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Restatement for Correction of an Error (Tables) (FaceBank Group, Inc. Pre-Merger)

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

FaceBank Group, Inc Pre-Merger [Member]

Schedule of Restatement of Consolidated Balance Sheets and Operations

Restated consolidated balance sheets and consolidated statements of operations as of and for the three months ended March 31, 2020 are as follows:

		March 31, 2020 (unaudited) as Previously Reported				Effect of Restatement (unaudited)				March 31, 2020 (unaudited) as Restated
ASSETS
Total current assets			10,211				-				10,211
											-
Deposits			24				-				24
Investment in Nexway at fair value			2,374				-				2,374
Financial assets at fair value			1,965				-				1,965
Intangible assets			111,459				-				111,459
Goodwill			148,054				28,541				176,595
Right-of-use assets			37				-				37
Total assets		$	274,124			$	28,541			$	302,665
											-
LIABILITIES AND STOCKHOLDERS’ EQUITY											-
Total current liabilities			41,601				-				41,601
Total liabilities			125,411				-				125,411
											-
COMMITMENTS AND CONTINGENCIES (Note 15)											-
											-
Series D Convertible Preferred stock, par value $0.0001, 2,000,000 shares authorized, 461,839 shares issued and outstanding as of March 31, 2020; aggregate liquidation preference of $463 as of March 31, 2020			463				-				463
											-
Stockholders’ equity:											-
Common stock par value $0.0001: 400,000,000 shares authorized; 32,307,663 shares issued and outstanding at March 31, 2020			3				-				3
Additional paid-in capital			270,397				-				270,397
Accumulated deficit			(140,134	)			28,541				(111,593	)
Non-controlling interest			17,984				-				17,984
Total stockholders’ equity			148,250				28,541				176,791
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY		$	274,124			$	28,541			$	302,665

		For the Three Months Ended March 31, 2020 as Previously Reported (unaudited)				Effect of Restatement (unaudited)				For the Three Months Ended March 31, 2020 as Restated (unaudited)
Operating loss			(18,128	)			-				(18,128	)
											-
Other income (expense)											-
Interest expense and financing costs			(2,581	)			-				(2,581	)
Gain (loss) on deconsolidation of Neway			39,249				(51,168	)			(11,919	)
Loss of issuance of notes, bonds & warrants			(24,053	)			-				(24,053	)
Other expense			(436	)			-				(436	)
Change in fair value of warrant liability			(366	)			-				(366	)
Change in fair value of subsidiary warrant liability			(15	)			-				(15	)
Change in fair value of shares settled liability			(180	)			-				(180	)
Change in fair value of derivative liability			297				-				297
Total other income (expense)			11,915				(51,168	)			(39,253	)
Loss before income taxes			(6,213	)			(51,168	)			(57,381	)
Income tax benefit			(1,038	)			-				(1,038	)
Net loss			(5,175	)			(51,168	)			(56,343	)
Less: net loss attributable to non-controlling interest			873				-				873
Net loss attributable to controlling interest		$	(4,302	)		$	(51,168)			$	(55,470	)
Less: Deemed dividend - beneficial conversion feature on preferred stock			(171	)			-				(171	)
Net loss attributable to common stockholders		$	(4,473	)		$	(51,168)			$	(55,641	)
Net loss per share attributable to common stockholders
Basic and diluted		$	(0.15	)						$	(1.83	)
Weighted average shares outstanding:
Basic and diluted			30,338,073				-				30,338,073

Restated consolidated balance sheets and consolidated statements of operations as of and for the year ended December 31, 2019 are as follows:

