10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q3 2011

Filing Information

Form Type	10-Q
Accession Number	`0001140361-11-052698`
Period End Date	20110930
Filing Date	20111109
Fiscal Year	2011
Fiscal Period	Q3
XBRL Instance	vhc-20110930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 62 Cash Flow Statement 56

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.01M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.62M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments	`Investments`	$43.46M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments	`Investments`	$14.61M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$3.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	-	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$10.02M	USD	Point-in-time
Current deferred tax benefit	`DeferredTaxLiabilitiesCurrent`	$-1.74M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Current deferred tax benefit	`DeferredTaxLiabilitiesCurrent`	$-2.00K	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	50.48M	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssets`	$87.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	49.34M	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssets`	$391.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$75.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$79.92M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	49.34M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	50.48M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$28.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.00K	USD	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$-108.00K	USD	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$-72.00K	USD	Point-in-time
Long-term deferred tax benefit, net	`DeferredTaxAssetsNetNoncurrent`	$1.65M	USD	Point-in-time
Long-term deferred tax benefit, net	`DeferredTaxAssetsNetNoncurrent`	$29.00K	USD	Point-in-time
Total assets	`Assets`	$81.69M	USD	Point-in-time
Total assets	`Assets`	$75.78M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.01M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$519.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$7.36M	USD	Point-in-time
Derivative liability	`DerivativeLiabilityNotionalAmount`	$14.36M	USD	Point-in-time
Derivative liability	`DerivativeLiabilityNotionalAmount`	$2.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$22.24M	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares, issued and outstanding: 0 shares at September 30, 2011, and December 31, 2010, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares, issued and outstanding: 0 shares at September 30, 2011, and December 31, 2010, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares, issued and outstanding: 50,481,636 shares at September 30, 2011, and 49,341,028 at December 31, 2010	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares, issued and outstanding: 50,481,636 shares at September 30, 2011, and 49,341,028 at December 31, 2010	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$78.19M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$101.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-29.76M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-984.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$59.45M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$72.03M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$75.78M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$81.69M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Revenue - royalties	`RoyaltyRevenue`	$15.00K	USD	1 Quarter
Revenue - royalties	`RoyaltyRevenue`	$3.00K	USD	1 Quarter
Revenue - royalties	`RoyaltyRevenue`	$20.00K	USD	3 Qtrs
Revenue - royalties	`RoyaltyRevenue`	$60.00K	USD	3 Qtrs
Royalty expense	`RoyaltyExpense`	-	USD	1 Quarter
Royalty expense	`RoyaltyExpense`	-	USD	3 Qtrs
Royalty expense	`RoyaltyExpense`	-	USD	1 Quarter
Royalty expense	`RoyaltyExpense`	$-59.24M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$-705.00K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$-193.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$-273.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$-1.94M	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$-3.91M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$-30.67M	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$-2.26M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$-10.00M	USD	3 Qtrs
Gain on settlement	`GainLossRelatedToLitigationSettlement`	$-200.00M	USD	3 Qtrs
Gain on settlement	`GainLossRelatedToLitigationSettlement`	-	USD	3 Qtrs
Total operating (expense) income	`OperatingExpenses`	$108.15M	USD	3 Qtrs
Total operating (expense) income	`OperatingExpenses`	$-10.71M	USD	3 Qtrs
Total operating (expense) income	`OperatingExpenses`	$-2.45M	USD	1 Quarter
Total operating (expense) income	`OperatingExpenses`	$-4.18M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.43M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-10.69M	USD	3 Qtrs
Income (loss) from operations	`OperatingIncomeLoss`	$108.21M	USD	3 Qtrs
Gain (loss) on change in value of embedded derivative and warrants	`UnrealizedGainLossOnDerivatives`	$-23.27M	USD	1 Quarter
Gain (loss) on change in value of embedded derivative and warrants	`UnrealizedGainLossOnDerivatives`	$8.55M	USD	1 Quarter
Gain (loss) on change in value of embedded derivative and warrants	`UnrealizedGainLossOnDerivatives`	$-30.25M	USD	3 Qtrs
Gain (loss) on change in value of embedded derivative and warrants	`UnrealizedGainLossOnDerivatives`	$-3.63M	USD	3 Qtrs
Interest and other income, net	`NonoperatingIncomeExpense`	$93.00K	USD	3 Qtrs
Interest and other income, net	`NonoperatingIncomeExpense`	$173.00K	USD	3 Qtrs
Interest and other income, net	`NonoperatingIncomeExpense`	$80.00K	USD	1 Quarter
Interest and other income, net	`NonoperatingIncomeExpense`	$44.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-14.15M	USD	3 Qtrs
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-25.62M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$78.06M	USD	3 Qtrs
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.42M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$33.80M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-3.10M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-200.00K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$1.46M	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$44.26M	USD	3 Qtrs
Net Income (loss)	`NetIncomeLoss`	$-11.05M	USD	3 Qtrs
Net Income (loss)	`NetIncomeLoss`	$5.88M	USD	1 Quarter
Net Income (loss)	`NetIncomeLoss`	$-25.42M	USD	1 Quarter
Basic earnings (loss) per share:	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic earnings (loss) per share:	`EarningsPerShareBasic`	$-0.54	USD	1 Quarter
Basic earnings (loss) per share:	`EarningsPerShareBasic`	$-0.22	USD	3 Qtrs
Basic earnings (loss) per share:	`EarningsPerShareBasic`	$1.00	USD	3 Qtrs
Diluted earnings (loss) per share:	`EarningsPerShareDiluted`	$-0.54	USD	1 Quarter
Diluted earnings (loss) per share:	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Diluted earnings (loss) per share:	`EarningsPerShareDiluted`	$-0.22	USD	3 Qtrs
Diluted earnings (loss) per share:	`EarningsPerShareDiluted`	$0.93	USD	3 Qtrs
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	49.85M	shares	3 Qtrs
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	44.31M	shares	3 Qtrs
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	47.43M	shares	1 Quarter
Weighted average shares outstanding basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.34M	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.85M	shares	3 Qtrs
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.54M	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.43M	shares	1 Quarter
Weighted average shares outstanding diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.67M	shares	3 Qtrs

