Minnesota | 41-1577970 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
400 S 4th St | Suite 401-412 | |||||||
Minneapolis | Minnesota | 55415 | ||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value | QUMU | The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||||||
Emerging growth company | ☐ |
Description | Page | |||||||
March 31, 2022 | December 31, 2021 | ||||||||||
Assets | (unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 15,464 | $ | 20,563 | |||||||
Receivables, net of allowance for credit losses of $42 and $42, respectively | 3,679 | 3,709 | |||||||||
Contract assets | 563 | 446 | |||||||||
Income tax receivable | 653 | 556 | |||||||||
Prepaid expenses and other current assets | 2,538 | 2,184 | |||||||||
Total current assets | 22,897 | 27,458 | |||||||||
Property and equipment, net of accumulated depreciation of $1,599 and $1,544, respectively | 284 | 337 | |||||||||
Right of use assets – operating leases | 96 | 146 | |||||||||
Intangible assets, net | 1,223 | 1,388 | |||||||||
Goodwill | 7,180 | 7,388 | |||||||||
Deferred income taxes, non-current | 17 | 17 | |||||||||
Other assets, non-current | 351 | 362 | |||||||||
Total assets | $ | 32,048 | $ | 37,096 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and other accrued liabilities | $ | 3,063 | $ | 2,742 | |||||||
Accrued compensation | 2,329 | 1,725 | |||||||||
Deferred revenue | 10,122 | 10,862 | |||||||||
Operating lease liabilities | 435 | 597 | |||||||||
Financing obligations | 5,350 | 5,502 | |||||||||
Warrant liability | 735 | 801 | |||||||||
Total current liabilities | 22,034 | 22,229 | |||||||||
Long-term liabilities: | |||||||||||
Deferred revenue, non-current | 1,167 | 1,507 | |||||||||
Income taxes payable, non-current | 636 | 630 | |||||||||
Operating lease liabilities, non-current | — | 21 | |||||||||
Financing obligations, non-current | 100 | 113 | |||||||||
Total long-term liabilities | 1,903 | 2,271 | |||||||||
Total liabilities | 23,937 | 24,500 | |||||||||
Commitments and contingencies (Note 3) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.01 par value, authorized 250,000 shares, no shares issued and outstanding | — | — | |||||||||
Common stock, $0.01 par value, authorized 29,750,000 shares, issued and outstanding 17,865,088 and 17,786,959, respectively | 179 | 178 | |||||||||
Additional paid-in capital | 105,993 | 105,655 | |||||||||
Accumulated deficit | (95,333) | (90,693) | |||||||||
Accumulated other comprehensive loss | (2,728) | (2,544) | |||||||||
Total stockholders’ equity | 8,111 | 12,596 | |||||||||
Total liabilities and stockholders’ equity | $ | 32,048 | $ | 37,096 |
Three Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenues: | ||||||||||||||
Software licenses and appliances | $ | 111 | $ | 108 | ||||||||||
Service | 4,829 | 5,712 | ||||||||||||
Total revenues | 4,940 | 5,820 | ||||||||||||
Cost of revenues: | ||||||||||||||
Software licenses and appliances | 31 | 64 | ||||||||||||
Service | 1,379 | 1,503 | ||||||||||||
Total cost of revenues | 1,410 | 1,567 | ||||||||||||
Gross profit | 3,530 | 4,253 | ||||||||||||
Operating expenses: | ||||||||||||||
Research and development | 1,825 | 2,030 | ||||||||||||
Sales and marketing | 3,808 | 4,476 | ||||||||||||
General and administrative | 2,443 | 2,527 | ||||||||||||
Amortization of purchased intangibles | 156 | 162 | ||||||||||||
Total operating expenses | 8,232 | 9,195 | ||||||||||||
Operating loss | (4,702) | (4,942) | ||||||||||||
Other income (expense): | ||||||||||||||
Interest expense, net | (70) | (54) | ||||||||||||
Decrease in fair value of derivative liability | — | 37 | ||||||||||||
Decrease in fair value of warrant liability | 66 | 357 | ||||||||||||
Other, net | (28) | 62 | ||||||||||||
Total other income (expense), net | (32) | 402 | ||||||||||||
Loss before income taxes | (4,734) | (4,540) | ||||||||||||
Income tax benefit | (94) | (90) | ||||||||||||
Net loss | $ | (4,640) | $ | (4,450) | ||||||||||
Net loss per share – basic: | ||||||||||||||
Net loss per share – basic | $ | (0.26) | $ | (0.27) | ||||||||||
Weighted average shares outstanding – basic | 18,014 | 16,443 | ||||||||||||
Net loss per share – diluted: | ||||||||||||||
