$VHC
VirnetX Holding Corp

2019 Q4 Form 10-K Financial Statement

#000114036120005863 Filed on March 16, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q2 2019
Revenue $35.00K $38.00K $85.00K
YoY Change 2.94% 137.5% 34.92%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.600M $3.604M $15.91M
YoY Change -25.0% -31.9% -23.18%
% of Gross Profit
Research & Development $1.000M $986.0K $3.845M
YoY Change -41.18% -16.86% -20.15%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $7.000K
YoY Change -61.11%
% of Gross Profit
Operating Expenses $4.500M $4.590M $19.75M
YoY Change -30.77% -29.14% -22.61%
Operating Profit -$4.503M -$4.552M -$19.67M
YoY Change -30.07% -29.56% -22.75%
Interest Expense $0.00 $27.00K $100.0K
YoY Change 125.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.500M -$4.525M -$19.57M
YoY Change -29.69% -29.84% -22.95%
Income Tax $0.00 -$395.0K -$393.0K
% Of Pretax Income
Net Earnings -$4.485M -$4.130M -$19.18M
YoY Change -30.11% -35.97% -24.51%
Net Earnings / Revenue -12814.29% -10868.42% -22564.71%
Basic Earnings Per Share -$0.06 -$0.28
Diluted Earnings Per Share -$64.84K -$0.06 -$0.28
COMMON SHARES
Basic Shares Outstanding 69.51M 68.26M 68.56M
Diluted Shares Outstanding 68.26M 68.56M

Balance Sheet

Concept 2019 Q4 2019 Q2 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.529M $6.927M $5.500M
YoY Change -41.27% 47.38% -41.49%
Cash & Equivalents $3.135M $4.155M $3.100M
Short-Term Investments $2.394M $2.772M $2.400M
Other Short-Term Assets $200.0K $500.0K $200.0K
YoY Change -71.43% -44.44% -71.43%
Inventory
Prepaid Expenses
Receivables $5.000K $8.000K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.771M $7.389M $5.800M
YoY Change -43.08% 31.95% -42.57%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00K $5.000K $0.00
YoY Change 77.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.832M $1.700M
YoY Change 5.99% 1.78% 6.25%
Total Long-Term Assets $1.727M $1.837M $1.700M
YoY Change 7.07% 2.06% 0.0%
TOTAL ASSETS
Total Short-Term Assets $5.771M $7.389M $5.800M
Total Long-Term Assets $1.727M $1.837M $1.700M
Total Assets $7.498M $9.226M $7.500M
YoY Change -36.19% 24.68% -36.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $400.0K $1.300M
YoY Change 18.18% -86.67% 18.18%
Accrued Expenses $300.0K $300.0K $300.0K
YoY Change 0.0% 50.0% 0.0%
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 $849.0K $1.800M
YoY Change -1.99% -76.42% -5.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.00K $0.00
YoY Change
Total Long-Term Liabilities $44.00K $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.826M $849.0K $1.800M
Total Long-Term Liabilities $44.00K $0.00 $0.00
Total Liabilities $1.870M $800.0K $1.900M
YoY Change 0.38% -78.38% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$217.6M -$208.2M
YoY Change 9.67%
Common Stock $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 $8.377M $5.600M
YoY Change
Total Liabilities & Shareholders Equity $7.498M $9.226M $7.500M
YoY Change -36.19% 24.68% -36.44%

Cashflow Statement

Concept 2019 Q4 2019 Q2 2019
OPERATING ACTIVITIES
Net Income -$4.485M -$4.130M -$19.18M
YoY Change -30.11% -35.97% -24.51%
Depreciation, Depletion And Amortization $0.00 $0.00 $7.000K
YoY Change -61.11%
Cash From Operating Activities -$3.200M -$4.200M -$15.08M
YoY Change -28.89% -32.26% -32.37%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $14.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $200.0K $200.0K -$600.0K
YoY Change -116.67% -200.0% 50.0%
Cash From Investing Activities $200.0K $200.0K -$606.0K
YoY Change -116.67% -200.0% 63.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.54M
YoY Change -61.04%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.500M 2.800M 11.21M
YoY Change 84.21% -41.67% -58.7%
NET CHANGE
Cash From Operating Activities -3.200M -4.200M -15.08M
Cash From Investing Activities 200.0K 200.0K -606.0K
Cash From Financing Activities 3.500M 2.800M 11.21M
Net Change In Cash 500.0K -1.200M -4.476M
YoY Change -113.16% -25.0% -200.0%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$4.200M -$15.08M
Capital Expenditures $0.00 $14.00K
Free Cash Flow -$3.200M -$15.09M
YoY Change -28.89% -32.31%

