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Temporary Equity (FaceBank Group, Inc. Pre-Merger) | 3 Months Ended | 9 Months Ended | 12 Months Ended
--- | --- | --- | ---
Mar. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019
Temporary Equity |  |
16. | Temporary Equity
Series D Convertible Preferred Stock On March 6, 2020, the Company (i) entered into a stock purchase agreement to issue 203,000 shares of its Series D Preferred Stock, for proceeds of $203,000 and (ii) during the nine months ended September 30, 2020 the Company redeemed 682,000 shares of Series D Preferred Stock in exchange for approximately $0.9 million. The following table summarizes the Company’s Series D Preferred Stock activities for the three and nine months ended September 30, 2020 (dollars in thousands):
|  | Series D Preferred Stock |
|  | Shares |  |  | Amount |
Total temporary equity as of December 31, 2019 |  |  | 461,839 |  |  | $ | 462 |
Issuance of Series D convertible preferred stock for cash |  |  | 203,000 |  |  |  | 203 |
Offering cost related to issuance of Series D convertible preferred stock |  |  | - |  |  |  | (3 | )
Deemed dividends related to immediate accretion of offering cost |  |  | - |  |  |  | 3 |
Accrued Series D preferred stock dividends |  |  | 17,198 |  |  |  | 17 |
Bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | (171 | )
Deemed dividends related to immediate accretion of bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | 171 |
Redemption of Series D preferred stock (including accrued dividends) |  |  | (682,037 | ) |  |  | (682 | )
Total temporary equity as of September 30, 2020 |  |  | - |  |  | $ | - |
The redemption of the 659,000 shares of Series D Preferred Stock (amounts in thousands except share and per share values):
Series D preferred stock issued |  |  | 659,000 |
Per share value |  | $ | 1.00 |
Series D preferred stock value |  | $ | 659 |
Accrued dividends |  | $ | 23 |
Total Series D preferred stock |  | $ | 682 |
Redemption percentage |  | $ | 1.29 |
Total redemption |  | $ | 880 |
Holders of shares of the Series D Preferred Stock were entitled to receive, cumulative cash dividends at the rate of 8% on $1.00 per share of the Series D Preferred Stock per annum (equivalent to $0.08 per annum per share), subject to adjustment. The dividends were payable solely upon redemption, liquidation or conversion. The Series D Preferred Stock was classified as temporary equity because it had redemption features that were outside of the Company’s control upon certain triggering events, such as a Market Event. A “Market Event” is defined as any trading day during the period which shares of the Series D Preferred Stock are issued and outstanding, where the trading price for such date is less than $0.35. In the event of a Market Event, the Series D Preferred Stock shall be subject to mandatory redemption and the stated value shall immediately be increased to $1.29 per share of Series D Preferred Stock. The Market Event was considered to be outside the control of the Company, resulting in classification of the Series D Preferred Stock as temporary equity. The initial discounted carrying value resulted in recognition of a bifurcated redemption feature of $0.2 million, further reducing the initial carrying value of the shares of Series D Preferred Stock. The discount to the aggregate stated value of the shares of Series A Convertible Preferred Stock, resulting from recognition of the bifurcated redemption feature was immediately accreted as a reduction of additional paid-in capital and an increase in the carrying value of the Series D Shares. The accretion is presented in the condensed consolidated statement of operations as a deemed dividend, increasing net loss to arrive at net loss attributable to common stockholders. As of September 30, 2020, all of the shares of Series D Preferred Stock have been redeemed by the Company and there will be no future issuances. |
FaceBank Group, Inc Pre-Merger [Member] |  |  |
Temporary Equity | Note 12 – Temporary Equity Series D Convertible Preferred Stock On March 6, 2020, the Company (i) entered into a stock purchase agreement to issue 203,000 shares of its Series D Preferred Stock, for proceeds of $203,000 and (ii) redeemed the 203,000 shares of Series D Preferred Stock previously issued on September 6, 2019. As a result, the total number of shares of Series D Preferred Stock outstanding as of March 31, 2020 was 456,000 (see Note 17). The following table summarizes the Company’s Series D Preferred Stock activities for the three months ended March 31, 2020 (dollars in thousands):
|  | Series D Preferred Stock |
|  | Shares |  |  | Amount |
Total temporary equity as of December 31, 2019 |  |  | 461,839 |  |  | $ | 462 |
Issuance of Series D convertible preferred stock for cash |  |  | 203,000 |  |  |  | 203 |
Offering cost related to issuance of Series D convertible preferred stock |  |  | - |  |  |  | (3 | )
Deemed dividends related to immediate accretion of offering cost |  |  | - |  |  |  | 3 |
Accrued Series D preferred stock dividends |  |  | 8,868 |  |  |  | 9 |
Bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | (171 | )
Deemed dividends related to immediate accretion of bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | 171 |
Redemption of Series D preferred stock (including accrued dividends) |  |  | (210,831 | ) |  |  | (211 | )
Total temporary equity as of March 31, 2020 |  |  | 462,876 |  |  | $ | 463 |
The redemption of the 203,000 shares of Series D Preferred Stock (previously issued on September 6, 2019) on March 6, 2020 occurred as follows (amounts in thousands except share and per share values):
Series D preferred stock issued |  |  | 203,000 |
