10-Q Filing

VIRNETX HOLDING CORP CIK: 1082324 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001140361-19-008943`
Period End Date	20190331
Filing Date	20190510
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	vhc-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 22 Cash Flow Statement 50 Stockholders Equity 19 Comprehensive Income 10

Balance Sheet 64 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`	$5.23M	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`	$7.61M	USD	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$1.80M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$3.03M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Accounts receivables	`AccountsReceivableNetCurrent`	$8.00K	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
Accounts receivables	`AccountsReceivableNetCurrent`	$6.00K	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
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$599.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$718.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.87M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.14M	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`	68.10M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.60M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$1.92M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	66.88M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	66.88M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$7.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	68.10M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.00K	USD	Point-in-time
Total assets	`Assets`	$11.75M	USD	Point-in-time
Total assets	`Assets`	$10.80M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.28M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.05M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$277.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$223.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$140.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$171.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$395.00K	USD	Point-in-time
Income tax liability	`AccruedIncomeTaxesCurrent`	$396.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.07M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$2.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.86M	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, 2019 and December 31, 2018, Issued and outstanding: 0 shares at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at March 31, 2019 and December 31, 2018, Issued and outstanding: 0 shares at March 31, 2019 and December 31, 2018	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2019 and December 31, 2018, Issued and outstanding: 68,104,001 shares and 66,879,847 shares, at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at March 31, 2019 and December 31, 2018, Issued and outstanding: 68,104,001 shares and 66,879,847 shares, at March 31, 2019 and December 31, 2018, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$212.77M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$208.32M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-198.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-204.03M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-13.00K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$8.73M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.17M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.89M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$1.55M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$11.75M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$10.80M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.00K	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.00M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$936.00K	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$6.61M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.71M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$5.64M	USD	1 Quarter
Total operating expense	`OperatingExpenses`	$7.61M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-7.61M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-5.63M	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$8.00K	USD	1 Quarter
Interest income, net	`InterestIncomeExpenseNonoperatingNet`	$28.00K	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-5.61M	USD	1 Quarter
Loss before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-7.60M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.61M	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Basic and diluted loss per share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	67.60M	shares	1 Quarter
Weighted average shares outstanding basic and diluted (in shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	60.15M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.61M	USD	1 Quarter
Depreciation	`Depreciation`	$6.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$887.00K	USD	1 Quarter
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$785.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$2.00K	USD	1 Quarter
Accounts receivables	`IncreaseDecreaseInAccountsReceivable`	$6.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$201.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$197.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	-	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$31.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.33M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$229.00K	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	-	USD	1 Quarter
Related party payable	`IncreaseDecreaseInDueToRelatedParties`	$258.00K	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-1.97M	USD	1 Quarter
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-54.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$5.00K	USD	1 Quarter
Income tax liability	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-1.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	-	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$2.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.29M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.82M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$2.28M	USD	1 Quarter
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$282.00K	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.05M	USD	1 Quarter
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$1.15M	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$872.00K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.23M	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$816.00K	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.83M	USD	1 Quarter
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$2.85M	USD	1 Quarter
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	1 Quarter
Payments of taxes on restricted stock units	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.83M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.66M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$2.41M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.38M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.54M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.23M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.54M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaid`	$2.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$8.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.55M	USD	Point-in-time
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$6.83M	USD	1 Quarter
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$2.85M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$785.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$887.00K	USD	1 Quarter
Exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$816.00K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-7.61M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.60M	USD	1 Quarter
Balance	`StockholdersEquity`	$8.73M	USD	Point-in-time
Balance	`StockholdersEquity`	$4.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.55M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-5.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.61M	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	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Change in unrealized gain (loss) on investments, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$1.00K	USD	1 Quarter
Total other comprehensive gain (loss) net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Total other comprehensive gain (loss) net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.61M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-7.60M	USD	1 Quarter

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