$VHC
VirnetX Holding Corp

2019 Q2 Form 10-Q Financial Statement

#000114036119014739 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $38.00K $16.00K
YoY Change 137.5% -96.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.604M $5.292M
YoY Change -31.9% 43.03%
% of Gross Profit
Research & Development $986.0K $1.186M
YoY Change -16.86% 137.2%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $4.590M $6.478M
YoY Change -29.14% 54.24%
Operating Profit -$4.552M -$6.462M
YoY Change -29.56%
Interest Expense $27.00K $12.00K
YoY Change 125.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.525M -$6.450M
YoY Change -29.84% 69.74%
Income Tax -$395.0K $0.00
% Of Pretax Income
Net Earnings -$4.130M -$6.450M
YoY Change -35.97% 69.74%
Net Earnings / Revenue -10868.42% -40312.5%
Basic Earnings Per Share -$0.06
Diluted Earnings Per Share -$0.06 -$105.7K
COMMON SHARES
Basic Shares Outstanding 68.26M
Diluted Shares Outstanding 68.26M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.927M $4.700M
YoY Change 47.38% -27.69%
Cash & Equivalents $4.155M $3.968M
Short-Term Investments $2.772M $700.0K
Other Short-Term Assets $500.0K $900.0K
YoY Change -44.44% 12.5%
Inventory
Prepaid Expenses
Receivables $8.000K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.389M $5.600M
YoY Change 31.95% -22.22%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.832M $1.800M
YoY Change 1.78% -18.18%
Total Long-Term Assets $1.837M $1.800M
YoY Change 2.06% -18.18%
TOTAL ASSETS
Total Short-Term Assets $7.389M $5.600M
Total Long-Term Assets $1.837M $1.800M
Total Assets $9.226M $7.400M
YoY Change 24.68% -21.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $3.000M
YoY Change -86.67% 650.0%
Accrued Expenses $300.0K $200.0K
YoY Change 50.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $849.0K $3.600M
YoY Change -76.42% 44.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K
YoY Change -94.44%
Total Long-Term Liabilities $0.00 $100.0K
YoY Change -100.0% -94.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $849.0K $3.600M
Total Long-Term Liabilities $0.00 $100.0K
Total Liabilities $800.0K $3.700M
YoY Change -78.38% -13.95%
SHAREHOLDERS EQUITY
Retained Earnings -$208.2M
YoY Change
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.377M $3.646M
YoY Change
Total Liabilities & Shareholders Equity $9.226M $7.400M
YoY Change 24.68% -21.28%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$4.130M -$6.450M
YoY Change -35.97% 69.74%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$4.200M -$6.200M
YoY Change -32.26% 87.88%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $200.0K -$200.0K
YoY Change -200.0% -110.53%
Cash From Investing Activities $200.0K -$200.0K
YoY Change -200.0% -110.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.800M 4.800M
YoY Change -41.67%
NET CHANGE
Cash From Operating Activities -4.200M -6.200M
Cash From Investing Activities 200.0K -200.0K
Cash From Financing Activities 2.800M 4.800M
Net Change In Cash -1.200M -1.600M
YoY Change -25.0% 14.29%
FREE CASH FLOW
Cash From Operating Activities -$4.200M -$6.200M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Concentration of Credit Risk and Other Risks and Uncertainties</div><div><br /></div><div style="text-align: justify; color: #000000;">Our cash and cash equivalents are primarily maintained at two major financial institutions in the United States. A portion of those balances are insured by the Federal Deposit Insurance Corporation. During the six months ended June 30, 2019 we had funds which were uninsured. We do not believe that we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships with major financial institutions. We have not experienced any losses on our deposits of cash and cash equivalents.</div></div>
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2848000
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6830000
CY2018Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4809000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
8377000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9888000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1553000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
4166000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3646000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
8730000
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Use of Estimates</div><div><br /></div><div style="text-align: justify; color: #000000;">We prepare our consolidated financial statements in accordance with U.S. GAAP. In doing so, we must make estimates and assumptions that affect our reported amounts of assets, liabilities, revenues, and expenses, as well as related disclosure of contingent assets and liabilities. In some cases, we could reasonably have used different accounting policies and estimates. In some cases, changes in our accounting estimates are reasonably likely to occur. Accordingly, actual results could differ materially from our estimates. To the extent that there are material differences between these estimates and actual results, our financial condition or results of operations will be affected. We base our estimates on past experience and other assumptions that we believe are reasonable under the circumstances, at the time they are made, and we evaluate these estimates on an ongoing basis. We refer to accounting estimates of this type as critical accounting policies and estimates, which we discuss further below.</div></div>
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
36000
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68258000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67929000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
61532000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
60835000
vhc Concentration Risk Number Of Financial Institutions
ConcentrationRiskNumberOfFinancialInstitutions
2
CY2019Q2 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
6927000
CY2018Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
9414000
CY2019Q2 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
6926000
CY2018Q4 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
9414000

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