Loss attributable to common shareholders | $ | (4,640) | $ | (4,807) | ||||||||||
Net loss per share – diluted | $ | (0.26) | $ | (0.29) | ||||||||||
Weighted average shares outstanding – diluted | 18,014 | 16,679 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss | $ | (4,640) | $ | (4,450) | |||||||
Other comprehensive loss: | |||||||||||
Net change in foreign currency translation adjustments | (184) | (21) | |||||||||
Total other comprehensive loss | (184) | (21) | |||||||||
Total comprehensive loss | $ | (4,824) | $ | (4,471) |
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 13,780 | $ | 138 | $ | 79,489 | $ | (74,328) | $ | (2,414) | $ | 2,885 | ||||||||||||||||||||||||
Net loss | — | — | — | (4,450) | — | (4,450) | |||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | — | (21) | (21) | |||||||||||||||||||||||||||||
Issuance of common stock | 3,709 | 37 | 23,048 | — | — | 23,085 | |||||||||||||||||||||||||||||
Warrant exercise | 50 | — | 560 | — | — | 560 | |||||||||||||||||||||||||||||
Issuance of stock under employee stock plan, net of forfeitures | 52 | 1 | 141 | — | — | 142 | |||||||||||||||||||||||||||||
Redemption of stock related to tax withholdings on employee stock plan issuances | — | — | (3) | — | — | (3) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 589 | — | — | 589 | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | 17,591 | $ | 176 | $ | 103,824 | $ | (78,778) | $ | (2,435) | $ | 22,787 | ||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 17,787 | $ | 178 | $ | 105,655 | $ | (90,693) | $ | (2,544) | $ | 12,596 | ||||||||||||||||||||||||
Net loss | — | — | — | (4,640) | — | (4,640) | |||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | — | (184) | (184) | |||||||||||||||||||||||||||||
Issuance of stock under employee stock plan, net of forfeitures | 87 | 1 | (1) | — | — | — | |||||||||||||||||||||||||||||
Redemption of stock related to tax withholdings on employee stock plan issuances | (9) | — | (17) | — | — | (17) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | 356 | — | — | 356 | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | 17,865 | $ | 179 | $ | 105,993 | $ | (95,333) | $ | (2,728) | $ | 8,111 | ||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating activities: | |||||||||||
Net loss | $ | (4,640) | $ | (4,450) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 216 | 243 | |||||||||
Stock-based compensation | 356 | 589 | |||||||||
Accretion of debt discount and issuance costs | 4 | 33 | |||||||||
Decrease in fair value of derivative liability | — | (37) | |||||||||
Decrease in fair value of warrant liability | (66) | (357) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Receivables | 12 | 1,344 | |||||||||
Contract assets | (117) | (3) | |||||||||
Income taxes receivable / payable | (105) | (105) | |||||||||
Prepaid expenses and other assets | (334) | (353) | |||||||||
Accounts payable and other accrued liabilities | 214 | (379) | |||||||||
Accrued compensation | 611 | (467) | |||||||||
Deferred revenue | (1,014) | (1,614) | |||||||||
Net cash used in operating activities | (4,863) | (5,556) | |||||||||
Investing activities: | |||||||||||
Purchases of property and equipment | (8) | (29) | |||||||||
Net cash used in investing activities | (8) | (29) | |||||||||
Financing activities: | |||||||||||
Principal payments on financing obligations | (165) | (118) | |||||||||
Principal payment on line of credit | — | (1,840) | |||||||||
Proceeds from line of credit | — | 1,840 | |||||||||
Principal payment on term loan | — | (1,833) | |||||||||
Payment for term loan issuance costs | (25) | — | |||||||||
Net proceeds from common stock issuance | — | 23,085 | |||||||||
Proceeds from issuance of common stock under employee stock plans | — | 142 | |||||||||
Common stock repurchases to settle employee withholding liability | (16) | (3) | |||||||||
Net cash provided by (used in) financing activities | (206) | 21,273 | |||||||||
Effect of exchange rate changes on cash | (22) | 9 | |||||||||
Net increase (decrease) in cash and cash equivalents | (5,099) | 15,697 | |||||||||
Cash and cash equivalents, beginning of period | 20,563 | 11,878 | |||||||||