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$44.26M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-11.05M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-25.42M	USD	1 Quarter
Cashless exercise of underwriter warrants, warrants exercised	`CashlessExerciseOfUnderwriterWarrants`	30,000.00	shares	3 Qtrs
Exercise of underwriter warrants, exercise price	`InvestmentWarrantsExercisePrice`	$4.80	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$45.00K	USD	3 Qtrs
Cashless exercise of underwriter warrants, common shares issued (in shares)	`CashlessExerciseOfUnderwriterWarrantsCommonSharesIssued`	24,178.00	shares	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$44.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.47M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.10M	USD	3 Qtrs
Excess tax benefits from stock-based award activities	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	-	USD	3 Qtrs
Excess tax benefits from stock-based award activities	`ExcessTaxBenefitFromShareBasedCompensationOperatingActivities`	$1.35M	USD	3 Qtrs
Net change in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-2.60M	USD	3 Qtrs
Net change in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$3.35M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-23.27M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$8.55M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-30.25M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-3.63M	USD	3 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	$79.00K	USD	3 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	$301.00K	USD	3 Qtrs
Pre paid taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	3 Qtrs
Pre paid taxes	`IncreaseDecreaseInPrepaidTaxes`	$10.02M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$493.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.13M	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-7.36M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$77.47M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-16.76M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.00K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00K	USD	3 Qtrs
Proceeds from sale of investments, net	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$28.85M	USD	3 Qtrs
Proceeds from sale of investments, net	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	-	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.00K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$28.83M	USD	3 Qtrs
Payment of royalty obligation less imputed interest	`ProceedsFromPaymentsForOtherFinancingActivities`	$160.00K	USD	3 Qtrs
Payment of royalty obligation less imputed interest	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	3 Qtrs
Payment of dividend	`PaymentsOfOrdinaryDividends`	$-23.60M	USD	3 Qtrs
Payment of dividend	`PaymentsOfOrdinaryDividends`	-	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$845.00K	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$283.00K	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$3.06M	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$18.55M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.91M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.92M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$72.54M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.98M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.01M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$50.62M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsEndOfPeriod`	$74.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsEndOfPeriod`	$50.62M	USD	Point-in-time
Cash paid during the period for taxes	`IncomeTaxesPaid`	$9.60M	USD	3 Qtrs
Cash paid during the period for taxes	`IncomeTaxesPaid`	$29.20M	USD	3 Qtrs
Cash paid during the period for interest	`InterestPaid`	-	USD	3 Qtrs
Cash paid during the period for interest	`InterestPaid`	$10.00K	USD	3 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.