$VHC
VirnetX Holding Corp

2021 Q1 Form 10-Q Financial Statement

#000114036121016630 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $5.000K $302.6M
YoY Change -100.0% 3782100.0%
Cost Of Revenue -$9.400M $90.10M
YoY Change -110.43%
Gross Profit $9.400M $212.5M
YoY Change -95.58%
Gross Profit Margin 188000.0% 70.23%
Selling, General & Admin $41.94M $27.38M
YoY Change 53.21% 481.73%
% of Gross Profit 446.2% 12.88%
Research & Development $1.152M $1.905M
YoY Change -39.53% 103.53%
% of Gross Profit 12.26% 0.9%
Depreciation & Amortization $0.00 $1.000K
YoY Change -100.0% -50.0%
% of Gross Profit 0.0% 0.0%
Operating Expenses $33.66M $119.4M
YoY Change -71.81% 2015.95%
Operating Profit -$33.65M $183.2M
YoY Change -118.37% -3351.58%
Interest Expense $0.00 $108.2M
YoY Change -100.0%
% of Operating Profit 59.06%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$33.64M $332.7M
YoY Change -110.11% -6034.78%
Income Tax -$7.193M $32.76M
% Of Pretax Income 9.85%
Net Earnings -$26.44M $299.9M
YoY Change -108.82% -5448.52%
Net Earnings / Revenue -528860.0% 99.13%
Basic Earnings Per Share -$0.37 $4.26
Diluted Earnings Per Share -$0.37 $4.20
COMMON SHARES
Basic Shares Outstanding 71.06M 70.37M
Diluted Shares Outstanding 71.06M 71.38M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.0M $437.1M
YoY Change -50.36% 5166.84%
Cash & Equivalents $197.2M $435.8M
Short-Term Investments $19.80M $1.336M
Other Short-Term Assets $3.500M $600.0K
YoY Change 483.33% 0.0%
Inventory
Prepaid Expenses
Receivables $0.00 $5.000K
Other Receivables $0.00 $0.00
Total Short-Term Assets $220.5M $437.8M
YoY Change -49.63% 4818.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $15.00K
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.50M $10.30M
YoY Change 69.9% 442.11%
Total Long-Term Assets $17.50M $10.34M
YoY Change 69.28% 444.11%
TOTAL ASSETS
Total Short-Term Assets $220.5M $437.8M
Total Long-Term Assets $17.50M $10.34M
Total Assets $238.0M $448.1M
YoY Change -46.89% 4049.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $4.600M
YoY Change -89.13% 253.85%
Accrued Expenses $38.60M $90.30M
YoY Change -57.25% 45050.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.10M $136.5M
YoY Change -71.35% 6398.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $31.00K
YoY Change
Total Long-Term Liabilities $0.00 $31.00K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.10M $136.5M
Total Long-Term Liabilities $0.00 $31.00K
Total Liabilities $39.10M $136.5M
YoY Change -71.36% 6400.43%
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 $198.9M $311.6M
YoY Change
Total Liabilities & Shareholders Equity $238.0M $448.1M
YoY Change -46.89% 4049.25%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$26.44M $299.9M
YoY Change -108.82% -5448.52%
Depreciation, Depletion And Amortization $0.00 $1.000K
YoY Change -100.0% -50.0%
Cash From Operating Activities -$4.200M $426.4M
YoY Change -100.99% -8947.48%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $8.500M $1.100M
YoY Change 672.73% -191.67%
Cash From Investing Activities $8.500M $1.061M
YoY Change 701.13% -186.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $4.488M
YoY Change -100.0% 57.58%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.256M
YoY Change -100.0% 43.45%
NET CHANGE
Cash From Operating Activities -4.200M 426.4M
Cash From Investing Activities 8.500M 1.061M
Cash From Financing Activities 0.000 5.256M
Net Change In Cash 4.300M 432.7M
YoY Change -99.01% -18249.2%
FREE CASH FLOW
Cash From Operating Activities -$4.200M $426.4M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Use of Estimates</div> <div><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 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>
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