Annual report pursuant to Section 13 and 15(d)

Consolidation of Join Venture Entity and Noncontrolling Interest

v2.4.0.8
Consolidation of Join Venture Entity and Noncontrolling Interest
12 Months Ended
Dec. 31, 2013
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
Noncontrolling Interest
Effective July 3, 2013, the Company received approval from the Chinese government to increase its majority interest in Rimage Information Technology (Shanghai) Co., Ltd. ("RIT") from 51% to 100% by acquiring the remaining common stock from Taiwan Electronic Data Processing for $50,000. The acquisition of the additional shares in RIT was accounted for as an equity transaction in accordance with the accounting standards on noncontrolling interests outlined in ASC 810. As a result of the shares acquired, RIT is now a 100% owned subsidiary of Qumu. The Company continues to consolidate the financial statements of RIT with its consolidated financial statements; however, commencing on July 3, 2013, there is no noncontrolling interest.
The following table sets forth the changes in noncontrolling interest (in thousands):
 
 
Years Ended December 31,
 
 
2013
 
2012
Balance at beginning of period
 
$
103

 
$
360

Net loss attributable to noncontrolling interest
 
(125
)
 
(259
)
Foreign currency translation attributable to noncontrolling interest
 
1

 
2

Purchase of noncontrolling interest in consolidated subsidiary
 
21

 

Balance at end of period
 
$

 
$
103