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Discontinued Operations | 12 Months Ended
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Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Dissolution of Fubo Gaming As discussed in Note 1, on October 17, 2022, the Company dissolved its wholly owned subsidiary Fubo Gaming. In connection with the dissolution of Fubo Gaming, the Company concurrently ceased operation of Fubo Sportsbook. Net loss from Fubo Gaming's discontinued operations consists of the following for the years ended December 31, 2022 and 2021:
| Years Ended December 31,
| 2022 |  | 2021
Revenues |  |  |
Wagering | $ | (759) |  |  | $ | (20) |
Total revenues | (759) |  |  | (20) |
Operating expenses |  |  |
Sales and marketing | 9,976 |  |  | 6,667 |
Technology and development | 9,220 |  |  | 5,095 |
General and administrative | 28,481 |  |  | 19,146 |
Depreciation and amortization | 433 |  |  | 215 |
Impairment of goodwill, intangible assets, and other long-lived assets, net | 87,365 |  |  | — |
Total operating expenses | 135,475 |  |  | 31,123 |
Operating loss | (136,234) |  |  | (31,143) |
Other income (expense) |  |  |
Interest expense and financing costs | (598) |  |  | — |
Other income (expense) | (42) |  |  | (34) |
Total other expense | (640) |  |  | (34) |
Net loss | (136,874) |  |  | (31,177) |
During the year ended December 31, 2022 the Company incurred non-cash impairment charges totaling $87.4 million primarily consisting of prepaid market access agreements, intangible assets and goodwill. Included in the table above, during the years ended December 31, 2022 and 2021, the Company recorded $15.9 million and $10.6 million, respectively, of stock-based compensation expense. The Company incurred certain immaterial charges in connection with the dissolution, primarily related to severance and other employee-related costs. The carrying amounts of the major classes of assets and liabilities classified as discontinued operations as of December 31, 2022 and 2021 are as follows:
| December 31, 2022 |  | December 31, 2021
ASSETS |  |  |
Current assets |  |  |
Cash and cash equivalents | $ | 3,277 |  |  | $ | 3,326 |
Cash reserved for users | — |  |  | 579
Accounts receivable, net | — |  |  | 11 |
Prepaid and other current assets | 1,366 |  |  | 2,445 |
Total current assets | 4,643 |  |  | 6,361 |
Property and equipment, net | — |  |  | 1,703 |
Intangible assets, net | — |  |  | 14,625 |
Goodwill | — |  |  | 10,682 |
Right-of-use assets | — |  |  | 3,101 |
Other non-current assets | — |  |  | 40,117 |
Total assets - discontinued operations | $ | 4,643 |  |  | $ | 76,589 |
LIABILITIES |  |  |
Current liabilities |  |  |
Accounts payable | $ | 4,347 |  |  | $ | 693 |
Accrued expenses and other current liabilities | 25,787 |  |  | 4,294 |
Lease liabilities | 2,447 |  |  | 808 |
Total current liabilities | 32,581 |  |  | 5,795 |
Lease liabilities | — |  |  | 2,447 |
Other long-term liabilities | — |  |  | 8,686 |
Total liabilities - discontinued operations | $ | 32,581 |  |  | $ | 16,928 |
As of December 31, 2022, the Company's accrued expenses and other current liabilities of its discontinued operations included $24.7 million, primarily related to contract termination costs. FaceBank AG and Nexway – Disposition Through its ownership in FaceBank AG, the Company had an equity investment of 62.3% in Nexway AG (“Nexway”), which it acquired beginning on August 15, 2019 and on September 16, 2019. The equity investment in Nexway was a controlling financial interest and the Company consolidated its investment in Nexway under ASC 810, Consolidation. On March 31, 2020, the Company relinquished approximately 20% of the total Nexway shareholder votes associated with its investment, which reduced the Company’s voting interest in Nexway to 42.6% As a result of the Company’s loss of control in Nexway, the Company deconsolidated Nexway as of March 31, 2020 as it no longer had a controlling financial interest. The deconsolidation of Nexway resulted in a loss of $11.9 million calculated as follows (in thousands):
Cash | $ | 5,776 |
Accounts receivable | 9,831 |
Inventory | 50 |
Prepaid expenses | 164 |
Goodwill | 51,168 |
Property and equipment, net | 380 |
Right-of-use assets | 3,594 |
Total assets | $ | 70,963 |
Less: |
Accounts payable | 34,262 |
Accrued expenses | 15,788 |
Lease liability | 3,594 |
Deferred income taxes | 1,161 |
Other liabilities | 40 |
Total liabilities | $ | 54,845 |
Non-controlling interest | 2,595 |
Foreign currency translation adjustment | (770) |
Loss before fair value – investment in Nexway | 14,293 |
Less: fair value of shares owned by the Company | 2,374 |
Loss on deconsolidation of Nexway | $ | 11,919 |
During the third quarter ended September 30, 2020, the Company sold 100% of its ownership interest in Facebank AG and its remaining investment in Nexway to the former owners and recognized a gain on sale of its investment of $7.6 million, which is included as a gain on the sale of assets, a component of other income (expense) on the accompanying consolidated statement of operations and comprehensive loss. The following table represents the net carrying value of the Company’s investment in Facebank AG and Nexway and the related gain on sale of its investment (in thousands):
Investment in Nexway | $ | 4,989 |
Financial assets at fair value | 1,965 |
Goodwill | 28,541 |
Total assets | 35,495 |
Loan payable | 56,140 |
Net carrying amount | (20,645) |
Issuance of common stock to original owners of Facebank AG | 12,395 |
Cash paid to former owners of Facebank AG | 619 |
Gain on sale of investment in Facebank AG | $ | (7,631) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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