Leases

9 Months Ended

Sep. 30, 2025

13. Leases

The Company’s leases consist of restaurant locations and corporate offices. We determine if a contract contains a lease at inception. The leases generally have remaining terms of 1-5 years and most leases included the option to extend the lease for an additional 5 years.

The total lease cost associated with right of use assets and operating lease liabilities was $11.0 thousand and $37.0 thousand for the three months ended September 30, 2025 and 2024, respectively, and $36.0 thousand and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively, and has been recorded in the Unaudited Condensed Consolidated Statement of Operations and Other Comprehensive Income / (Loss) as Cost of goods sold.

The assets and liabilities related to the Company’s leases were as follows:


	As of
	September 30, 2025	December 31, 2024
	$’000	$’000
Assets
Total lease assets	116	132

Right to use asset	116	132
Liabilities
Total lease liabilities	118	272
Transferred to liabilities held for sale	—	(138)
Operating leases – current	26	23
Operating leases – non-current	92	111

The table below presents the future minimum lease payments under the noncancellable operating leases as of September 30, 2025:


			Total
			$’000
Fiscal Year:
10/01/2025-09/30/2026			45
10/01/2026-09/30/2027			45
10/01/2027-09/30/2028			45
10/01/2028-09/30/2029			23
10/01/2029-09/30/2030			—
Thereafter			—
Total lease payments			158
Less imputed interest			(40)
Present value of lease liabilities			118

The Company’s lease term and discount rates were as follows:


	As of September 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	3.53
Weighted-average discount rate
Operating leases	18.0	%