Cash and cash equivalents, end of period | $ | 15,464 | $ | 27,575 | |||||||
Supplemental disclosures of net cash paid (received) during the period: | |||||||||||
Income taxes, net | $ | — | $ | 18 | |||||||
Interest, net | $ | 69 | $ | 17 | |||||||
Non-cash financing activity: | |||||||||||
Reclassification from warrant liability to additional paid-in capital for non-cash exercise | $ | — | $ | 560 | |||||||
March 31, 2022 | |||||||||||||||||
Customer Relationships | Trademarks / Trade Names | Total | |||||||||||||||
Original cost | $ | 4,872 | $ | 2,121 | $ | 6,993 | |||||||||||
Accumulated amortization | (4,427) | (1,343) | (5,770) | ||||||||||||||
Intangibles assets, net | $ | 445 | $ | 778 | $ | 1,223 |
December 31, 2021 | |||||||||||||||||
Customer Relationships | Trademarks / Trade Names | Total | |||||||||||||||
Original cost | $ | 4,927 | $ | 2,121 | $ | 7,048 | |||||||||||
Accumulated amortization | (4,352) | (1,308) | (5,660) | ||||||||||||||
Intangibles assets, net | $ | 575 | $ | 813 | $ | 1,388 |
Three Months Ended March 31, 2022 | |||||
Balance, beginning of period | $ | 1,388 | |||
Amortization expense | (156) | ||||
Currency translation | (9) | ||||
Balance, end of period | $ | 1,223 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Amortization expense associated with the developed technology included in cost of revenues | $ | — | $ | 27 | |||||||
Amortization expense associated with other acquired intangible assets included in operating expenses | 156 | 162 | |||||||||
Total amortization expense | $ | 156 | $ | 189 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Operating lease cost | $ | 50 | $ | 45 | |||||||
Finance lease cost: | |||||||||||
Amortization of right of use assets | 26 | 29 | |||||||||
Interest on lease liabilities | 17 | 2 | |||||||||
Total finance cost | 43 | 31 | |||||||||
Total lease cost | $ | 93 | $ | 76 |
Operating leases | Finance leases | ||||||||||
Remainder of 2022 | $ | 428 | $ | 43 | |||||||
2023 | 21 | 58 | |||||||||
2024 | — | 58 | |||||||||
2025 | — | 4 | |||||||||
2026 | — | — | |||||||||
Total undiscounted lease payments | 449 | 163 | |||||||||
Less amount representing interest | (14) | (12) | |||||||||
Present value of lease liabilities | $ | 435 | $ | 151 |
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 |
Fair Value Measurements Using | |||||||||||||||||||||||
Total Fair Value at March 31, 2022 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Warrant liability - Hale | $ | 644 | $ | — | $ | — | $ | 644 | |||||||||||||||
Warrant liability - iStudy | 91 | — | — | 91 | |||||||||||||||||||
Warrant liability | $ | 735 | $ | — | $ | — | $ | 735 |
Fair Value Measurements Using | |||||||||||||||||||||||
Total Fair Value at December 31, 2021 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Warrant liability - Hale | $ | 685 | $ | — | $ | — | $ | 685 | |||||||||||||||
Warrant liability - iStudy | 116 | — | — | 116 | |||||||||||||||||||
Warrant liability | $ | 801 | $ | — | $ | — | $ | 801 |
March 31, 2022 | December 31, 2021 | |||||||
Probability-weighted timing of change in control | 3.5 years | 3.7 years |
Total | ||||||||
Balance at December 31, 2021 | $ | 801 | ||||||
Change in fair value | (66) | |||||||
Balance at March 31, 2022 | $ | 735 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Software licenses and appliances | $ | 111 | $ | 108 | |||||||
Service | |||||||||||
Subscription and support | 2,655 | 2,315 | |||||||||
Maintenance and support | 1,793 | 2,664 | |||||||||
Subscription, maintenance and support | 4,448 | 4,979 | |||||||||
Professional services and other | 381 | 733 | |||||||||
Total service | 4,829 | 5,712 | |||||||||
Total revenues | $ | 4,940 | $ | 5,820 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
North America | $ | 3,278 | $ | 3,938 | |||||||
Europe | 1,378 | 1,621 | |||||||||
Asia | 284 | 261 | |||||||||
Total | $ | 4,940 | $ | 5,820 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Restricted stock units | 74,795 | 98,500 | |||||||||
Performance stock units | 320,755 | 163,640 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock-based compensation cost, before income tax benefit: | |||||||||||
