10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q3 2012

Filing Information

Form Type	10-Q
Accession Number	`0001140361-12-046515`
Period End Date	20120930
Filing Date	20121109
Fiscal Year	2012
Fiscal Period	Q3
XBRL Instance	vhc-20120930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 56 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`	$20.84M	USD	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`	$50.62M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$32.08M	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
Prepaid taxes	`PrepaidTaxes`	$10.46M	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$8.77M	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 expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$91.00K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$232.00K	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
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`	$61.92M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.10M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	50.62M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$64.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$56.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.10M	shares	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
Intangible and other assets	`IntangibleAndOtherAssets`	$24.00K	USD	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$47.00K	USD	Point-in-time
Deferred tax benefit	`DeferredTaxAssetsNetNoncurrent`	$63.00K	USD	Point-in-time
Total assets	`Assets`	$62.07M	USD	Point-in-time
Total assets	`Assets`	$74.63M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.99M	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`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$3.85M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$4.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.84M	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 September 30, 2012, and December 31, 2011, Issued and outstanding: 0 shares at September 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 September 30, 2012, and December 31, 2011, Issued and outstanding: 0 shares at September 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 September 30, 2012 and December 31, 2011, Issued and outstanding: 51,102,240 shares at September 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 September 30, 2012 and December 31, 2011, Issued and outstanding: 51,102,240 shares at September 30, 2012, and 50,619,136 shares at December 31, 2011	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$111.94M	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`	$-55.69M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-4.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$68.28M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$56.23M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$74.63M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$62.07M	USD	Point-in-time

Income Statement 56 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$20.00K	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$3.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$404.00K	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$368.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$705.00K	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$273.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$253.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$783.00K	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$9.49M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$3.91M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$10.00M	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$27.95M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$4.18M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$10.71M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$28.73M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$9.74M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.18M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.69M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-9.37M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-28.33M	USD	3 Qtrs
Gain (loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$8.55M	USD	1 Quarter
Gain (loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$1.41M	USD	1 Quarter
Gain (loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$-3.63M	USD	3 Qtrs
Gain (loss) on derivative liability	`UnrealizedGainLossOnDerivatives`	$-570.00K	USD	3 Qtrs
Interest income, net	`InterestAndOtherIncome`	$173.00K	USD	3 Qtrs
Interest income, net	`InterestAndOtherIncome`	$313.00K	USD	3 Qtrs
Interest income, net	`InterestAndOtherIncome`	$44.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$110.00K	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-28.59M	USD	3 Qtrs
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-14.15M	USD	3 Qtrs
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.85M	USD	1 Quarter
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$4.42M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.13M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-1.46M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-8.90M	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-3.10M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.05M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Basic earnings (loss) per share (in dollars per share):	`EarningsPerShareBasic`	$0.12	USD	1 Quarter
Basic earnings (loss) per share (in dollars per share):	`EarningsPerShareBasic`	$-0.22	USD	3 Qtrs
Basic earnings (loss) per share (in dollars per share):	`EarningsPerShareBasic`	$-0.39	USD	3 Qtrs
Basic earnings (loss) per share (in dollars per share):	`EarningsPerShareBasic`	$-0.09	USD	1 Quarter
Diluted earnings (loss) per share (in dollars per share):	`EarningsPerShareDiluted`	$-0.09	USD	1 Quarter
Diluted earnings (loss) per share (in dollars per share):	`EarningsPerShareDiluted`	$-0.22	USD	3 Qtrs
Diluted earnings (loss) per share (in dollars per share):	`EarningsPerShareDiluted`	$-0.39	USD	3 Qtrs
Diluted earnings (loss) per share (in dollars per share):	`EarningsPerShareDiluted`	$0.11	USD	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	51.07M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	49.85M	shares	3 Qtrs
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.34M	shares	1 Quarter
Weighted average shares outstanding basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	50.87M	shares	3 Qtrs
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.07M	shares	1 Quarter
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.85M	shares	3 Qtrs
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.87M	shares	3 Qtrs
Weighted average shares outstanding diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.54M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-11.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$5.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$45.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.10M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.08M	USD	3 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$603.00K	USD	3 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$4.70M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$8.55M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.41M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-3.63M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-570.00K	USD	3 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	-	USD	3 Qtrs
Receivables and other current assets	`ReceivablesAndOtherCurrentAssets`	$301.00K	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-1.26M	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$10.02M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	-	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$141.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$493.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$759.00K	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-7.36M	USD	3 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.51M	USD	3 Qtrs
Net cash 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`	$26.00K	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$31.02M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$45.44M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$59.87M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$27.78M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$28.83M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-17.68M	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$1.39M	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$845.00K	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$156.00K	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$3.06M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.91M	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.55M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$15.98M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.64M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.84M	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`	$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	`CashAndCashEquivalentsAtCarryingValue`	$20.84M	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`	$50.62M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$34.63M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-11.05M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$5.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-7.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-9.00K	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$953.00K	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$8.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-19.70M	USD	3 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-10.10M	USD	3 Qtrs
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-4.71M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$5.87M	USD	1 Quarter

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