10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001140361-18-036080`
Period End Date	20180630
Filing Date	20180809
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	vhc-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 44 Cash Flow Statement 44 Comprehensive Income 20

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`	$6.63M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	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
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$2.00K	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$724.00K	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$1.45M	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
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$591.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$864.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.56M	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`	62.29M	shares	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$1.80M	USD	Point-in-time
Prepaid expenses, non-current	`PrepaidExpenseNoncurrent`	$1.99M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	59.05M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	62.29M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	59.05M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.00K	USD	Point-in-time
Total assets	`Assets`	$7.37M	USD	Point-in-time
Total assets	`Assets`	$7.17M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.97M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$414.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$2.17M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$219.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$393.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$399.00K	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Deferred revenue, current portion	`ContractWithCustomerLiabilityCurrent`	$1.50M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.48M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.58M	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	-	USD	Point-in-time
Deferred revenue, non-current portion	`ContractWithCustomerLiabilityNoncurrent`	$1.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$140.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$140.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$3.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$5.62M	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, 2018 and December 31, 2017, Issued and outstanding: 0 shares at June 30, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at June 30, 2018 and December 31, 2017, Issued and outstanding: 0 shares at June 30, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share: Authorized: 100,000,000 shares at June 30, 2018 and December 31, 2017, Issued and outstanding: 62,292,808 shares and 59,051,978 shares, at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Common stock, par value $0.0001 per share: Authorized: 100,000,000 shares at June 30, 2018 and December 31, 2017, Issued and outstanding: 62,292,808 shares and 59,051,978 shares, at June 30, 2018 and December 31, 2017, respectively	`CommonStockValue`	$6.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$177.08M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$190.72M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-187.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-175.52M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$3.65M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.17M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$396.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$22.00K	USD	2 Qtrs
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$771.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.19M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$957.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.19M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.87M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.90M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.29M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.62M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.25M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$8.49M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$14.09M	USD	2 Qtrs
Total operating expense	`OperatingExpenses`	$4.21M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$6.48M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.72M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-14.07M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-6.46M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.81M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$13.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNet`	$31.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNet`	$20.00K	USD	2 Qtrs
Interest income, net	`InterestIncomeExpenseNet`	$12.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-14.05M	USD	2 Qtrs
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-3.80M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-6.45M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.69M	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$5.00K	USD	2 Qtrs
Provision for income tax	`IncomeTaxExpenseBenefit`	$5.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.05M	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`	$-0.23	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`	$-0.07	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	58.17M	shares	2 Qtrs
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	60.84M	shares	2 Qtrs
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`	61.53M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.05M	USD	2 Qtrs
Depreciation	`Depreciation`	$15.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$1.72M	USD	2 Qtrs
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$2.01M	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$80.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$13.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-1.36M	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.55M	USD	2 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.30M	USD	2 Qtrs
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.92M	USD	2 Qtrs
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$2.00K	USD	2 Qtrs
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	-	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$6.00K	USD	2 Qtrs
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.00K	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	2 Qtrs
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-750.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-11.48M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.39M	USD	2 Qtrs
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$924.00K	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`	$1.64M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$711.00K	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$5.00M	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$11.64M	USD	2 Qtrs
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$29.00K	USD	2 Qtrs
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$33.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.61M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$833.00K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.42M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.63M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Cash and cash equivalents, beginning 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`	$3.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$3.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.21M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-7.69M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-3.80M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-6.45M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-14.05M	USD	2 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 equity adjustment from foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	-	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`	-	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`	$-1.00K	USD	1 Quarter
Change in unrealized gain on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-5.00K	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.00K	USD	1 Quarter
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	2 Qtrs
Total other comprehensive income gain (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-14.05M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.70M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-6.45M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.80M	USD	1 Quarter

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