10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001140361-15-018774`
Period End Date	20150331
Filing Date	20150511
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	vhc-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 24 Cash Flow Statement 44 Comprehensive Income 8

Balance Sheet 66 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`	$13.46M	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`	$19.17M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.29M	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
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$21.41M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$22.57M	USD	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$653.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses - current	`PrepaidExpenseCurrent`	$957.00K	USD	Point-in-time
Preferred stock, outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$41.88M	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`	$35.66M	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$3.14M	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$3.05M	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`	$64.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	52.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$62.00K	USD	Point-in-time
Common stock, issued (in shares)	`CommonStockSharesIssued`	52.12M	shares	Point-in-time
Total assets	`Assets`	$38.77M	USD	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	52.12M	shares	Point-in-time
Common stock, outstanding (in shares)	`CommonStockSharesOutstanding`	52.00M	shares	Point-in-time
Total assets	`Assets`	$45.09M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.55M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.31M	USD	Point-in-time
Royalty payable	`AccruedRoyaltiesCurrent`	$6.10M	USD	Point-in-time
Royalty payable	`AccruedRoyaltiesCurrent`	$6.10M	USD	Point-in-time
Related-party payable	`DueToRelatedPartiesCurrent`	$81.00K	USD	Point-in-time
Related-party payable	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$408.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$395.00K	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$1.50M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$1.50M	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Derivative liability	`DerivativeLiabilitiesCurrent`	$320.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.96M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$500.00K	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$125.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$9.43M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.46M	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, 2015 and December 31, 2014, Issued and outstanding: 0 shares at March 31, 2015 and December 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2015 and December 31, 2014, Issued and outstanding: 0 shares at March 31, 2015 and December 31, 2014	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2015 and December 31, 2014, Issued and outstanding: 52,116,862 shares and 51,996,701 shares, at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2015 and December 31, 2014, Issued and outstanding: 52,116,862 shares and 51,996,701 shares, at March 31, 2015 and December 31, 2014, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$135.63M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$133.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-100.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-106.29M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$32.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$29.34M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$38.77M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$45.09M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$250.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$375.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$347.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$392.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.86M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.74M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.13M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$7.20M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-6.95M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.76M	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$838.00K	USD	1 Quarter
Gain (loss) on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-117.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$23.00K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$30.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.85M	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`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.03M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.25M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Depreciation	`Depreciation`	$7.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.69M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.83M	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$838.00K	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-117.00K	USD	1 Quarter
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpense`	$208.00K	USD	1 Quarter
Prepaid expenses - current	`IncreaseDecreaseInPrepaidExpense`	$4.02M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.26M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.25M	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-13.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Related-party payable	`IncreaseDecreaseInDueToRelatedParties`	$-81.00K	USD	1 Quarter
Related-party payable	`IncreaseDecreaseInDueToRelatedParties`	-	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-375.00K	USD	1 Quarter
Deferred revenues	`IncreaseDecreaseInDeferredRevenue`	$-250.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.96M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-8.10M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.93M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$3.38M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$4.10M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.70M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$2.32M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$1.17M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$68.00K	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	$431.00K	USD	1 Quarter
Proceeds from exercise of warrants	`ProceedsFromWarrantExercises`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$68.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$431.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.72M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.37M	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`	$19.17M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$13.29M	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`	$19.17M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$13.29M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.09M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
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`	$-11.00K	USD	1 Quarter
Total other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-11.00K	USD	1 Quarter
Total other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-5.85M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-6.10M	USD	1 Quarter

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