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Other Assets | 12 Months Ended
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Dec. 31, 2020
Other Assets [Abstract] |
Other Assets |
(8) | Other Assets
On August 22, 2019, the Company contributed an additional $1.5 million in cash to Quu in exchange for an additional 10,000,000 shares. The Company also received a warrant to acquire 16,949,306 shares of Quu common stock that terminates on August 22, 2029. As a result of the additional investment, the Company holds approximately 35% of the outstanding shares of Quu. On August 22, 2019, the Company adjusted the initial investment to fair value and recognized a loss of $0.1 million. The Company’s share of earnings from Quu is reported in equity in earnings of unconsolidated affiliates, net of tax in the accompanying consolidated statements of comprehensive income (loss) for the years ended December 31, 2019 and 2020. The carrying amount of the investment in Quu was $2.2 million and $2.1 million as of December 31, 2019 and 2020, respectively. On March 1, 2019, the Company (i) issued 235,296 shares of Class A common stock with a fair value of $ 1.0 million, (ii) agreed to provide $ 1.0 million of media advertising over a three year period, and (iii) contributed $ 2.5 million in cash for an aggregate investment of $ 4.5 million in Renegades, an esports organization, in exchange for 3,750,000 shares. The Company acquired an additional 416,666 shares in the third quarter of 2019 for $ 0.5 million in cash. As of December 31, 2019, the Company held approximately 45 % of the outstanding shares of Renegades and the carrying amount of the investment in Renegades is $ 5.7 million. In January 2020, the Company acquired an additional 833,334 shares for an aggregate of $ 1.0 million in cash. As a result of the additional investment in January 2020, the Company obtained control of Renegades and consolidated the accounts of Renegades in the accompanying financial statements as of and for the year ended December 31, 2020.

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