Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements [Abstract]

Fair Value, Warrants Measured on Recurring Basis

The fair value of warrants that were accounted for on a recurring basis for the years ended December 31, 2019 and 2018 and classified as level 3 are as follows (in thousands):

	2019		2018
Fair value of warrants at beginning of period	$	229	$	232
Unrealized gain (loss) on fair value adjustment for warrants		42		(3)
Fair value of warrants at end of period	$	271	$	229

Fair Value, Investment Securities Measured on Recurring Basis

The fair value of investment securities that were accounted for on a recurring basis as of the year ended December 31, 2019 and classified as Level 1 are as follows (in thousands):

		2019		2018
Fair value of securities at beginning of year	$	27	$	21
Unrealized (loss) gain on fair value of securities		(12)		6
Fair value of investment securities at end of year	$	15	$	27

Fair Value Measurement of Impaired Assets at Fair Value on Non-Recurring Basis

During 2019 and 2018, the Company recorded fair value adjustments totaling $801 thousand and $4 thousand, respectively, to reduce the cost basis of certain off-lease transportation, rail and research equipment.

			Level 1		Level 2	Level 3
	December 31,		Estimated		Estimated	Estimated
	2019		Fair Value		Fair Value	Fair Value
Assets measured at fair value on a non-recurring basis (in thousands):
Impaired lease and off-lease equipment	$	104	$	—	$	$	104

			Level 1		Level 2		Level 3
	December 31,		Estimated		Estimated		Estimated
	2018		Fair Value		Fair Value		Fair Value
Assets measured at fair value on a non-recurring basis (in thousands):
Impaired lease and off-lease equipment	$	8	$	—	$	—	$	8

Summary of Valuation Techniques and Significant Unobservable Inputs Used

The following tables summarize the valuation techniques and significant unobservable inputs used for the Company’s recurring and non-recurring fair value calculation/adjustments categorized as Level 3 in the fair value hierarchy at December 31, 2019 and 2018:

December 31, 2019
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.12 - $12.92
			Exercise price	$0.10 - $160.05
			Time to maturity (in years)	0.99 - 6.08
			Risk-free interest rate	1.58% - 1.73%
			Annualized volatility	43.92% - 109.07%
Off-lease equipment	Non-recurring	Market Approach	Third Party Agents' Pricing	$0 - $8,000
			Quotes - per equipment	(total of $104,000)
			Equipment Condition	Poor to Average

December 31, 2018
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.00 - $9.98
			Exercise price	$0.1 - $1,000.00
			Time to maturity (in years)	1.62 - 7.08
			Risk-free interest rate	2.46% - 2.59%
			Annualized volatility	47.58% - 91.94%
Off-lease equipment	Non-recurring	Market Approach	Third Party Agents' Pricing	$0 - $8,000
			Quotes - per equipment	(total of $7,550)
			Equipment Condition	Poor to Average

Estimated Fair Values of Financial Instruments

The following tables present estimated fair values of the Company’s financial instruments in accordance with the guidance provided by the Financial Instruments Topic of the FASB Accounting Standards Codification at December 31, 2019 and 2018 (in thousands):

	Fair Value Measurements at December 31, 2019
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	2,831	$	2,831	$	—	$	—	$	2,831
Investment in securities		15		15		—		—		15
Warrants, fair value		271		—		—		271		271
Financial liabilities:
Non-recourse debt		4,022		—		—		4,027		4,027

	Fair Value Measurements at December 31, 2018
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	1,056	$	1,056	$	—	$	—	$	1,056
Notes receivable		70		—		—		63		63
Investment in securities		27		27		—		—		27
Warrants, fair value		229		—		—		229		229
Financial liabilities:
Non-recourse debt		996		—		—		991		991
Senior long-term debt		2,068		—		—		2,456		2,456
Acquisition credit facility		1,200		—		—		1,200		1,200