10-K Filing

VIRNETX HOLDING CORP CIK: 1082324 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001140361-21-008678`
Period End Date	20201231
Filing Date	20210316
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	brhc10021150_10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 23 Comprehensive Income 10

Balance Sheet 67 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`	$3.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$192.91M	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
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$2.39M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Investments available for sale	`AvailableForSaleSecuritiesDebtSecuritiesCurrent`	$28.35M	USD	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
Accounts receivables	`AccountsReceivableNetCurrent`	$5.00K	USD	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 income tax	`PrepaidTaxes`	$2.90M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid income tax	`PrepaidTaxes`	-	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$263.00K	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$237.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.77M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	69.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$224.43M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	71.06M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	71.06M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.71M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	69.59M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsNoncurrent`	$1.30M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$11.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Long term, deferred tax asset	`DeferredIncomeTaxAssetsNet`	$9.05M	USD	Point-in-time
Long term, deferred tax asset	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Total assets	`Assets`	$7.50M	USD	Point-in-time
Total assets	`Assets`	$234.79M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$654.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.35M	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$287.00K	USD	Point-in-time
Accrued payroll and related expenses	`EmployeeRelatedLiabilitiesCurrent`	$220.00K	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	$9.44M	USD	Point-in-time
Accrued licensing costs	`AccruedLicensingCosts`	-	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$193.00K	USD	Point-in-time
Other liabilities, current	`OtherLiabilitiesCurrent`	$44.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.83M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.36M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$44.00K	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$10.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.87M	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 December 31, 2020 and December 31, 2019, Issued and outstanding: 0 shares at December 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $0.0001 per share Authorized: 10,000,000 shares at December 31, 2020 and December 31, 2019, Issued and outstanding: 0 shares at December 31, 2020 and December 31, 2019	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at December 31, 2020 and December 31, 2019, Issued and outstanding: 71,058,570 shares and 69,586,764 shares, at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Common stock, par value $0.0001 per share Authorized: 100,000,000 shares at December 31, 2020 and December 31, 2019, Issued and outstanding: 71,058,570 shares and 69,586,764 shares, at December 31, 2020 and December 31, 2019, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$232.46M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$223.24M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-8.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-217.60M	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`	$5.63M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$224.44M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$9.89M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$234.79M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$7.50M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$302.64M	USD	Annual
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$85.00K	USD	Annual
Licensing costs	`LicensingCosts`	$90.10M	USD	Annual
Licensing costs	`LicensingCosts`	-	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$3.85M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$8.83M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$15.90M	USD	Annual
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$45.81M	USD	Annual
Total operating expense	`OperatingExpenses`	$144.74M	USD	Annual
Total operating expense	`OperatingExpenses`	$19.75M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-19.66M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$157.89M	USD	Annual
Gain on settlement	`GainLossRelatedToLitigationSettlement`	-	USD	Annual
Gain on settlement	`GainLossRelatedToLitigationSettlement`	$41.27M	USD	Annual
Interest and other income, net	`InterestAndOtherIncome`	$108.29M	USD	Annual
Interest and other income, net	`InterestAndOtherIncome`	$92.00K	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-19.57M	USD	Annual
Income (loss) before taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$307.45M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$27.02M	USD	Annual
Income tax (expense) benefit	`IncomeTaxExpenseBenefit`	$-393.00K	USD	Annual
Net income (loss)	`NetIncomeLoss`	$280.43M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-19.18M	USD	Annual
Basic earnings (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$-0.28	USD	Annual
Basic earnings (loss) per share (in dollars per share)	`EarningsPerShareBasic`	$3.96	USD	Annual
Diluted earnings (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$-0.28	USD	Annual
Diluted earnings (loss) per share (in dollars per share)	`EarningsPerShareDiluted`	$3.92	USD	Annual
Weighted average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	68.56M	shares	Annual
Weighted average shares outstanding, basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	70.85M	shares	Annual
Weighted average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	71.62M	shares	Annual
Weighted average shares outstanding, diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	68.56M	shares	Annual

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$280.43M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-19.18M	USD	Annual
Depreciation	`Depreciation`	$5.00K	USD	Annual
Depreciation	`Depreciation`	$7.00K	USD	Annual
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.71M	USD	Annual
Stock-based compensation	`AllocatedShareBasedCompensationExpense`	$3.94M	USD	Annual
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuedForService`	-	USD	Annual
Amortization of warrant issuance costs	`AmortizationOfWarrantIssuedForService`	$69.00K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$9.05M	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-419.00K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-374.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$296.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-692.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-193.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$97.00K	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$10.00K	USD	Annual
Accrued payroll and related expenses	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-67.00K	USD	Annual
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	$9.44M	USD	Annual
Accrued licensing costs	`IncreaseDecreaseInAccruedLicensingCosts`	-	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.00K	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$2.90M	USD	Annual
Prepaid income taxes	`IncreaseDecreaseInPrepaidTaxes`	$396.00K	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$281.39M	USD	Annual
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.08M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$14.00K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$33.06M	USD	Annual
Purchase of investments	`PaymentsToAcquireAvailableForSaleSecurities`	$5.78M	USD	Annual
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$7.11M	USD	Annual
Proceeds from sale or maturity of investments	`ProceedsFromSaleAndMaturityOfMarketableSecurities`	$5.19M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-606.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.95M	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$816.00K	USD	Annual
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$1.05M	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$4.49M	USD	Annual
Proceeds from sale of common stock	`ProceedsFromIssuanceOfCommonStock`	$10.54M	USD	Annual
Payment of dividends on common stock	`PaymentsOfDividendsCommonStock`	$70.84M	USD	Annual
Payment of dividends on common stock	`PaymentsOfDividendsCommonStock`	-	USD	Annual
Payments on payroll taxes on cashless vesting of RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$356.00K	USD	Annual
Payments on payroll taxes on cashless vesting of RSUs	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$145.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-65.66M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$11.21M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$189.77M	USD	Annual
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.48M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$3.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$192.91M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.61M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$4.00K	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	$38.98M	USD	Annual

Stockholders Equity 23 line items

Line Item	Tag	Value	Unit	Period
Dividends declared and paid (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$1.00	USD	Annual
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$10.54M	USD	Annual
Stock issued for cash, net	`StockIssuedDuringPeriodValueNewIssues`	$4.49M	USD	Annual
Warrant issued for services	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$104.00K	USD	Annual
Dividends declared and paid	`DividendsCash`	$70.84M	USD	Annual
Stock issued for options and RSUs, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$670.00K	USD	Annual
Stock issued for options and RSUs, net	`StockIssuedDuringPeriodValueShareBasedCompensation`	$690.00K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.71M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.94M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$280.43M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-19.18M	USD	Annual
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	Annual
Change in foreign currency translation, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.00K	USD	Annual
Change in unrealized gains, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	Annual
Change in unrealized gains, net of tax	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-19.18M	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$280.43M	USD	Annual
Balance	`StockholdersEquity`	$5.63M	USD	Point-in-time
Balance	`StockholdersEquity`	$224.44M	USD	Point-in-time
Balance	`StockholdersEquity`	$9.89M	USD	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$280.43M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-19.18M	USD	Annual
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	$3.00K	USD	Annual
Change in unrealized gain (loss) on investments	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax`	-	USD	Annual
Change in foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-3.00K	USD	Annual
Change in foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$1.00K	USD	Annual
Total other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.00K	USD	Annual
Total other comprehensive gain (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-19.18M	USD	Annual
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$280.43M	USD	Annual

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