10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q2 2012

Filing Information

Form Type	10-Q
Accession Number	`0001140361-12-036102`
Period End Date	20120630
Filing Date	20120809
Fiscal Year	2012
Fiscal Period	Q2
XBRL Instance	vhc-20120630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 48 Cash Flow Statement 50 Comprehensive Income 12

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`	$37.95M	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
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`	$53.05M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$25.80M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	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
Prepaid taxes	`PrepaidTaxes`	$10.46M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$5.27M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$350.00K	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`	$69.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$70.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	50.62M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.01M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$56.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.01M	shares	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$36.00K	USD	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$60.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	50.62M	shares	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$47.00K	USD	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$58.00K	USD	Point-in-time
Total assets	`Assets`	$74.63M	USD	Point-in-time
Total assets	`Assets`	$69.53M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.23M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.69M	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$430.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$4.70M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$5.26M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.95M	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at June 30, 2012, and December 31, 2011, Issued and outstanding: 0 shares at June 30, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at June 30, 2012, and December 31, 2011, Issued and outstanding: 0 shares at June 30, 2012 and December 31, 2011	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at June 30, 2012 and December 31, 2011, Issued and outstanding: 51,010,827 shares at June 30, 2012, and 50,619,136 shares at December 31, 2011	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at June 30, 2012 and December 31, 2011, Issued and outstanding: 51,010,827 shares at June 30, 2012, and 50,619,136 shares at December 31, 2011	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$109.57M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$104.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.00M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-50.98M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$58.58M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$68.28M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$74.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$69.53M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue - Royalties	`RoyaltyRevenue`	$36.00K	USD	1 Quarter
Revenue - Royalties	`RoyaltyRevenue`	$36.00K	USD	2 Qtrs
Revenue - Royalties	`RoyaltyRevenue`	$1.00K	USD	1 Quarter
Revenue - Royalties	`RoyaltyRevenue`	$17.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$431.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$235.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$274.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$530.00K	USD	2 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.09M	USD	2 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$3.52M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$18.46M	USD	2 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$11.50M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$11.77M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$3.75M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.52M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$18.99M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-11.73M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.75M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-18.96M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.51M	USD	2 Qtrs
Loss on derivative liability	`UnrealizedGainLossOnDerivatives`	$-12.19M	USD	2 Qtrs
Loss on derivative liability	`UnrealizedGainLossOnDerivatives`	$-7.06M	USD	1 Quarter
Loss on derivative liability	`UnrealizedGainLossOnDerivatives`	$-2.25M	USD	1 Quarter
Loss on derivative liability	`UnrealizedGainLossOnDerivatives`	$-1.98M	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$202.00K	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$128.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$68.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$128.00K	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-13.85M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-10.74M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-18.57M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-20.73M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-940.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-5.76M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.64M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.93M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.97M	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.34	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.20	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.60M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.87M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.77M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.75M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-16.93M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.97M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.34M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.86M	USD	2 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$3.61M	USD	2 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$204.00K	USD	2 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-12.19M	USD	2 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-7.06M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-2.25M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-1.98M	USD	2 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	$170.00K	USD	2 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	-	USD	2 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-5.19M	USD	2 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$7.49M	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$259.00K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	-	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$351.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$4.03M	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-7.36M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-13.91M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.45M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.00K	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$25.00M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$33.60M	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$55.59M	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$22.21M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$30.59M	USD	2 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.42M	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$175.00K	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$1.18M	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$1.57M	USD	2 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$156.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.33M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.74M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$18.42M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-11.53M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$37.95M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	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`	$53.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$37.95M	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`	$49.48M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$53.05M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-16.93M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.26M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.97M	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-17.00K	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-2.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$960.00K	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-10.26M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-14.99M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-15.97M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-9.81M	USD	1 Quarter

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