10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001140361-16-064323`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	vhc-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 24 Cash Flow Statement 50 Comprehensive Income 8

Balance Sheet 62 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, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$18.66M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$13.29M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$9.95M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$8.60M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$919.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$685.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$18.79M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.36M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$2.76M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses - non-current	`PrepaidExpenseNoncurrent`	$2.66M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$44.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$48.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	53.20M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	54.89M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	54.89M	shares	Point-in-time
Total assets	`Assets`	$21.49M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	53.20M	shares	Point-in-time
Total assets	`Assets`	$22.17M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.28M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$3.93M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$1.38M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	-	USD	Point-in-time
Related-party payable	`DueToRelatedPartiesCurrent`	-	USD	Point-in-time
Related-party payable	`DueToRelatedPartiesCurrent`	$11.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$400.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$400.00K	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
Total current liabilities	`LiabilitiesCurrent`	$5.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.83M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$1.50M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$1.12M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2016 and December 31, 2015, Issued and outstanding: 0 shares at March 31, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2016 and December 31, 2015, Issued and outstanding: 0 shares at March 31, 2016 and December 31, 2015	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2016 and December 31, 2015, Issued and outstanding: 54,889,855 shares and 53,198,835 shares, at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2016 and December 31, 2015, Issued and outstanding: 54,889,855 shares and 53,198,835 shares, at March 31, 2016 and December 31, 2015, respectively	`CommonStockValue`	$5.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$144.78M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$152.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-138.28M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-129.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-10.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-19.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$15.10M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$14.54M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$21.49M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$22.17M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$375.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$375.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$392.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$450.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.54M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.74M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.99M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.62M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.76M	USD	1 Quarter
Loss on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Loss on change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-117.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$23.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$15.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.85M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	54.13M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.03M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-8.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Depreciation	`Depreciation`	$6.00K	USD	1 Quarter
Depreciation	`Depreciation`	$7.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.23M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.69M	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	-	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	$-30.00K	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Change in value of derivative liability	`UnrealizedGainLossOnDerivatives`	$-117.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$208.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$108.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.64M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-2.25M	USD	1 Quarter
Payroll accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.38M	USD	1 Quarter
Payroll accrual	`IncreaseDecreaseInEmployeeRelatedLiabilities`	-	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-13.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	$-11.00K	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	$-81.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-375.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-375.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.96M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-7.63M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.93M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.75M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$4.10M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$4.12M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$1.17M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$1.36M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$20.00K	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
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.79M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$431.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$6.82M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-5.37M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$543.00K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.27M	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`	$8.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.27M	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`	$-8.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$8.00K	USD	1 Quarter
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$9.00K	USD	1 Quarter
Total other comprehensive gain, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00K	USD	1 Quarter
Total other comprehensive gain, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$9.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.85M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.60M	USD	1 Quarter

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