Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Warrants Outstanding [Table Text Block]
As of March 31, 2020 and December 31, 2019, the following warrants for the purchase of Qumu's common stock were outstanding and exercisable:
Description
 
Number of underlying warrant shares
 
Warrant exercise price
(per share)
 
Warrant expiration date
Warrant issued in conjunction with January 2018 debt financing ("ESW warrant")
 
925,000

 
$
1.96

 
January 12, 2028
Warrant issued in conjunction with October 2016 debt financing ("Hale warrant")
 
314,286

 
$
2.80

 
October 21, 2026
Warrant issued to sales partner, iStudy Co., Ltd. ("iStudy warrant")
 
100,000

 
$
2.43

 
August 31, 2028
Total warrants outstanding
 
1,339,286

 
 
 
 
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The Company’s liabilities measured at fair value on a recurring basis and the fair value hierarchy utilized to determine such fair values is as follows at March 31, 2020 and December 31, 2019 (in thousands):
 
 
 
Fair Value Measurements Using
 
Total Fair
Value at
March 31, 2020
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
 
 
 
 
 
 
 
Derivative warrant liability - ESW warrant
$
1,983

 
$

 
$

 
$
1,983

Derivative warrant liability - Hale warrant
915

 

 

 
915

Derivative warrant liability - iStudy
5

 

 

 
5

Derivative warrant liability
$
2,903

 
$

 
$

 
$
2,903

 
 
 
Fair Value Measurements Using
 
Total Fair
Value at
December 31, 2019
 
Quoted Prices in
Active Markets
(Level 1)
 
Significant Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
Liabilities:
 
 
 
 
 
 
 
Derivative warrant liability - ESW warrant
$
2,149

 
$

 
$

 
$
2,149

Derivative warrant liability - Hale warrant
645

 

 

 
645

Derivative warrant liability - iStudy
145

 

 

 
145

Derivative warrant liability
$
2,939

 
$

 
$

 
$
2,939

Schedule of Unobservable Inputs [Table Text Block]
The following table represents the significant unobservable input used in the fair value measurement of Level 3 instruments:
 
March 31, 2020
Probability-weighted timing of change in control or financing event
0.3 years
Schedule of Changes in Fair Value of Liabilities Measured on Recurring Basis
The following table summarizes the changes in fair value measurements for the three months ended March 31, 2020:
Balance at December 31, 2019
 
$
2,939

Change in fair value
 
(36
)
Balance at March 31, 2020
 
$
2,903