Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value, Warrants Measured on Recurring Basis

The following table reconciles the beginning and ending balances of the Company’s Level 3 recurring assets (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Fair value of warrants at beginning of period	$	595	$	237	$	302	$	62
Fair value of new warrants, recorded during the period (included as a discount on notes receivable)		—		12		—		224
Unrealized (loss) gain on fair valuation of warrants		(4)		—		289		(37)
Fair value of warrants at end of period	$	591	$	249	$	591	$	249

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 fair value calculation categorized as Level 3 in the fair value hierarchy at September 30, 2019 and December 31, 2018:


September 30, 2019
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.24 - $14.50
			Exercise price	0.02 - 9.00
			Time to maturity (in years)	6.88 - 12.20
			Risk-free interest rate	1.62% - 2.44%
			Annualized volatility	32.54% - 114.48%
Warrants	Recurring	Market Valuation	Stock price	$0.10


December 31, 2018
	Valuation	Valuation	Unobservable	Range of
Name	Frequency	Technique	Inputs	Input Values
Warrants	Recurring	Black-Scholes formulation	Stock price	$0.18 - $14.50
			Exercise price	0.02 - 9.00
			Time to maturity (in years)	7.63 - 12.95
			Risk-free interest rate	2.61% - 2.74%
			Annualized volatility	34.20% - 292.35%

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 September 30, 2019 and December 31, 2018 (in thousands):


	September 30, 2019
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	6,549	$	6,549	$	—	$	—	$	6,549
Notes receivable, net		1,472		—		—		1,481		1,481
Warrants, fair value		591		—		—		591		591
Financial liabilities:
Non-recourse debt		3,833		—		—		3,843		3,843


	December 31, 2018
	Carrying
	Amount		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	6,484	$	6,484	$	—	$	—	$	6,484
Notes receivable, net		3,455		—		—		3,370		3,370
Warrants, fair value		302		—		—		302		302
Financial liabilities:
Non-recourse debt		3,531		—		—		3,539		3,539