Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 three months ended March 31, 2020 and 2019 and classified as level 3 are as follows (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Fair value of warrants at beginning of period	$	271	$	229
Unrealized (loss) gain on fair value adjustment for warrants		(231)		1
Fair value of warrants at end of period	$	40	$	230

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 three months ended March 31, 2020 and 2019 and classified as Level 1 are as follows (in thousands):

	Three Months Ended
	March 31,
	2020		2019
Fair value of securities at beginning of period	$	15	$	112
Unrealized loss on fair value of securities		(1)		(8)
Fair value of investment securities at end of period	$	14	$	104

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

Subsequent to the first quarter of 2019, the Company had deemed certain equipment to be impaired and recorded fair value adjustments totaling $801 thousand, all of which were recorded during the third quarter of 2019. Such adjustments reduced the cost basis of certain off-lease transportation equipment. There was no additional impairment recorded during the first quarter of 2020.

			Level 1		Level 2		Level 3
	March 31,		Estimated		Estimated		Estimated
	2020		Fair Value		Fair Value		Fair Value
Assets measured at fair value on a non-recurring basis (in thousands):
Impaired lease and off-lease equipment	$	96	$	—	$	—	$	96

			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

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 March 31, 2020 and December 31, 2019:

March 31, 2020
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.12 - $5.23  ($0.29)
			Exercise price	$0.10 - $1,000.00  ($0.49)
			Time to maturity (in years)	0.37 - 5.83  (1.66)
			Risk-free interest rate	0.15% - 0.45%  (0.22%)
			Annualized volatility	35.15% - 114.63%  (46.41%)
Off-lease equipment	Non-recurring	Market Approach	Third Party Agents' Pricing	$0 - $8,000
			Quotes - per equipment	(total of $96,000)
			Equipment Condition	Poor to Average

December 31, 2019
	Valuation	Valuation	Unobservable	Range of Input Values
Name	Frequency	Technique	Inputs	(Weighted Average)
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.12 - $12.92  ($0.38)
			Exercise price	$0.10 - $1,000.00  ($0.50)
			Time to maturity (in years)	0.99 - 6.08  (2.05)
			Risk-free interest rate	1.58% - 1.73%  (1.59%)
			Annualized volatility	43.92% - 109.07%  (50.73%)
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

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 March 31, 2020 and December 31, 2019 (in thousands):

	Fair Value Measurements at March 31, 2020
	Carrying Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	607	$	607	$	—	$	—	$	607
Investment in securities		14		14		—		—		14
Warrants, fair value		40		—		—		40		40
Financial liabilities:
Non-recourse debt		3,797		—		—		3,817		3,817

	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