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 $0.6 million for the three months ended June 30, 2025 and 2024, respectively, and $25.0 thousand and $0.7 million for the six months ended June 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.

Right to use asset and operating lease liabilities decreased due to the refranchising, selling and closure of all of our corporate owned locations by June 30, 2025.


	As of
	June 30, 2025	December 31, 2024
	$’000	$’000
Assets
Total lease assets	122	132

Right to use asset	122	132
Liabilities
Total lease liabilities	123	272
Transferred to liabilities held for sale	—	(138)
Operating leases – current	25	23
Operating leases – non-current	98	111

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


			Total
			$’000
Fiscal Year:
07/01/2025-6/30/2026			45
07/01/2026-6/30/2027			45
07/01/2027-6/30/2028			45
07/01/2028-6/30/2029			34
07/01/2029-6/30/2030			—
Thereafter			—
Total lease payments			169
Less imputed interest			(46)
Present value of lease liabilities			123


	As of June 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	3.78
Weighted-average discount rate
Operating leases	18.0	%