10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-019729`
Period End Date	20140331
Filing Date	20140509
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	vhc-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 24 Cash Flow Statement 40 Comprehensive Income 8

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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$17.58M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$17.49M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$19.82M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$781.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$357.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$31.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$39.34M	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
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$3.60M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	-	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.49M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$53.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.24M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$47.00K	USD	Point-in-time
Total assets	`Assets`	$35.37M	USD	Point-in-time
Total assets	`Assets`	$39.40M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.49M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.24M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.75M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.01M	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$395.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$395.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$667.00K	USD	Point-in-time
Deferred revenue	`DeferredRevenue`	$417.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$1.73M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$2.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.55M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2014, and December 31, 2013, Issued and outstanding: 0 shares at March 31, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2014, and December 31, 2013, Issued and outstanding: 0 shares at March 31, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2014 and December 31, 2013, Issued and outstanding: 51,492,237 shares at March 31, 2014, and 51,236,141 shares at December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2014 and December 31, 2013, Issued and outstanding: 51,492,237 shares at March 31, 2014, and 51,236,141 shares at December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$126.48M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$124.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-96.62M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-48.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$29.82M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$34.02M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$39.40M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$35.37M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$293.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$250.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$347.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$304.00K	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$9.52M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.86M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$7.20M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$9.82M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-9.53M	USD	1 Quarter
Gain on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.61M	USD	1 Quarter
Gain on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$838.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$30.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$34.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.89M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.08M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.15	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.15M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.25M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$17.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.58M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.61M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$838.00K	USD	1 Quarter
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpenseCurrent`	$424.00K	USD	1 Quarter
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpenseCurrent`	$528.00K	USD	1 Quarter
Prepaid expenses - non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	$3.60M	USD	1 Quarter
Prepaid expenses - non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	-	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.26M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$930.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	-	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-250.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.49M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.10M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$3.38M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$12.99M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$18.39M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.70M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.39M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$2.32M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$68.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$17.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$68.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.72M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.08M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	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`	$19.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$17.58M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.46M	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`	$19.17M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$17.58M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Change in unrealized loss on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-8.00K	USD	1 Quarter
Change in unrealized loss on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-11.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-11.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-6.10M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-7.90M	USD	1 Quarter

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