$VHC
VirnetX Holding Corp

2019 Q4 Form 10-K Financial Statement

#000114036121008678 Filed on March 16, 2021

View on sec.gov

Income Statement

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

Balance Sheet

Concept 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.529M $9.414M
YoY Change -41.27% 104.65%
Cash & Equivalents $3.135M $7.611M
Short-Term Investments $2.394M $1.803M
Other Short-Term Assets $200.0K $700.0K
YoY Change -71.43% 16.67%
Inventory
Prepaid Expenses
Receivables $5.000K $6.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.771M $10.14M
YoY Change -43.08% 94.96%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00K $9.000K
YoY Change 77.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.700M $1.604M
YoY Change 5.99% -19.8%
Total Long-Term Assets $1.727M $1.613M
YoY Change 7.07% -19.35%
TOTAL ASSETS
Total Short-Term Assets $5.771M $10.14M
Total Long-Term Assets $1.727M $1.613M
Total Assets $7.498M $11.75M
YoY Change -36.19% 63.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.100M
YoY Change 18.18% 175.0%
Accrued Expenses $300.0K $300.0K
YoY Change 0.0% -86.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.826M $1.863M
YoY Change -1.99% -58.6%
LONG-TERM LIABILITIES
Long-Term Debt $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
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.826M $1.863M
Total Long-Term Liabilities $44.00K $0.00
Total Liabilities $1.870M $1.863M
YoY Change 0.38% -66.73%
SHAREHOLDERS EQUITY
Retained Earnings -$217.6M -$198.4M
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 $9.888M
YoY Change
Total Liabilities & Shareholders Equity $7.498M $11.75M
YoY Change -36.19% 63.21%

Cashflow Statement

Concept 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.485M -$6.417M
YoY Change -30.11% 6.95%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change
Cash From Operating Activities -$3.200M -$4.500M
YoY Change -28.89% 32.35%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $200.0K -$1.200M
YoY Change -116.67% -200.0%
Cash From Investing Activities $200.0K -$1.200M
YoY Change -116.67% -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 1.900M
YoY Change 84.21% -48.65%
NET CHANGE
Cash From Operating Activities -3.200M -4.500M
Cash From Investing Activities 200.0K -1.200M
Cash From Financing Activities 3.500M 1.900M
Net Change In Cash 500.0K -3.800M
YoY Change -113.16% -353.33%
FREE CASH FLOW
Cash From Operating Activities -$3.200M -$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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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019 us-gaap Income Taxes Paid Net
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CY2020 us-gaap Nature Of Operations
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<div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Note 1 − Formation and Business of the Company</div> <div style="text-align: left;"><br/></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">VirnetX Holding Corporation, which we refer to as” we”, “us”, “our”, “the Company” or “VirnetX”, is engaged in the business of commercializing a portfolio of patents. We seek to license our technology, including GABRIEL Connection Technology™, 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 2012, 2013 and 2020 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 “Revenue Recognition”).</div> <div style="text-align: left;"><br/></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">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 2020 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>
CY2020 us-gaap Use Of Estimates
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<div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Use of Estimates</div> <div style="text-align: left;"><br/></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). 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>
CY2020 vhc Licensing Costs
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CY2020 us-gaap Concentration Risk Credit Risk
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<div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; 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; font-family: 'Times New Roman'; font-size: 10pt;">Our cash and cash equivalents are primarily maintained at two major financial institutions in the United States. Deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. A portion of those balances are insured by the Federal Deposit Insurance Corporation, or FDIC. During the year ended December 31, 2020 and 2019, we had, at times, funds that were uninsured. We do not believe that we are subject to any unusual financial risk beyond the normal risk associated with commercial banking relationships. We have not experienced any losses on our deposits of cash and cash equivalents.</div>
CY2020 vhc Concentration Risk Number Of Financial Institutions
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2
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
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0.0063
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0.0209
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CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2020 us-gaap Net Income Loss
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280429000
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0
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71616000
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EarningsPerShareBasic
3.96
CY2019 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
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3.92
CY2019 us-gaap Earnings Per Share Diluted
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-0.28
CY2020 us-gaap Dividends Payable Date Declared Day Month And Year
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2020-05-08
CY2020 us-gaap Dividends Payable Date Of Record Day Month And Year
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2020-05-18
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CY2019 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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101000
CY2020 us-gaap Current Federal Tax Expense Benefit
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35122000
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
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-0.1222
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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-0.2196
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-0.0001
CY2019 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.0021
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.0134
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0006
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0038
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0879
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0199
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
48000
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
62000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
13000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1730000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
598000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
27907000
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DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
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3000
CY2019Q4 us-gaap Deferred Tax Assets Other
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11000
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0
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DeferredIncomeTaxLiabilities
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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0
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0
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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316000
CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Available For Sale Securities Amortized Cost
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2000
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CY2019Q4 us-gaap Available For Sale Securities
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5526000
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5529000

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