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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments

These tables present the carrying value and fair value, by fair value hierarchy, of our financial instruments, excluding cash and cash equivalents, accounts receivable and accounts payable at March 31, 2017 and December 31, 2016, respectively (in thousands).  

 

 

 

 

 

 

Fair Value Measurements at March 31, 2017 (In thousands)

 

 

Fair Value at

3/31/2017

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs (Level 3)

 

Recurring:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Warrant Liability

$

4,942

 

 

$

-

 

 

$

-

 

 

$

4,942

 

2017 Notes

$

16,492

 

 

$

-

 

 

$

-

 

 

$

16,492

 

Total Recurring Fair Value Measurements

$

21,434

 

 

$

-

 

 

$

-

 

 

$

21,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn and finished goods inventory

$

2,092

 

 

$

223

 

 

$

1,869

 

 

$

-

 

 

$

2,092

 

 

$

223

 

 

$

1,869

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2016 (In thousands)

 

 

Fair Value at

12/31/2016

 

 

Quoted Prices in

Active Markets for

Identical Assets

(Level 1)

 

 

Significant Other

Observable Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs (Level 3)

 

Recurring:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Warrant Liability

$

2,698

 

 

$

-

 

 

$

1,884

 

 

$

814

 

2017 Notes

$

25,769

 

 

$

-

 

 

$

-

 

 

$

25,769

 

Total Recurring Fair Value Measurements

$

28,467

 

 

$

-

 

 

$

1,884

 

 

$

26,583

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonrecurring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corn and finished goods inventory

$

1,327

 

 

$

108

 

 

$

1,219

 

 

$

-

 

 

$

1,327

 

 

$

108

 

 

$

1,219

 

 

$

-

 

 
Schedule of Fair Value Measurements Using Level 3 Inputs

The following table provides changes to those fair value measurements using Level 3 inputs for the three months ended March 31, 2017.

 

 

 

Fair Value Measurements Using Significant Unobservable Inputs

(Level 3) (in thousands)

 

 

 

Derivative Warrant Liability

 

 

2017 Notes

 

Opening Balance

 

$

814

 

 

$

25,769

 

Transfers into Level 3

 

 

1,884

 

 

 

-

 

Transfers out of Level 3

 

 

-

 

 

 

-

 

Total (gains) or losses for the period

 

 

 

 

 

 

 

 

Included in earnings

 

 

(3,259

)

 

 

339

 

Included in other comprehensive income

 

 

-

 

 

 

-

 

Purchases, issues, sales and settlements

 

 

 

 

 

 

 

 

Purchases

 

 

-

 

 

 

-

 

Issues

 

 

5,670

 

 

 

-

 

Sales

 

 

-

 

 

 

-

 

Settlements

 

 

(167

)

 

 

(9,616

)

Closing balance

 

$

4,942

 

 

$

16,492