		December 31, 2019 as Previously Reported				Effect of Restatement				December 31, 2019 as Restated
ASSETS
Current assets
Cash		$	7,624			$	-			$	7,624
Accounts receivable, net			8,904				-				8,904
Inventory			49				-				49
Prepaid expenses			1,396				-				1,396
Total current assets			17,973				-				17,973
											-
Property and equipment, net			335				-				335
Deposits			24				-				24
Financial assets at fair value			1,965				-				1,965
Intangible assets			116,646				-				116,646
Goodwill			148,054				79,709				227,763
Right-of-use assets			3,519				-				3,519
Total assets		$	288,516			$	79,709			$	368,225
											-
LIABILITIES AND STOCKHOLDERS’ EQUITY											-
Current liabilities											-
Accounts payable			36,373				-				36,373
Accrued expenses			20,402				-				20,402
Due to related parties			665				-				665
Note payable			4,090				-				4,090
Notes payable - related parties			368				-				368
Convertible notes, net of $710 and $456 discount as of December 31, 2019 and 2018, respectively			1,358				-				1,358
Convertible notes - related parties			-				-				-
Shares settled liability for intangible asset			1,000				-				1,000
Profit share liability			1,971				-				1,971
Warrant liability - subsidiary			24				-				24
Derivative liability			376				-				376
Current portion of lease liability			815				-				815
Total current liabilities			67,442				-				67,442
											-
Deferred income taxes			30,879				-				30,879
Other long-term liabilities			41				-				41
Lease liability			2,705				-				2,705
Long term borrowings			43,982				-				43,982
Total liabilities			145,049				-				145,049
											-
COMMITMENTS AND CONTINGENCIES (Note 15)											-
											-
Series D Convertible Preferred stock, par value $0.0001, 2,000,000 shares authorized, 461,839 shares issued and outstanding as of December 31, 2019; aggregate liquidation preference of $462 as of December 31, 2019			462				-				462
											-
Stockholders’ equity:											-
Series A Preferred stock, par value $0.0001, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively			-				-				-
Series B Convertible Preferred stock, par value $0.0001, 1,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively			-				-				-
Series C Convertible Preferred stock, par value $0.0001, 41,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2019 and 2018, respectively			-				-				-
Series X Convertible Preferred stock, par value $0.0001, 1,000,000 shares authorized, 0 and 1,000,000 shares issued and outstanding as of December 31, 2019 and 2018, respectively			-				-				-
Common stock par value $0.0001: 400,000,000 shares authorized; 28,912,500 shares issued and 7,532,776 shares outstanding at December 31, 2019 and 2018, respectively			3				-				3
Additional paid-in capital			257,002				-				257,002
Accumulated deficit			(135,832	)			79,709				(56,123	)
Non-controlling interest			22,602				-				22,602
Accumulated other comprehensive loss			(770	)			-				(770	)
Total stockholders’ equity			143,005				79,709				222,714
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY AND TEMPORARY EQUITY		$	288,516			$	79,709			$	368,225

		For the Year Ended December 31, 2019 as Previously Reported				Effect of Restatement				For the Year Ended December 31, 2019 as Restated
Revenues
Revenues, net		$	4,271			$	-			$	4,271
Total revenues			4,271				-				4,271
Operating expenses											-
General and administrative			13,793				-				13,793
Amortization of intangible assets			20,682				-				20,682
Impairment of intangible assets			8,598				-				8,598
Impairment of goodwill			74,441				(74,441	)			-
Depreciation			83				-				83
Total operating expenses			117,597				(74,441	)			43,156
Operating loss			(113,326	)			74,441				(38,885	)
											-
Other income (expense)											-
Interest expense and financing costs			(2,062	)			-				(2,062	)
Gain on extinguishment of convertible notes			-				-				-
Loss on investments			(13,549	)			5,268				(8,281	)
Foreign currency loss			(18	)			-				(18	)
Other expense			726				-				726
Change in fair value of subsidiary warrant liability			4,504				-				4,504
Change in fair value of derivative liability			815				-				815
Change in fair value of Panda interests			(198	)			-				(198	)
Total other income (expense)			(9,782	)			5,268				(4,514	)
Loss before income taxes			(123,108	)			79,709				(43,399	)
Income tax benefit			(5,272	)			-				(5,272	)
Net loss			(117,836	)			79,709				(38,127	)
Less: net loss attributable to non-controlling interest			3,767				-				3,767
Net loss attributable to controlling interest		$	(114,069	)		$	79,709			$	(34,360	)
Less: Deemed dividend on Series D Preferred stock			(9	)			-				(9	)
Less: Deemed dividend - beneficial conversion feature on preferred stock			(589	)			-				(589	)
Net loss attributable to common stockholders		$	(114,667	)		$	79,709			$	(34,958	)
Other comprehensive income (loss)
Foreign currency translation adjustment			(770	)			-				(770	)
Comprehensive loss		$	(115,437	)		$	79,709			$	(35,728	)
Net loss per share attributable to common stockholders
Basic and diluted		$	(5.15	)						$	(1.57	)
Weighted average shares outstanding:
Basic and diluted			22,286,060				-				22,286,060

X

- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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