$VHC
VirnetX Holding Corp

2019 Q4 Form 10-Q Financial Statement

#000114036119020198 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $35.00K $4.000K $34.00K
YoY Change 2.94% -42.86% -91.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.600M $4.016M $4.800M
YoY Change -25.0% -0.17% -7.69%
% of Gross Profit
Research & Development $1.000M $964.0K $1.700M
YoY Change -41.18% 3.43% 41.67%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change
% of Gross Profit
Operating Expenses $4.500M $4.980M $6.500M
YoY Change -30.77% 0.5% 1.56%
Operating Profit -$4.503M -$4.976M -$6.439M
YoY Change -30.07% 0.57% 7.32%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.500M -$4.956M -$6.400M
YoY Change -29.69% 0.45% 6.67%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.485M -$4.956M -$6.417M
YoY Change -30.11% 0.45% 6.95%
Net Earnings / Revenue -12814.29% -123900.0% -18873.53%
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$64.84K -$0.07 -$95.67K
COMMON SHARES
Basic Shares Outstanding 69.51M 68.94M
Diluted Shares Outstanding 68.94M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.529M $5.193M $9.414M
YoY Change -41.27% -56.73% 104.65%
Cash & Equivalents $3.135M $2.572M $7.611M
Short-Term Investments $2.394M $2.621M $1.803M
Other Short-Term Assets $200.0K $300.0K $700.0K
YoY Change -71.43% -62.5% 16.67%
Inventory
Prepaid Expenses
Receivables $5.000K $6.000K $6.000K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.771M $5.514M $10.14M
YoY Change -43.08% -56.92% 94.96%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00K $5.000K $9.000K
YoY Change 77.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.721M $1.604M
YoY Change 5.99% 1.24% -19.8%
Total Long-Term Assets $1.727M $1.726M $1.613M
YoY Change 7.07% 1.53% -19.35%
TOTAL ASSETS
Total Short-Term Assets $5.771M $5.514M $10.14M
Total Long-Term Assets $1.727M $1.726M $1.613M
Total Assets $7.498M $7.240M $11.75M
YoY Change -36.19% -50.07% 63.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.200M $1.100M
YoY Change 18.18% 200.0% 175.0%
Accrued Expenses $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0% -86.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.826M $1.600M $1.863M
YoY Change -1.99% 60.0% -58.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $44.00K $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.826M $1.600M $1.863M
Total Long-Term Liabilities $44.00K $0.00 $0.00
Total Liabilities $1.870M $1.600M $1.863M
YoY Change 0.38% 33.33% -66.73%
SHAREHOLDERS EQUITY
Retained Earnings -$217.6M -$213.1M -$198.4M
YoY Change 9.67%
Common Stock $7.000K $7.000K $7.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.628M $5.640M $9.888M
YoY Change
Total Liabilities & Shareholders Equity $7.498M $7.240M $11.75M
YoY Change -36.19% -50.07% 63.21%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.485M -$4.956M -$6.417M
YoY Change -30.11% 0.45% 6.95%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change
Cash From Operating Activities -$3.200M -$2.900M -$4.500M
YoY Change -28.89% -53.97% 32.35%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $200.0K $200.0K -$1.200M
YoY Change -116.67% 100.0% -200.0%
Cash From Investing Activities $200.0K $200.0K -$1.200M
YoY Change -116.67% 100.0% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M 1.200M 1.900M
YoY Change 84.21% -91.18% -48.65%
NET CHANGE
Cash From Operating Activities -3.200M -2.900M -4.500M
Cash From Investing Activities 200.0K 200.0K -1.200M
Cash From Financing Activities 3.500M 1.200M 1.900M
Net Change In Cash 500.0K -1.500M -3.800M
YoY Change -113.16% -120.27% -353.33%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$2.900M -$4.500M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$3.200M -$4.500M
YoY Change -28.89% 32.35%

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 nine months ended September 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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10000000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
718000
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
315000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Reclassifications</div><div><br /></div><div style="text-align: justify; color: #000000;">Certain prior period amounts were reclassified to conform to the current year&#8217;s presentation. None of these reclassifications had an impact on reported operating expenses, operating income or net income for any of the periods presented.</div></div>
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25273000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6916000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
932000
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-213116000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-198422000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
50000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12326000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4023000
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4016000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15923000
CY2018Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
4.02
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
816000
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
6830000
CY2019Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2849000
CY2018Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
13635000
CY2019Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1219000
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2848000
CY2018Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
4809000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9888000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
5640000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1553000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
4166000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
3646000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
8377000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
8730000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
13363000
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 Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68278000
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68943000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
63385000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
61691000
CY2018Q4 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
9414000
CY2019Q3 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
5191000
CY2019Q3 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
5193000
CY2018Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
9414000
vhc Concentration Risk Number Of Financial Institutions
ConcentrationRiskNumberOfFinancialInstitutions
2

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