$VHC
VirnetX Holding Corp

2020 Q1 Form 10-Q Financial Statement

#000114036120011246 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $302.6M $8.000K
YoY Change 3782100.0% 33.33%
Cost Of Revenue $90.10M
YoY Change
Gross Profit $212.5M
YoY Change
Gross Profit Margin 70.23%
Selling, General & Admin $27.38M $4.706M
YoY Change 481.73% -28.7%
% of Gross Profit 12.88%
Research & Development $1.905M $936.0K
YoY Change 103.53% -6.4%
% of Gross Profit 0.9%
Depreciation & Amortization $1.000K $2.000K
YoY Change -50.0%
% of Gross Profit 0.0%
Operating Expenses $119.4M $5.642M
YoY Change 2015.95% -25.76%
Operating Profit $183.2M -$5.634M
YoY Change -3351.58% -25.95%
Interest Expense $108.2M $0.00
YoY Change
% of Operating Profit 59.06%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $332.7M -$5.606M
YoY Change -6034.78% -26.24%
Income Tax $32.76M $2.000K
% Of Pretax Income 9.85%
Net Earnings $299.9M -$5.608M
YoY Change -5448.52% -26.26%
Net Earnings / Revenue 99.13% -70100.0%
Basic Earnings Per Share $4.26 -$0.08
Diluted Earnings Per Share $4.20 -$0.08
COMMON SHARES
Basic Shares Outstanding 70.37M 67.60M
Diluted Shares Outstanding 71.38M 67.60M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.1M $8.300M
YoY Change 5166.84% 36.07%
Cash & Equivalents $435.8M $5.227M
Short-Term Investments $1.336M $3.000M
Other Short-Term Assets $600.0K $600.0K
YoY Change 0.0% -33.33%
Inventory
Prepaid Expenses
Receivables $5.000K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $437.8M $8.900M
YoY Change 4818.89% 27.14%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.30M $1.900M
YoY Change 442.11% 0.0%
Total Long-Term Assets $10.34M $1.900M
YoY Change 444.11% 0.0%
TOTAL ASSETS
Total Short-Term Assets $437.8M $8.900M
Total Long-Term Assets $10.34M $1.900M
Total Assets $448.1M $10.80M
YoY Change 4049.25% 21.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $1.300M
YoY Change 253.85% 333.33%
Accrued Expenses $90.30M $200.0K
YoY Change 45050.0% 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 $136.5M $2.100M
YoY Change 6398.95% -54.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $31.00K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $136.5M $2.100M
Total Long-Term Liabilities $31.00K $0.00
Total Liabilities $136.5M $2.100M
YoY Change 6400.43% -55.32%
SHAREHOLDERS EQUITY
Retained Earnings $82.34M
YoY Change
Common Stock $7.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.6M $8.730M
YoY Change
Total Liabilities & Shareholders Equity $448.1M $10.80M
YoY Change 4049.25% 21.35%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $299.9M -$5.608M
YoY Change -5448.52% -26.26%
Depreciation, Depletion And Amortization $1.000K $2.000K
YoY Change -50.0%
Cash From Operating Activities $426.4M -$4.819M
YoY Change -8947.48% -9.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $1.100M -$1.200M
YoY Change -191.67% -233.33%
Cash From Investing Activities $1.061M -$1.229M
YoY Change -186.33% -236.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.488M $2.848M
YoY Change 57.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.256M 3.664M
YoY Change 43.45% -46.12%
NET CHANGE
Cash From Operating Activities 426.4M -4.819M
Cash From Investing Activities 1.061M -1.229M
Cash From Financing Activities 5.256M 3.664M
Net Change In Cash 432.7M -2.384M
YoY Change -18249.2% -199.33%
FREE CASH FLOW
Cash From Operating Activities $426.4M -$4.819M
Capital Expenditures
Free Cash Flow
YoY Change

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CashAndAvailableForSaleSecuritiesFairValueDisclosure
437148000
CY2019Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
5529000
CY2019Q4 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
5526000
CY2020Q1 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>
CY2020Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-38112000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1019000
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67596000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70365000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67596000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71384000
CY2020Q1 vhc Accrued Licensing Costs
AccruedLicensingCosts
90101000
CY2019Q4 vhc Accrued Licensing Costs
AccruedLicensingCosts
0
CY2020Q1 vhc Increase Decrease In Accrued Licensing Costs
IncreaseDecreaseInAccruedLicensingCosts
90101000
CY2019Q1 vhc Increase Decrease In Accrued Licensing Costs
IncreaseDecreaseInAccruedLicensingCosts
0
CY2020Q1 vhc Cash And Available For Sale Securities Amortized Cost Basis
CashAndAvailableForSaleSecuritiesAmortizedCostBasis
437143000
CY2020Q1 vhc Concentration Risk Number Of Financial Institutions
ConcentrationRiskNumberOfFinancialInstitutions
2
CY2020Q1 vhc Licensing Costs
LicensingCosts
90101000
CY2019Q1 vhc Licensing Costs
LicensingCosts
0

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