10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q3 2014

Filing Information

Form Type	10-Q
Accession Number	`0001140361-14-041016`
Period End Date	20140930
Filing Date	20141110
Fiscal Year	2014
Fiscal Period	Q3
XBRL Instance	vhc-20140930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 48 Cash Flow Statement 48 Comprehensive Income 20

Balance Sheet 60 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`	$20.95M	USD	Point-in-time
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	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
Preferred stock, authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.50M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$15.94M	USD	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
Preferred stock, issued (in shares)	`PreferredStockSharesIssued`	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
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$759.00K	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
Total current assets	`AssetsCurrent`	$25.20M	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$3.24M	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, authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$52.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$53.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.57M	shares	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	51.24M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.24M	shares	Point-in-time
Total assets	`Assets`	$28.49M	USD	Point-in-time
Total assets	`Assets`	$39.40M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	51.57M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.43M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.75M	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, current portion	`DeferredRevenueCurrent`	$667.00K	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$1.38M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$2.56M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$431.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.63M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	-	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$1.00M	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 September 30, 2014, and December 31, 2013, Issued and outstanding: 0 shares at September 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 September 30, 2014, and December 31, 2013, Issued and outstanding: 0 shares at September 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 September 30, 2014 and December 31, 2013, Issued and outstanding: 51,573,476 shares at September 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 September 30, 2014 and December 31, 2013, Issued and outstanding: 51,573,476 shares at September 30, 2014, and 51,236,141 shares at December 31, 2013	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$130.62M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$124.59M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-107.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-90.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-37.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$22.86M	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`	$28.49M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$292.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$809.00K	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$1.91M	USD	3 Qtrs
Revenue	`RoyaltyRevenue`	$1.61M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$374.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.07M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$316.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.00M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.43M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$22.15M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$19.12M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$6.17M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.54M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.75M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$20.18M	USD	3 Qtrs
Total operating expense	`OperatingExpenses`	$23.15M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.25M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-21.24M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-19.38M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-5.13M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.82M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$2.13M	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
Interest and other income (expense), net	`InterestAndOtherIncome`	$-35.00K	USD	1 Quarter
Interest and other income (expense), net	`InterestAndOtherIncome`	$105.00K	USD	3 Qtrs
Interest and other income (expense), net	`InterestAndOtherIncome`	$25.00K	USD	3 Qtrs
Interest and other income (expense), net	`InterestAndOtherIncome`	$47.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-17.23M	USD	3 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.13M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-4.47M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-19.70M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$356.00K	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$2.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-17.23M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.13M	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`	$-0.10	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.33	USD	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`	51.57M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.45M	shares	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-17.23M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.13M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$18.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$5.45M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$5.95M	USD	3 Qtrs
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$1.82M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$2.13M	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
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$1.71M	USD	3 Qtrs
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$916.00K	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	-	USD	3 Qtrs
Prepaid taxes	`IncreaseDecreaseInPrepaidTaxes`	$-14.96M	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseCurrent`	$402.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpenseCurrent`	$369.00K	USD	3 Qtrs
Prepaid expenses non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	-	USD	3 Qtrs
Prepaid expenses non-current	`IncreaseDecreaseInPrepaidExpenseNoncurrent`	$3.24M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.36M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$681.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.86M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-14.64M	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	3 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$17.00K	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$11.93M	USD	3 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$69.12M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$72.24M	USD	3 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$15.83M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$3.12M	USD	3 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$3.88M	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$68.00K	USD	3 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$29.00K	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	3 Qtrs
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$9.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$77.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$29.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.29M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.68M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$20.95M	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`	$8.50M	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`	$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`	$8.50M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-20.05M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-17.23M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-4.47M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.13M	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`	$-12.00K	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`	-	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$25.00K	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`	$45.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-35.00K	USD	3 Qtrs
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$45.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$25.00K	USD	3 Qtrs
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-47.00K	USD	3 Qtrs
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-31.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-4.42M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-20.10M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-17.20M	USD	3 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.17M	USD	1 Quarter

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