Stock options | $ | 112 | $ | 171 | |||||||
Restricted stock awards and restricted stock units | 239 | 418 | |||||||||
Performance stock units | 5 | — | |||||||||
Total stock-based compensation | $ | 356 | $ | 589 | |||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock-based compensation cost included in: | |||||||||||
Cost of revenues | $ | 19 | $ | 15 | |||||||
Operating expenses | 337 | 574 | |||||||||
Total stock-based compensation | $ | 356 | $ | 589 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Net loss per share – basic | |||||||||||
Net loss | $ | (4,640) | $ | (4,450) | |||||||
Weighted average shares outstanding | 18,014 | 16,443 | |||||||||
Net loss per share – basic | $ | (0.26) | $ | (0.27) | |||||||
Net loss per share – diluted | |||||||||||
Loss attributable to common shareholders: | |||||||||||
Net loss | $ | (4,640) | $ | (4,450) | |||||||
Numerator effect of dilutive securities | |||||||||||
Warrants | — | (357) | |||||||||
Loss attributable to common shareholders | $ | (4,640) | $ | (4,807) | |||||||
Weighted average shares outstanding – diluted: | |||||||||||
Weighted average shares outstanding – basic | 18,014 | 16,443 | |||||||||
Denominator effect of dilutive securities | |||||||||||
Warrants | — | 236 | |||||||||
Diluted potential common shares | — | 236 | |||||||||
Weighted average shares outstanding – diluted | 18,014 | 16,679 | |||||||||
Net loss per share – diluted | $ | (0.26) | $ | (0.29) |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Stock options | 1,036 | 1,224 | |||||||||
Warrants | 339 | — | |||||||||
Restricted stock units | 484 | 534 | |||||||||
Total anti-dilutive | 1,859 | 1,758 |
Three Months Ended March 31, | |||||||||||||||||
Percentage of Revenues | Percent Increase (Decrease) | ||||||||||||||||
2022 | 2021 | 2021 to 2022 | |||||||||||||||
Revenues | 100.0 | % | 100.0 | % | (15) | % | |||||||||||
Cost of revenues | (28.5) | (26.9) | (10) | ||||||||||||||
Gross profit | 71.5 | 73.1 | (17) | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 36.9 | 34.9 | (10) | ||||||||||||||
Sales and marketing | 77.1 | 76.8 | (15) | ||||||||||||||
General and administrative | 49.5 | 43.4 | (3) | ||||||||||||||
Amortization of purchased intangibles | 3.2 | 2.8 | (4) | ||||||||||||||
Total operating expenses | 166.7 | 157.9 | (10) | ||||||||||||||
Operating loss | (95.2) | (84.8) | (5) | ||||||||||||||
Other income (expense), net | (0.6) | 6.9 | n/a | ||||||||||||||
Loss before income taxes | (95.8) | (77.9) | 4 | ||||||||||||||
Income tax benefit | (1.9) | (1.5) | 4 | ||||||||||||||
Net loss | (93.9) | % | (76.4) | % | 4 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Software licenses and appliances | $ | 111 | $ | 108 | $ | 3 | 3 | % | |||||||||||||||
Service | |||||||||||||||||||||||
Subscription and support | 2,655 | 2,315 | 340 | 15 | |||||||||||||||||||
Maintenance and support | 1,793 | 2,664 | (871) | (33) | |||||||||||||||||||
Subscription, maintenance and support | 4,448 | 4,979 | (531) | (11) | |||||||||||||||||||
Professional services and other | 381 | 733 | (352) | (48) | |||||||||||||||||||
Total service | 4,829 | 5,712 | (883) | (15) | |||||||||||||||||||
Total revenues | $ | 4,940 | $ | 5,820 | $ | (880) | (15) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||
Software licenses and appliances | $ | 80 | $ | 44 | $ | 36 | 82 | % | |||||||||||||||
Service | 3,450 | 4,209 | (759) | (18) | |||||||||||||||||||
Total gross profit | $ | 3,530 | $ | 4,253 | $ | (723) | (17) | % | |||||||||||||||
Gross margin: | |||||||||||||||||||||||
Software licenses and appliances | 72.1 | % | 40.7 | % | 31.4 | % | |||||||||||||||||
Service | 71.4 | % | 73.7 | % | (2.3) | % | |||||||||||||||||
Total gross margin | 71.5 | % | 73.1 | % | (1.6) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Decrease | Percent Decrease | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | $ | 1,825 | $ | 2,030 | $ | (205) | (10) | % | |||||||||||||||
Sales and marketing | 3,808 | 4,476 | (668) | (15) | |||||||||||||||||||
General and administrative | 2,443 | 2,527 | (84) | (3) | |||||||||||||||||||
Amortization of purchased intangibles | 156 | 162 | (6) | (4) | |||||||||||||||||||
