10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001140361-17-018829`
Period End Date	20170331
Filing Date	20170508
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	vhc-20170331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 22 Cash Flow Statement 48 Comprehensive Income 10

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
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`	$3.61M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	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
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$6.13M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$9.25M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$868.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$588.00K	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$10.61M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$16.46M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$2.28M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$2.37M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$33.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	58.14M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	58.14M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.00K	USD	Point-in-time
Total assets	`Assets`	$12.91M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.14M	shares	Point-in-time
Total assets	`Assets`	$18.87M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.14M	shares	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$651.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.81M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$1.52M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$150.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$401.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$396.00K	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`	$2.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.22M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$2.12M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$2.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.83M	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, 2017 and December 31, 2016, Issued and outstanding: 0 shares at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2017 and December 31, 2016, Issued and outstanding: 0 shares at March 31, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2017 and December 31, 2016, Issued and outstanding: 58,144,888 shares and 58,144,888 shares, at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2017 and December 31, 2016, Issued and outstanding: 58,144,888 shares and 58,144,888 shares, at March 31, 2017 and December 31, 2016, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$170.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-158.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-162.13M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-12.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.08M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.15M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$12.91M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time

Income Statement 22 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`	$475.00K	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`	$3.81M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$4.28M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$8.99M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.91M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-8.62M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$17.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$15.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.60M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.89M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$7.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.61M	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`	$-0.07	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`	58.15M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.61M	USD	1 Quarter
Depreciation	`Depreciation`	$9.00K	USD	1 Quarter
Depreciation	`Depreciation`	$6.00K	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	$-30.00K	USD	1 Quarter
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	-	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$1.23M	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$833.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$185.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$108.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.64M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.16M	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.38M	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.37M	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	-	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	$-11.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.00K	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`	$-7.63M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-6.13M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.00K	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.75M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	-	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$4.12M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$3.12M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$1.36M	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$3.12M	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 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`	$6.82M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	-	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$543.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`NetCashProvidedByUsedInContinuingOperations`	$-3.02M	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`	$3.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	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`	$3.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.89M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.61M	USD	1 Quarter
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	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`	$9.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	1 Quarter
Total other comprehensive gain (loss) net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$9.00K	USD	1 Quarter
Total other comprehensive gain (loss) net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-5.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.90M	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.