10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q3 2013

Filing Information

Form Type	10-Q
Accession Number	`0001140361-13-041866`
Period End Date	20130930
Filing Date	20131112
Fiscal Year	2013
Fiscal Period	Q3
XBRL Instance	vhc-20130930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 48 Cash Flow Statement 48 Comprehensive Income 20

Balance Sheet 56 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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.84M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.95M	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
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$26.49M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$23.32M	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
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid taxes	`PrepaidTaxes`	-	USD	Point-in-time
Prepaid taxes	`PrepaidTaxes`	$14.96M	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$114.00K	USD	Point-in-time
Prepaid expense and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$483.00K	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
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$44.75M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$61.23M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.15M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$70.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.20M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$59.00K	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.20M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.15M	shares	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	-	USD	Point-in-time
Intangible and other assets	`IntangibleAndOtherAssets`	$12.00K	USD	Point-in-time
Total assets	`Assets`	$44.81M	USD	Point-in-time
Total assets	`Assets`	$61.31M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.20M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.84M	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	-	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$916.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$2.73M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$4.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.49M	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 100,000,000 shares at September 30, 2013 and December 31,2012, Issued and outstanding: none	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 100,000,000 shares at September 30, 2013 and December 31,2012, Issued and outstanding: none	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at September 30, 2013 and December 31, 2012, Issued and outstanding: 51,203,141 shares at September 30, 2013, and 51,150,242 shares at December 31, 2012	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at September 30, 2013 and December 31, 2012, Issued and outstanding: 51,203,141 shares at September 30, 2013, and 51,150,242 shares at December 31, 2012	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$122.34M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$116.86M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-62.92M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-82.98M	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$8.00K	USD	Point-in-time
Accumulated other comprehensive income (loss)	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$39.32M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$53.94M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$61.31M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$44.81M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$1.91M	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$1.61M	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$404.00K	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$368.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$316.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.00M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$253.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$783.00K	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.43M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$22.15M	USD	3 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$9.49M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$27.95M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$23.15M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$28.73M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$6.75M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$9.74M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-28.33M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.13M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.37M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-21.24M	USD	3 Qtrs
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.44M	USD	3 Qtrs
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-48.00K	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.41M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-570.00K	USD	3 Qtrs
Interest income, net	`InterestAndOtherIncome`	$110.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$105.00K	USD	3 Qtrs
Interest income, net	`InterestAndOtherIncome`	$47.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$313.00K	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-19.70M	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.85M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-28.59M	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.13M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$356.00K	USD	3 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-8.90M	USD	3 Qtrs
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-3.13M	USD	1 Quarter
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.13M	USD	1 Quarter
Basic and diluted loss per share: (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Basic and diluted loss per share: (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
Basic and diluted loss per share: (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	3 Qtrs
Basic and diluted loss per share: (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	3 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.87M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.18M	shares	3 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.20M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.07M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$54.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$4.08M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$5.45M	USD	3 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-603.00K	USD	3 Qtrs
Net change in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.44M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-48.00K	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.41M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-570.00K	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$916.00K	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-14.96M	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-1.26M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$141.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$369.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.36M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$759.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.86M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.51M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.00K	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$69.12M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$45.44M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$72.24M	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`	$-17.68M	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.12M	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsAndRestrictedStockExercised`	$29.00K	USD	3 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsAndRestrictedStockExercised`	$1.39M	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	-	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromIssuanceOfWarrants`	$156.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$29.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.55M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-28.64M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.29M	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`	$19.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.95M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$49.48M	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`	$19.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$20.95M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$49.48M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-19.69M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-5.13M	USD	1 Quarter
Change in equity adjustment from Foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in equity adjustment from Foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	3 Qtrs
Change in equity adjustment from Foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in equity adjustment from Foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-12.00K	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$8.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-35.00K	USD	3 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-31.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-9.00K	USD	3 Qtrs
Other Comprehensive Income (Loss), Tax	`OtherComprehensiveIncomeOtherNetOfTax`	$8.00K	USD	1 Quarter
Other Comprehensive Income (Loss), Tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-9.00K	USD	3 Qtrs
Other Comprehensive Income (Loss), Tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-31.00K	USD	1 Quarter
Other Comprehensive Income (Loss), Tax	`OtherComprehensiveIncomeOtherNetOfTax`	$-47.00K	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.17M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-20.10M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-4.71M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-19.70M	USD	3 Qtrs

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