to be the primary beneficiary because it has the power to direct all significant activities of the joint venture. The following table summarizes the carrying amounts and classification of the consolidated VIEs’ assets and liabilities included in the consolidated balance sheets. The obligations of the consolidated VIEs other than Soho Restaurants Limited are non-recourse to the Company, and the assets of the VIEs can be used only to settle those obligations.
| As of
(in thousands) | December 31, 2023 |  | January 1, 2023
Cash and cash equivalents | $6,482 |  | $7,941
Accounts receivable | 4,530 |  | 1,823
Inventories | 15 |  | 19
Prepaid expenses and other current assets | 3,404 |  | 3,283
Total current assets | 14,431 |  | 13,066
Property and equipment, net | 29,001 |  | 32,288
Operating lease assets | 103,146 |  | 99,717
Other intangible assets, net | 314 |  | 284
Other non-current assets | 7,443 |  | 181
Total assets | 154,335 |  | 145,536
Accounts payable | 1,070 |  | 337
Accrued liabilities | 4,050 |  | 8,131
Indirect and employee taxes payable | 1,231 |  | 1,548
Current portion of debt, net of debt issuance costs | 27,715 |  | 24,612
Current portion of operating lease liabilities - sites trading more than one year | 6,250 |  | 4,362
Other current liabilities | 6,770 |  | 4,153
Total current liabilities | 47,086 |  | 43,143
Operating lease liabilities, net of current portion - sites trading more than one year | 116,251 |  | 115,182
Total liabilities | 163,337 |  | 158,325
Net assets (liabilities) | $(9,002) |  | $(12,789)

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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