10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001140361-17-030889`
Period End Date	20170630
Filing Date	20170809
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	vhc-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 62 Income Statement 44 Cash Flow Statement 50 Comprehensive Income 20

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`	$2.21M	USD	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.91M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	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`	$9.25M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$4.24M	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$588.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$793.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.25M	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`	$16.46M	USD	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$2.18M	USD	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
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	58.28M	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
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.00K	USD	Point-in-time
Total assets	`Assets`	$18.87M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.28M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	58.14M	shares	Point-in-time
Total assets	`Assets`	$9.45M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.81M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$444.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$190.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$1.52M	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$395.00K	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`	$2.53M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$5.22M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$2.50M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$1.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.72M	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 June 30, 2017 and December 31, 2016, Issued and outstanding: 0 shares at June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at June 30, 2017 and December 31, 2016, Issued and outstanding: 0 shares at June 30, 2017 and December 31, 2016	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at June 30, 2017 and December 31, 2016, Issued and outstanding: 58,277,399 shares and 58,144,888 shares, at June 30, 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 June 30, 2017 and December 31, 2016, Issued and outstanding: 58,277,399 shares and 58,144,888 shares, at June 30, 2017 and December 31, 2016, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$171.11M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$169.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-165.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-158.24M	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`	$11.15M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$5.17M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$9.45M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RoyaltyRevenue`	$773.00K	USD	2 Qtrs
Revenue	`RoyaltyRevenue`	$771.00K	USD	2 Qtrs
Revenue	`RoyaltyRevenue`	$398.00K	USD	1 Quarter
Revenue	`RoyaltyRevenue`	$396.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$992.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$517.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$931.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$481.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.27M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.69M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$13.81M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.50M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$4.21M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$8.49M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$14.74M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$5.75M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.35M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-13.97M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-7.72M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.81M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$31.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$13.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$31.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$16.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.69M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.80M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-13.94M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.34M	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$7.00K	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$5.00K	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.95M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 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`	$-0.25	USD	2 Qtrs
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	2 Qtrs
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`	55.71M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.20M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	54.92M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.17M	shares	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.95M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 Qtrs
Depreciation	`Depreciation`	$15.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$15.00K	USD	2 Qtrs
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	-	USD	2 Qtrs
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuanceCosts`	$30.00K	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$2.56M	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$1.72M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-14.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-788.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.36M	USD	2 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.30M	USD	2 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.30M	USD	2 Qtrs
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	$10.00K	USD	2 Qtrs
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	-	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-750.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-750.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-14.16M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.39M	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$5.20M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$756.00K	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.76M	USD	2 Qtrs
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$6.87M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.00M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$1.67M	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$20.00K	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$13.74M	USD	2 Qtrs
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$80.00K	USD	2 Qtrs
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$29.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$13.68M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.00K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$1.19M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.42M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.73M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.34M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.95M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 Qtrs
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$4.00K	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`	$3.00K	USD	2 Qtrs
Change in equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.00K	USD	2 Qtrs
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	1 Quarter
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$-4.00K	USD	2 Qtrs
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$14.00K	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$17.00K	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-5.00K	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$7.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-13.93M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.33M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.70M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.80M	USD	1 Quarter

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