XML 47 R22.htm IDEA: XBRL DOCUMENT
v3.22.2

MERGER, DISPOSITION AND ACQUISITION TRANSACTIONS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
MERGER, DISPOSITION AND ACQUISITION TRANSACTIONS [Abstract] |
Tangible and Intangible Assets Acquired and Liabilities Assumed, Based on Estimated Fair Values | The allocation of the purchase price to the tangible and intangible assets acquired and liabilities deemed to be assumed from Brooklyn, based on their estimated fair values as of March 25, 2021, is as follows (in thousands):
|  | Historical Balance Sheet of Brooklyn at March 25, 2021 |  |  | Fair Value Adjustment to Brooklyn Pre-Merger Assets |  |  | Price Purchase Allocation |
Cash and cash equivalents |  | $ | 148 |  |  | $ | - |  |  | $ | 148 |
Accounts receivable |  |  | 103 |  |  |  | - |  |  |  | 103 |
Prepaid expense and other current assets |  |  | 329 |  |  |  | - |  |  |  | 329 |
Property and equipment, net |  |  | 1,015 |  |  |  | - |  |  |  | 1,015 |
Software development costs |  |  | 1,296 |  |  |  | (368 | ) |  |  | 928 |
Customers |  |  | - |  |  |  | 548 |  |  |  | 548 |
Trade name |  |  | - |  |  |  | 299 |  |  |  | 299 |
Accounts payable, accrued liabilities and other current |  |  |  |  |  |  |  |  |  |  |  |
liabilities |  |  | (3,781 | ) |  |  | - |  |  |  | (3,781 | )
Net assets acquired, excluding goodwill |  | $ | (890 | ) |  | $ | 479 |  |  | $ | (411 | )
Total consideration |  | $ | 8,178 |  |  |  |  |  |  |  |  |
Net assets acquired, excluding goodwill |  |  | (411 | ) |  |  |  |  |  |  |  |
Goodwill |  | $ | 8,589 |  |  |  |  |  |  |  |  |
Disposition Details | On March 26, 2021, Brooklyn sold its rights, title and interest in and to the assets relating to the business it operated (under the name NTN Buzztime, Inc.) prior to the Merger to eGames.com in exchange for a purchase price of $2.0 million and assumption of specified liabilities relating to that business. The sale was completed in accordance with the terms of the Asset Purchase Agreement. Details of the Disposition are as follows (in thousands):
Proceeds from sale: |  |  |
Cash |  | $ | 132 |
Escrow |  |  | 100 |
Assume advance/loans |  |  | 1,700 |
Interest on advance/loans |  |  | 68 |
Carrying value of assets sold: |  |  |  |
Cash and cash equivalents |  |  | (14 | )
Accounts receivable |  |  | (75 | )
Prepaids and other current assets |  |  | (124 | )
Property and equipment, net |  |  | (1,014 | )
Software development costs |  |  | (927 | )
Customers |  |  | (548 | )
Trade name |  |  | (299 | )
Goodwill |  |  | (8,589 | )
Other assets |  |  | (103 | )
Liabilities transferred upon sale: |  |  |  |
Accounts payable and accrued expenses |  |  | 113 |
Obligations under finance leases |  |  | 17 |
Lease liability |  |  | 26 |
Deferred revenue |  |  | 55 |
Other current liabilities |  |  | 149 |
Transaction costs |  |  | (265 | )
Total loss on sale of assets |  | $ | (9,598 | )
Fair Value of Asset Acquired | The resulting fair value of the asset acquired is as follows (in thousands):
|  | Fair Value of Consideration |
Cash paid |  | $ | 22,882 |
Cash acquired |  |  | (28 | )
Unrestricted shares |  |  | 36,628 |
Restricted shares |  |  | 22,056 |
Total fair value of consideration paid |  |  | 81,538 |
Less amount of cash paid for NoveCite investment |  |  | (1,000 | )
Fair value of IPR&D acquired |  | $ | 80,538 |

X
- Definition Tabular disclosure of asset acquisition. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 50 -Section 15 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6911878&loc=d3e8732-128492 + Details
Name: | us-gaap_AssetAcquisitionTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information 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 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration