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Fair Value Measurements (Tables) (FaceBank Group, Inc. Pre-Merger)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The following table classifies the Company’s assets and liabilities measured at fair value on a recurring basis into the fair value hierarchy as of September 30, 2020 and December 31, 2019 (in thousands):

		Fair valued measured at September 30, 2020
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Financial Liabilities at Fair Value:
Profits interest sold			-				-				2,119
Warrant liability - Subsidiary			-				-				21
Warrant liability			-				-				28,065
Total Financial Liabilities at Fair Value		$	-			$	-			$	30,205

		December 31, 2019
		Total				Level 1				Level 2				Level 3
Financial Assets at Fair Value:
Financial assets at fair value		$	1,965			$	—			$	1,965			$	—
Total		$	1,965			$	—			$	1,965			$	—
Financial Liabilities at Fair Value:
Convertible notes		$	1,203			$	—			$	—			$	1,203
Profit share liability			1,971				—				—				1,971
Derivative liability			376				—				—				376
Warrant liability - subsidiary			24				—				—				24
Total		$	3,574			$	—			$	—			$	3,574

Schedule of Liability for Derivatives and Warrants

The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the three and nine months ended September 30, 2020. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.

		Derivative - Convertible Notes				Warrants (assumed from subsidiary)				Profits Interests Sold				Warrant Liability				Embedded Put Option
Fair value at December 31, 2019		$	1,203			$	24			$	1,971			$	-			$	376
Change in fair value			(206	)			(3	)			148				(9,143	)			(220	)
Additions			3,583				-				-				50,743				172
Redemption			(4,580	)			-				-				-				(328	)
Reclassification of warrant liabilities			-				-				-				(13,535	)			-
Fair value at September 30, 2020		$	-			$	21			$	2,119			$	28,065			$	-

Schedule of Fair value of Liability Using Monte Carlo Simulation Model

The Company used a Monte Carlo simulation model to estimate the fair value of the warrant liability at September 30, 2020:

		September 30, 2020
Fair value of underlying common shares		$	9.00
Exercise price		$	7.00
Expected dividend yield			—	%
Expected volatility			73.6 – 74.3	%
Risk free rate			0.12	%
Expected term (years)			1.12 – 1.19

The Company used a Monte Carlo simulation model to estimate the fair value of the warrant liability at September 30, 2020:

		September 30, 2020
Fair value of underlying common shares		$	9.00
Exercise price		$	9.25
Expected dividend yield			—	%
Expected volatility			69.7 – 71.2 -	%
Risk free rate			0.12	%
Expected term (years)			1.39 – 1.49

FaceBank Group, Inc Pre-Merger [Member]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

		Fair valued measured at March 31, 2020
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Financial Assets at Fair Value:
Investment in Equity/Debt Funds		$	-			$	1,965			$	-
Investment in Nexway at fair value			2,374				-				-
Total Financial Assets at Fair Value		$	2,374			$	1,965			$	-
Financial Liabilities at Fair Value:
Derivative liability - convertible notes		$	-			$	-			$	1,692
Profits interest sold			-				-				1,971
Embedded put option			-				-				389
Warrant liability - Subsidiary			-				-				39
Warrant liability			-				-				15,987
Total Financial Liabilities at Fair Value		$	-			$	-			$	20,078

		Fair Value measured at December 31, 2019
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative liability – convertible notes		$	-			$	-			$	1,203
Profits interest			-				-				1,971
Embedded put option			-				-				376
Warrant Liability - Subsidiary			-				-				24
Total Financial Liabilities at Fair Value		$	-			$	-			$	3,574

		Fair Value measured at December 31, 2019
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative liability - convertible notes		$	-			$	-			$	1,203
Profits interest			-				-				1,971
Embedded put option			-				-				376
Warrant Liability			-				-				24
Total Financial Liabilities at Fair Value		$	-			$	-			$	3,574

		Fair Value measured at December 31, 2018
		Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)
Derivative liability - convertible notes		$	-			$	-			$	469
Derivative liability - related party convertible notes			-				-				549
Total Derivative Liability		$	-			$	-			$	1,018
Warrant Liability			-				-				4,528
Total Fair Value		$	-			$	-			$	5,546

Schedule of Liability for Derivatives and Warrants

The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the year ended December 31, 2019. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.

