Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Warrants Outstanding [Table Text Block]
As of March 31, 2021, 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") 238,583  $ 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 338,583 
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 were as follows at March 31, 2021 and December 31, 2020 (in thousands):
    Fair Value Measurements Using
  Total Fair
Value at
March 31, 2021
Quoted Prices in
Active Markets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Liabilities:        
Warrant liability - Hale $ 1,443  $ —  $ —  $ 1,443 
Warrant liability - iStudy 550  —  —  550 
Warrant liability $ 1,993  $ —  $ —  $ 1,993 
Derivative liability $ —  $ —  $ —  $ — 
Total $ 1,993  $ —  $ —  $ 1,993 

    Fair Value Measurements Using
  Total Fair
Value at
December 31, 2020
Quoted Prices in
Active Markets
(Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Liabilities:        
Warrant liability - Hale 2,245  —  —  2,245 
Warrant liability - iStudy 665  —  —  665 
Warrant liability $ 2,910  $ —  $ —  $ 2,910 
Derivative liability $ 37  $ —  $ —  $ 37 
Total $ 2,947  $ —  $ —  $ 2,947 
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:
  March 31, 2021
Probability-weighted timing of change in control 5.0 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, 2021:
Warrant liability Derivative liability Total
Balance at December 31, 2020 $ 2,910  $ 37  $ 2,947 
Reduction in warrant liability for partial exercise of Hale warrant (560) —  (560)
Change in fair value (357) (37) (394)
Balance at March 31, 2021 $ 1,993  $ —  $ 1,993