10-Q/A Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2012

Filing Information

Form Type	10-Q/A
Accession Number	`0001140361-12-033143`
Period End Date	20120331
Filing Date	20120713
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	vhc-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 24 Cash Flow Statement 50 Comprehensive Income 6

Balance Sheet 58 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`	$34.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$43.55M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.48M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.96M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$14.44M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$19.93M	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
Prepaid taxes	`PrepaidTaxes`	$12.64M	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$10.46M	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$91.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$447.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$74.47M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$72.98M	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	50.62M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$61.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	50.70M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$56.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	50.62M	shares	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$48.00K	USD	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$60.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	50.70M	shares	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$40.00K	USD	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$47.00K	USD	Point-in-time
Total assets	`Assets`	$74.63M	USD	Point-in-time
Total assets	`Assets`	$73.13M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.76M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.23M	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$430.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$430.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$4.43M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$4.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.36M	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2012, and December 31, 2011 Issued and outstanding: 0 shares at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2012, and December 31, 2011 Issued and outstanding: 0 shares at March 31, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2012 and December 31, 2011 Issued and outstanding: 50,697,136 shares at March 31, 2012, and 50,619,136 at December 31, 2011, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2012 and December 31, 2011 Issued and outstanding: 50,697,136 shares at March 31, 2012, and 50,619,136 at December 31, 2011, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$105.24M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$104.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-40.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-22.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$64.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$68.28M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$73.13M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$74.63M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue - Royalties	`RoyaltyRevenue`	$17.00K	USD	1 Quarter
Revenue - Royalties	`RoyaltyRevenue`	-	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$196.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$256.00K	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.97M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$2.57M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$7.22M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$2.77M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.22M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.75M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-5.13M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$269.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$74.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$60.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.88M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.82M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-2.17M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-700.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.71M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.12M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in dollars per share)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50,658.00	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in dollars per share)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49,461.00	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.71M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.12M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$15.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$643.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$873.00K	USD	1 Quarter
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.00K	USD	1 Quarter
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$3.33M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-5.13M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$269.00K	USD	1 Quarter
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	-	USD	1 Quarter
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	$3.00K	USD	1 Quarter
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	1 Quarter
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$2.18M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$216.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$356.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.53M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-15.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-13.72M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.09M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.97M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$23.98M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$10.22M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$30.37M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$18.46M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.53M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$20.15M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$90.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$736.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$90.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$736.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-9.53M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.92M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$43.55M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.48M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$39.96M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$43.55M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$49.48M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$39.96M	USD	Point-in-time
Cash paid during the period for taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid during the period for taxes	`IncomeTaxesPaid`	$9.60M	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	-	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	-	USD	1 Quarter

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.71M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.12M	USD	1 Quarter
Change in unrealized loss on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-18.00K	USD	1 Quarter
Change in unrealized loss on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$962.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-4.72M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-6.16M	USD	1 Quarter

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