Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Schedule of Warrants Outstanding [Table Text Block]
As of September 30, 2020, 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 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 414,286 
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 September 30, 2020 and December 31, 2019 (in thousands):
    Fair Value Measurements Using
  Total Fair
Value at
September 30, 2020
Quoted Prices in
Active Markets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Liabilities:        
Warrant liability - Hale $ 1,462  $ —  $ —  $ 1,462 
Warrant liability - iStudy 352  —  —  352 
Warrant liability $ 1,814  $ —  $ —  $ 1,814 
Derivative liability $ 36  $ —  $ —  $ 36 
Total $ 1,850  $ —  $ —  $ 1,850 

    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:        
Warrant liability - ESW $ 2,149  $ —  $ —  $ 2,149 
Warrant liability - Hale 645  —  —  645 
Warrant liability - iStudy 145  —  —  145 
Total $ 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 warrant liability instruments:
  September 30, 2020
Probability-weighted timing of change in control 5.1 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 nine months ended September 30, 2020:
Warrant liability Derivative liability Total
Balance at December 31, 2019 $ 2,939  $ —  $ 2,939 
Cancellation of ESW warrant liability (Note 3) (1,855) —  (1,855)
Issuance of derivative liability upon cancellation of ESW warrant —  140  140 
Change in fair value 730  (104) 626 
Balance at September 30, 2020 $ 1,814  $ 36  $ 1,850