phrase used to describe something cool, a time that is chill, an event that is over and is currently chill. Used in same context as "cool beans", but is much more recent and far cooler chair.
person 1: "so you're not mad at me for stealing your boyfriend anymore, right?"
person 2: "naaaaaaaah, it's cool chair"
Person 1: "Woah, that looks awesome!"
Person 2: "Daaaaaaaaaaaaaaaaamn, that's so cool chair!"