Total operating expenses | $ | 8,232 | $ | 9,195 | $ | (963) | (10) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Compensation and employee-related | $ | 1,117 | $ | 1,268 | $ | (151) | (12) | % | |||||||||||||||
Overhead and other expenses | 476 | 464 | 12 | 3 | |||||||||||||||||||
Outside services and consulting | 205 | 274 | (69) | (25) | |||||||||||||||||||
Depreciation and amortization | — | 1 | (1) | (100) | |||||||||||||||||||
Equity-based compensation | 27 | 23 | 4 | 17 | |||||||||||||||||||
Total research and development expenses | $ | 1,825 | $ | 2,030 | $ | (205) | (10) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Compensation and employee-related | $ | 2,805 | $ | 2,655 | $ | 150 | 6 | % | |||||||||||||||
Overhead and other expenses | 296 | 242 | 54 | 22 | |||||||||||||||||||
Outside services and consulting | 652 | 1,485 | (833) | (56) | |||||||||||||||||||
Depreciation and amortization | 14 | 7 | 7 | 100 | |||||||||||||||||||
Equity-based compensation | 41 | 87 | (46) | (53) | |||||||||||||||||||
Total sales and marketing expenses | $ | 3,808 | $ | 4,476 | $ | (668) | (15) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
Increase (Decrease) | Percent Increase (Decrease) | ||||||||||||||||||||||
2022 | 2021 | 2021 to 2022 | 2021 to 2022 | ||||||||||||||||||||
Compensation and employee-related | $ | 896 | $ | 913 | $ | (17) | (2) | % | |||||||||||||||
Overhead and other expenses | 398 | 305 | 93 | 30 | |||||||||||||||||||
Outside services and consulting | 834 | 799 | 35 | 4 | |||||||||||||||||||
Depreciation and amortization | 46 | 46 | — | — | |||||||||||||||||||
Equity-based compensation | 269 | 464 | (195) | (42) | |||||||||||||||||||
Total general and administrative expenses | $ | 2,443 | $ | 2,527 | $ | (84) | (3) | % |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Interest expense, net | $ | (70) | $ | (54) | |||||||
Decrease in fair value of derivative liability | — | 37 | |||||||||
Decrease in fair value of warrant liability | 66 | 357 | |||||||||
Other, net | (28) | 62 | |||||||||
Total other income (expense), net | $ | (32) | $ | 402 |
March 31, 2022 | December 31, 2021 | ||||||||||
Cash and cash equivalents | $ | 15,464 | $ | 20,563 | |||||||
Working capital | $ | 863 | $ | 5,229 | |||||||
Line of credit | $ | 5,000 | $ | 5,000 | |||||||
Other financing obligations | 450 | 615 | |||||||||
Operating lease liabilities | 435 | 618 | |||||||||
Line of credit, other financing obligations and operating lease liabilities | $ | 5,885 | $ | 6,233 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows provided by (used in): | |||||||||||
Operating activities | $ | (4,863) | $ | (5,556) | |||||||
Investing activities | (8) | (29) | |||||||||
Financing activities | (206) | 21,273 | |||||||||
Effect of exchange rate changes on cash | (22) | 9 | |||||||||
Net change in cash and cash equivalents | $ | (5,099) | $ | 15,697 |
Monthly Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly Announced Plans or Programs | Maximum Number of Shares that may yet be Purchased under the Plans or Programs (at end of period) | ||||||||||||||||||||||
January 2022 | 5,104 | $1.87 | — | 778,365 | ||||||||||||||||||||||
February 2022 | 341 | $1.94 | — | 778,365 | ||||||||||||||||||||||
March 2022 | 3,988 | $1.71 | — | 778,365 |
QUMU CORPORATION | ||||||||||||||
Registrant | ||||||||||||||
Date: | May 16, 2022 | By: | /s/ Rose Bentley | |||||||||||
Rose Bentley | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | May 16, 2022 | By: | /s/ Thomas A. Krueger | |||||||||||
Thomas A. Krueger | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer, Principal Accounting Officer) |
Date: | May 16, 2022 | /s/ Rose Bentley | |||||||||
Rose Bentley | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) |
Date: | May 16, 2022 | /s/ Thomas A. Krueger | |||||||||
Thomas A. Krueger | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer, Principal Accounting Officer) |
Date: | May 16, 2022 | /s/ Rose Bentley | |||||||||
Rose Bentley | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | May 16, 2022 | /s/ Thomas A. Krueger | |||||||||
Thomas A. Krueger | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer, Principal Accounting Officer) |