10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-031494`
Period End Date	20140630
Filing Date	20140808
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	vhc-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 48 Cash Flow Statement 46 Comprehensive Income 20

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`	$19.17M	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`	$8.82M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$32.88M	USD	Point-in-time
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$16.92M	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
Prepaid expenses - current	`PrepaidExpenseCurrent`	$357.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$889.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$26.62M	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`	$39.34M	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$3.34M	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	-	USD	Point-in-time
Common stock, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.57M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$53.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.24M	shares	Point-in-time
Total assets	`Assets`	$39.40M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.24M	shares	Point-in-time
Total assets	`Assets`	$30.01M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.57M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.75M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.15M	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`	$167.00K	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$2.56M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$2.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.96M	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 June 30, 2014, and December 31, 2013, Issued and outstanding: 0 shares at June 30, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at June 30, 2014, and December 31, 2013, Issued and outstanding: 0 shares at June 30, 2014 and December 31, 2013	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at June 30, 2014 and December 31, 2013, Issued and outstanding: 51,570,976 shares at June 30, 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 June 30, 2014 and December 31, 2013, Issued and outstanding: 51,570,976 shares at June 30, 2014, and 51,236,141 shares at December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$124.59M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$128.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-103.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-57.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$34.02M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$25.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$30.01M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$39.40M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$268.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$300.00K	USD	2 Qtrs
Revenue	`RoyaltyRevenue`	$518.00K	USD	2 Qtrs
Revenue	`RoyaltyRevenue`	$6.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$692.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$382.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$686.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$345.00K	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.09M	USD	1 Quarter
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$12.95M	USD	2 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$15.72M	USD	2 Qtrs
General, selling and administrative	`SellingGeneralAndAdministrativeExpense`	$6.20M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.44M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$13.64M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$16.41M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$6.58M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-16.11M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-13.12M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.17M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.58M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$309.00K	USD	2 Qtrs
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.49M	USD	2 Qtrs
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-530.00K	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-120.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$56.00K	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$31.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$60.00K	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$23.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.67M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.67M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-14.57M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-12.76M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$354.00K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$356.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-12.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-14.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.67M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.13	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`	$-0.25	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.16M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.39M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.53M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.18M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-12.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-14.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.67M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$23.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.34M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$3.73M	USD	2 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$309.00K	USD	2 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.49M	USD	2 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-530.00K	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-120.00K	USD	1 Quarter
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-14.96M	USD	2 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	2 Qtrs
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpenseCurrent`	$487.00K	USD	2 Qtrs
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpenseCurrent`	$532.00K	USD	2 Qtrs
Prepaid expenses - non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	$3.34M	USD	2 Qtrs
Prepaid expenses - non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	-	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.34M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$400.00K	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-500.00K	USD	2 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$99.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-13.29M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00K	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$6.59M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$13.00M	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$26.09M	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$9.46M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$13.09M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.87M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$68.00K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$31.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$31.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$68.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$13.22M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.35M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$19.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.82M	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`	$32.88M	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`	$8.82M	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`	$32.88M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-12.76M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-14.92M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.67M	USD	1 Quarter
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-12.00K	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	2 Qtrs
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-12.00K	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-20.00K	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	2 Qtrs
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-9.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$4.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-20.00K	USD	2 Qtrs
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-9.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-16.00K	USD	2 Qtrs
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-14.94M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-7.04M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-6.68M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-12.78M	USD	2 Qtrs

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