		Derivative - Convertible Notes				Warrants (assumed from subsidiary)				Profits Interests Sold				Warrant Liability				Embedded Put Option
Fair value at December 31, 2019		$	1,203			$	24			$	1,971			$	-			$	376
Change in fair value			(200	)			15				-				366				(97	)
Additions			689				-				-				15,621				172
Redemption			-				-				-				-				(62	)
Fair value at March 31, 2020		$	1,692			$	39			$	1,971			$	15,987			$	389

The following table presents changes in Level 3 liabilities measured at fair value (in thousands) for the year ended December 31, 2019. Unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category.

		Derivative - Convertible Notes				Warrants (assumed from subsidiary)				Profits Interests				Embedded Put Option
Fair value at December 31, 2018		$	1,018			$	4,528			$	-			$	-
Change in fair value			(678	)			(4,504	)			198				(137	)
Additions			863				-				1,773				589
Redemptions			-				-				-				(76	)
Fair value at December 31, 2019		$	1,203			$	24			$	1,971			$	376

Schedule of Fair value of Liability Using Monte Carlo Simulation Model

The Company used a Monte Carlo simulation model to estimate the fair value of the warrant liability with the following assumptions at March 31, 2020 and December 31, 2019:

		March 31, 2020				December 31, 2019
Exercise price		$	0.75			$	0.75
Stock price – subsidiary		$	0.03			$	0.02
Discount applied			0	%			0	%
Fair value of stock price		$	0.00			$	0.00
Risk free rate			0.28	%			1.62	%
Contractual term (years)			2.83				3.08
Expected dividend yield			0	%			0	%
Expected volatility			83.7	%			83.7	%
Number of subsidiary warrants outstanding			48,904,037				48,904,037

The Company used a Monte Carlo simulation model to estimate the fair value of the warrant liability with the following assumptions at December 31, 2019 and 2018:

		December 31, 2019				December 31, 2018
Exercise price		$	0.75			$	0.75
Stock price - subsidiary		$	0.02			$	0.22
Discount applied			0	%			50	%
Fair value of stock price		$	0.00			$	0.09
Risk free rate			1.62	%			2.49	%
Contractual term (years)			3.08				4.08
Expected dividend yield			0	%			0	%
Expected volatility			83.7	%			86.5	%
Number of subsidiary warrants outstanding			48,904,037				48,904,037

Schedule of Warrant Liabilities, Change In Using Black Scholes to Monte Carlo Simulation Assumptions

The significant assumptions used in the valuation are as follows:

		March 31, 2020
Fair value of underlying common shares		$	4.78 - 4.97
Exercise price		$	5.00
Dividend yield			-	%
Historical volatility			52.6% - 52.8	%
Risk free interest rate			0.14% – 0.66	%

The Series D Convertible Preferred Stock contains a contingent put option and, accordingly, the Company considered it to be a liability and accounted for it at fair value using Level 3 inputs. The Company determined the fair value of this liability using the Monte Carlo simulation model with the following inputs:

		December 31, 2019
Stock price		$	8.91 – $9.03
Fixed conversion price		$	0.25
Risk free rate			1.6	%
Contractual term (years)			1.2 - 1.5
Expected dividend yield			8.0	%
Expected volatility			89.2% - 90.4	%

FaceBank Group, Inc Pre-Merger [Member] | Subsidiary Warrant Liability [Member]

Schedule of Warrant Liabilities, Change In Using Black Scholes to Monte Carlo Simulation Assumptions

The Company determined the fair value of this liability using the Monte Carlo simulation model with the following inputs:

		March 31, 2020				December 31, 2019
Stock price		$	8.35 – $9.20			$	8.91 – $9.03
Fixed conversion price		$	0.25			$	0.25
Risk free rate			0.2 – 0.4	%			1.6	%
Contractual term (years)			1.2 – 1.5				1.2 – 1.5
Expected dividend yield			8.0	%			8.0	%
Expected volatility			87.2% - 94.8	%			89.2% - 90.4	%

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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