$VHC
VirnetX Holding Corp

2024 Q4 Form 10-Q Financial Statement

#000114036124046446 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $2.000K
YoY Change -33.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.213M
YoY Change -27.31%
% of Gross Profit
Research & Development $1.176M
YoY Change -3.45%
% of Gross Profit
Depreciation & Amortization $6.000K
YoY Change
% of Gross Profit
Operating Expenses $4.389M
YoY Change -22.15%
Operating Profit -$4.387M
YoY Change -22.15%
Interest Expense $548.0K
YoY Change -23.89%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.839M
YoY Change -21.96%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.839M
YoY Change -21.94%
Net Earnings / Revenue -191950.0%
Basic Earnings Per Share -$1.07
Diluted Earnings Per Share -$1.07
COMMON SHARES
Basic Shares Outstanding 3.729M 3.735M
Diluted Shares Outstanding 3.603M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.75M
YoY Change -28.31%
Cash & Equivalents $25.13M
Short-Term Investments $18.62M
Other Short-Term Assets $266.0K
YoY Change -33.5%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $44.02M
YoY Change -28.39%
LONG-TERM ASSETS
Property, Plant & Equipment $62.00K
YoY Change 933.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change 25.0%
Other Assets $94.00K
YoY Change
Total Long-Term Assets $11.57M
YoY Change 373.28%
TOTAL ASSETS
Total Short-Term Assets $44.02M
Total Long-Term Assets $11.57M
Total Assets $55.59M
YoY Change -13.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $280.0K
YoY Change -76.67%
Accrued Expenses $384.0K
YoY Change -4.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.135M
YoY Change 345.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.959M
YoY Change
Total Long-Term Liabilities $2.959M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.135M
Total Long-Term Liabilities $2.959M
Total Liabilities $10.09M
YoY Change 530.48%
SHAREHOLDERS EQUITY
Retained Earnings -$198.5M
YoY Change 10.63%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.49M
YoY Change
Total Liabilities & Shareholders Equity $55.59M
YoY Change -13.03%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$3.839M
YoY Change -21.94%
Depreciation, Depletion And Amortization $6.000K
YoY Change
Cash From Operating Activities -$3.221M
YoY Change -2.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.072M
YoY Change -60.15%
Cash From Investing Activities $2.072M
YoY Change -60.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000K
YoY Change
NET CHANGE
Cash From Operating Activities -3.221M
Cash From Investing Activities 2.072M
Cash From Financing Activities -6.000K
Net Change In Cash -1.155M
YoY Change -160.79%
FREE CASH FLOW
Cash From Operating Activities -$3.221M
Capital Expenditures $0.00
Free Cash Flow -$3.221M
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
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<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Use of Estimates</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">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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<div style="background-color: #FFFFFF; margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; font-weight: bold; text-align: justify; text-transform: none;">Concentration of Credit Risk and Other Risks and Uncertainties</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Our cash and cash equivalents are primarily maintained at two major financial institutions in the United States.</span> 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. At times, we had 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>
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dei Document Type
DocumentType
10-Q
dei Entity File Number
EntityFileNumber
001-33852
dei Entity Registrant Name
EntityRegistrantName
VirnetX Holding Corp
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
77-0390628
dei Entity Address Address Line1
EntityAddressAddressLine1
308 Dorla Court
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 206
dei Entity Address City Or Town
EntityAddressCityOrTown
Zephyr Cove
dei Entity Address State Or Province
EntityAddressStateOrProvince
NV
dei City Area Code
CityAreaCode
775
dei Trading Symbol
TradingSymbol
VHC
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
89448
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
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2024
dei Document Fiscal Period Focus
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Q3
dei Entity Central Index Key
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dei Document Period End Date
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2024-09-30
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dei Local Phone Number
LocalPhoneNumber
548-1785
dei Security12b Title
Security12bTitle
Common Stock, par value $0.0001 per share
dei Security Exchange Name
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NYSE
dei Entity Current Reporting Status
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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vhc Operating Lease Right Of Use Assets And Lease Liability At Lease Modification Date
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vhc Operating Lease Right Of Use Assets And Lease Liability At Lease Modification Date
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0
vhc Concentration Risk Number Of Financial Institutions
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2
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
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43697000
CY2024Q3 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
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CY2023Q4 vhc Cash And Available For Sale Securities Fair Value Disclosure
CashAndAvailableForSaleSecuritiesFairValueDisclosure
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CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.004
CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAccrued
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
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CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3712000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M28D
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M13D
vhc Operating Lease Period Of Free Rent
OperatingLeasePeriodOfFreeRent
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
235000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
954000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
983000
CY2024Q3 vhc Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
336000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10381000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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956000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3612000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3600000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3586000
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3603000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3612000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3600000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3586000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.32
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-5.79
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
348729
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
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CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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