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Income Tax Provision (Tables) (FaceBank Group, Inc. Pre-Merger) (10-K)

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2020

Sep. 30, 2020

Dec. 31, 2019

Schedule of Deferred Tax Assets

The following is a rollforward of the Company’s deferred tax liability from January 1, 2020 to September 30, 2020 (in thousands):

Balance at December 31, 2019		$	30,879
Income tax benefit (associated with the amortization of intangible assets)			(1,038	)
Deconsolidation of Nexway			(1,162	)
Balance at March 31, 2020		$	28,679
Acquisition of fuboTV Pre-Merger			65,613
Income tax benefit (associated with the amortization of intangible assets)			(3,498	)
Balance at June 30, 2020		$	90,794
Income tax benefit (associated with the amortization of intangible assets)			(16,071	)
Measurement period adjustment			(65,295	)
Balance at September 30, 2020		$	9,428

FaceBank Group, Inc Pre-Merger [Member]

Schedule of Deferred Tax Assets

The following is a rollforward of the Company’s deferred tax liability from January 1, 2020 to March 31, 2020 (in thousands):

		March 31, 2020
Beginning balance		$	30,879
Income tax benefit (associated with the amortization of intangible assets)			(1,038	)
Deconsolidation of Nexway			(1,162	)
Ending balance		$	28,679

The components of our deferred tax assets are as follows ($ in thousands).

		December 31,
		2019				2018
Deferred Tax Assets:
Net operating losses		$	-			$	1,042
Accrued compensation			-				205
Depreciation and amortization			-				13
Other			-				5
Total deferred tax assets			-				1,265
Less: Valuation allowance			-				(1,265	)
Net Deferred Tax Assets:		$	-			$	-
Deferred Tax Liabilities:
Intangible assets		$	(30,879	)		$	(35,000	)
Net Deferred Tax Liability		$	(30,879	)		$	(35,000	)

Schedule of Income Taxes Benefit

The benefit of income taxes for the years ended December 31, 2019 and 2018 consist of the following ($ in thousands):

		For the years ended December 31,
		2019				2018
U.S. federal
Current		$	-			$	-
Deferred			(4,302	)			(1,725	)
State and local
Current			-				-
Deferred			(970	)			(389	)
Valuation allowance			-				-
Income Tax Provision (Benefit)		$	(5,272	)		$	(2,114	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal rate to the Company’s effective tax rate is as follows:

		December 31,
		2019				2018
Federal rate			21.00	%			21.00	%
State income taxes, net of federal benefit			4.74	%			4.74	%
Non-controlling interest			(0.82	)%			(4.20	)%
Common stock issued for services			(0.82	)%			(6.35	)%
Change in fair value of derivative, warrant liability and gain on extinguishment of convertible notes			1.16	%			4.39	%
Amortization of debt discount			(0.13	)%			(2.60	)%
Loss on investments			(1.81	)%			-
Other			-	%			(1.26	)%
Change in valuation allowance			(37.15	)%			(29.62	)%
Income Taxes Provision (Benefit)			(13.83	)%			(13.90	)%

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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