Per share value |  | $ | 1.00 |
|  | $ | 203 |
Accrued dividends |  | $ | 8 |
|  | $ | 211 |
Redemption percentage |  | $ | 1.29 |
Total |  | $ | 272 |
Holders of shares of the Series D Preferred Stock are entitled to receive, cumulative cash dividends at the rate of 8% on $1.00 per share of the Series D Preferred Stock per annum (equivalent to $0.08 per annum per share), subject to adjustment. The dividends are payable solely upon redemption, liquidation or conversion. The Company recorded approximately $9,000 accrued dividend as of March 31, 2020. The Series D Preferred Stock is being classified as temporary equity because it has redemption features that are outside of the Company’s control upon certain triggering events, such as a Market Event. A “Market Event” is defined as any trading day during the period which shares of the Series D Preferred Stock are issued and outstanding, where the trading price for such date is less than $0.35. In the event of a Market Event, the Series D Preferred Stock shall be subject to mandatory redemption and the stated value shall immediately be increased to $1.29 per share of Series D Preferred Stock. The Market Event is considered to be outside the control of the Company, resulting in classification of the Series D Preferred Stock as temporary equity. The initial discounted carrying value resulted in recognition of a bifurcated redemption feature of $171,000, further reducing the initial carrying value of the shares of Series D Preferred Stock. The discount to the aggregate stated value of the shares of Series A Convertible Preferred Stock, resulting from recognition of the bifurcated redemption feature was immediately accreted as a reduction of additional paid-in capital and an increase in the carrying value of the Series D Shares. The accretion is presented in the condensed consolidated statement of operations as a deemed dividend, increasing net loss to arrive at net loss attributable to common stockholders. |  | Note 13 – Temporary Equity Series D Convertible Preferred Stock The following table summarizes the Company’s Series D Convertible Preferred Stock activities for the year ended December 31, 2019 (dollars in thousands):
|  | Series D Preferred Stock |
|  | Shares |  |  | Amount |
Total temporary equity as of December 31, 2018 |  |  | - |  |  | $ | - |
Issuance of Series D convertible preferred stock for cash |  |  | 709,000 |  |  |  | 709 |
Offering cost related to issuance of Series D convertible preferred stock |  |  | - |  |  |  | (9 | )
Deemed dividends related to immediate accretion of offering cost |  |  | - |  |  |  | 9 |
Accrued Series D preferred stock dividends |  |  | 5,839 |  |  |  | 6 |
Bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | (589 | )
Deemed dividends related to immediate accretion of bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | 589 |
Redemption of Series D preferred stock |  |  | (253,000 | ) |  |  | (253 | )
Total temporary equity as of December 31, 2019 |  |  | 461,839 |  |  | $ | 462 |
During the year ended December 31, 2019, the Company entered into the following stock purchase agreements:
| ● | On July 15, 2019, the Company issued 253,000 shares of its Series D Preferred Stock, for proceeds of $253,000;
| ● | On September 6, 2019, the Company issued 203,000 shares of its Series D Preferred Stock, for proceeds of $203,000; and
| ● | On December 19, 2019, the Company issued 253,000 shares of its Series D Preferred Stock, for proceeds of $253,000.
Holders of shares of the Series D Preferred Stock are entitled to receive, cumulative cash dividends at the rate of 8% on $1.00 per share of the Series D Preferred Stock per annum (equivalent to $0.08 per annum per share). The dividends are payable solely upon redemption, liquidation or conversion. The Series D Preferred Stock is being classified as temporary equity because it has redemption features that are outside of the Company’s control upon certain triggering events, such as a Market Event. A “Market Event” is defined as any trading day during the period which shares of the Series D Preferred Stock are issued and outstanding, where the trading price for such date is less than $0.35. In the event of a Market Event, the Series D Preferred Stock shall be subject to mandatory redemption and the stated value shall immediately be increased to $1.29 per share of Series D Preferred Stock. The Market Event is considered to be outside the control of the Company, resulting in classification of the Series D Preferred Stock as temporary equity. The initial discounted carrying value resulted in recognition of a bifurcated redemption feature of $589,000, further reducing the initial carrying value of the Series D Shares. The discount to the aggregate stated value of the Series A Shares, resulting from recognition of the bifurcated redemption feature was immediately accreted as a reduction of additional paid-in capital and an increase in the carrying value of the Series D Shares. The accretion is presented in the Consolidated Statement of Operations as a deemed dividend, increasing net loss to arrive at net loss attributable to common stockholders. On December 19, 2019, the Company redeemed the 253,000 shares of its Series D preferred stock issued on July 15, 2019 as follows (amounts in thousands except share and per share values):
Series D preferred stock issued |  |  | 253,000 |
Per share value |  | $ | 1.00 |
|  | $ | 253 |
Accrued dividends |  | $ | 9 |
|  | $ | 262 |
Redemption percentage |  | $ | 1.29 |
Total |  | $ | 337 |
The Company recorded approximately $14,000 of accrued dividends as of December 31, 2019.

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