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; font-weight: bold;">Note 1 &#8722; Formation and Business of the Company</div><div><br /></div><div style="text-align: justify;">VirnetX Holding Corporation, which we refer to as&#8221; we&#8221;, &#8220;us&#8221;, &#8220;our&#8221;, &#8220;the Company&#8221; or &#8220;VirnetX&#8221;, is engaged in the business of commercializing a portfolio of patents. We seek to license our technology, including GABRIEL Connection Technology&#8482;, to various original equipment manufacturers, or OEMs, that use our technologies in the development and manufacturing of their own products within the IP-telephony, mobility, fixed-mobile convergence and unified communications markets. Prior to 2012 our revenue was limited to an insignificant amount of software royalties pursuant to the terms of a single license agreement. During 2013 and 2012 we had revenues from settlements of patent infringement disputes whereby we received consideration for past sales of licensees that utilized our technology, where there was no prior patent license agreement (see &#8220;Revenue Recognition&#8221;).</div><div><br /></div><div style="text-align: justify;">Our portfolio of intellectual property is the foundation of our business model. We currently own approximately 194 total patents and pending applications, including 70 U.S. patents/patent applications and 124 foreign patents/validations/pending applications. Our patent portfolio is primarily focused on securing real-time communications over the Internet, as well as related services such as the establishment and maintenance of a secure domain name registry. Our patented methods also have additional applications in the key areas of device operating systems and network security for Cloud services, M2M communications in areas of Smart City, Connected Car and Connected Home. The subject matter of all our U.S and foreign patents and pending applications relates generally to securing communications over the internet and such covers all our technology and other products. Our issued U.S. and foreign patents expire at various times during the period from 2019 to 2024. Some of our issued patents and pending patent applications were acquired by our principal operating subsidiary; VirnetX, Inc., from Leidos, (f/k/a Science Applications International Corporation or SAIC) in 2006 and we are required to make payments to Leidos, based on cash or certain other values generated from those patents. The amount of such payments depends upon the type of value generated, and certain categories are subject to maximums and other limitations.</div></div>
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15080000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-370000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-606000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-6417000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-4956000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11210000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-19180000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-25406000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-4130000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-5608000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-6450000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-7605000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-4485000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-4934000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
56000
CY2018 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
56000
CY2018 us-gaap Operating Expenses
OperatingExpenses
25520000
CY2019 us-gaap Operating Expenses
OperatingExpenses
19750000
CY2019 us-gaap Operating Income Loss
OperatingIncomeLoss
-19665000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
-25457000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4503000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4552000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6462000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4976000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-7608000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-5634000
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-6439000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4948000
CY2018Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
25403000
CY2019Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
19573000
CY2019 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-3000
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
0
CY2018 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000
CY2019 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3000
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
140000
CY2019Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
193000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0
CY2019Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
44000
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1000
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
43000
CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
145000
CY2018 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
3090000
CY2019 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
5784000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
1711000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
1604000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
237000
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
718000
CY2018Q4 us-gaap Prepaid Rent
PrepaidRent
4000000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10539000
CY2018 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
27052000
CY2019 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
5192000
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
2720000
CY2018 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
135000
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
816000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
160000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
146000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9000
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4815000
CY2019 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3845000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-217602000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-198422000
CY2019 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15905000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
63000
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
85000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7000
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
35000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
38000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34000
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M7D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M20D
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
20705000
CY2019Q4 us-gaap Share Price
SharePrice
3.80
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8526
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9234
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.63
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.58
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0209
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0273
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
27052000
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
10539000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
135000
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
670000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9888000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
5628000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
1553000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
316000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
316000
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
316000
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: 'Times New Roman'; font-size: 10pt;"><div style="text-align: left; font-style: italic; font-weight: bold;">Use of Estimates</div><div><br /></div><div style="text-align: justify;">We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (&#8220;U.S. GAAP&#8221;). In doing so, we have to 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 the accounting estimates are reasonably likely to occur from period to period. 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, 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. We have reviewed our critical accounting policies and estimates with the audit committee of our board of directors.</div></div>
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
1816000
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
62985763
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
68564321
CY2019 vhc Concentration Risk Number Of Financial Institutions
ConcentrationRiskNumberOfFinancialInstitutions
2
CY2018Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
9414000
CY2019Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
5529000
CY2018Q4 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
9414000
CY2019Q4 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
5526000
CY2019 vhc Effective Income Tax Rate Reconciliation Accounting Method Change
EffectiveIncomeTaxRateReconciliationAccountingMethodChange
0.0000
CY2018 vhc Effective Income Tax Rate Reconciliation Accounting Method Change
EffectiveIncomeTaxRateReconciliationAccountingMethodChange
0.0207

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