$XWEL
XWELL Inc

2012 Q2 Form 10-Q Financial Statement

#000114420412045744 Filed on August 14, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q4 2011 Q2
Revenue $100.0K $160.0K $227.0K
YoY Change -55.95% 100.0% 467.5%
Cost Of Revenue $31.00K $50.00K $45.00K
YoY Change -31.11% 0.0% 50.0%
Gross Profit $69.00K $110.0K $182.0K
YoY Change -62.09% 266.67% 1720.0%
Gross Profit Margin 69.0% 68.75% 80.18%
Selling, General & Admin $1.622M $1.130M $1.375M
YoY Change 17.96% -6.61% 20.61%
% of Gross Profit 2350.72% 1027.27% 755.49%
Research & Development $418.0K $560.0K $460.0K
YoY Change -9.13% -15.15% -23.33%
% of Gross Profit 605.8% 509.09% 252.75%
Depreciation & Amortization $0.00 $30.00K
YoY Change -100.0% 0.0%
% of Gross Profit 0.0% 16.48%
Operating Expenses $2.040M $1.680M $1.835M
YoY Change 11.17% -9.68% 5.46%
Operating Profit -$1.971M -$1.570M -$1.653M
YoY Change 19.24% -14.21% -4.45%
Interest Expense $0.00 -$1.270M -$780.0K
YoY Change -100.0% -195.49% -72.92%
% of Operating Profit
Other Income/Expense, Net $0.00 $30.00K -$10.00K
YoY Change -100.0% -250.0% -200.0%
Pretax Income -$5.086M -$2.810M -$1.478M
YoY Change 244.11% 440.38% -67.8%
Income Tax $83.00K $10.00K $26.00K
% Of Pretax Income
Net Earnings -$5.169M -$2.820M -$1.504M
YoY Change 243.68% 464.0% -67.38%
Net Earnings / Revenue -5169.0% -1762.5% -662.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$92.00M -$282.0M -$150.0M
COMMON SHARES
Basic Shares Outstanding 14.70M shares 5.756M shares
Diluted Shares Outstanding 14.70M shares

Balance Sheet

Concept 2012 Q2 2011 Q4 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $5.200M $400.0K
YoY Change 750.0% -3.7% -95.88%
Cash & Equivalents $2.571M $5.212M $0.00
Short-Term Investments
Other Short-Term Assets $100.0K $0.00 $1.300M
YoY Change -92.31% -100.0% 550.0%
Inventory
Prepaid Expenses
Receivables $126.0K $341.0K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.606M $1.718M $1.900M
YoY Change 89.79% -69.86% -80.61%
LONG-TERM ASSETS
Property, Plant & Equipment $121.0K $144.0K $200.0K
YoY Change -39.5% -28.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $129.0K $177.0K $200.0K
YoY Change -35.5% -11.5% -33.33%
TOTAL ASSETS
Total Short-Term Assets $3.606M $1.718M $1.900M
Total Long-Term Assets $129.0K $177.0K $200.0K
Total Assets $3.735M $1.895M $2.100M
YoY Change 77.86% -67.88% -79.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $400.0K $400.0K
YoY Change 150.0% 0.0% -50.0%
Accrued Expenses $300.0K $0.00 $300.0K
YoY Change 0.0% -100.0% -25.0%
Deferred Revenue
YoY Change
Short-Term Debt $200.0K $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $2.000M $1.100M
YoY Change 53.85% -8.33%
Total Short-Term Liabilities $1.552M $723.0K $1.900M
YoY Change -18.32% -68.57% -17.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.200M $0.00
YoY Change -36.84% -100.0%
Other Long-Term Liabilities $3.600M $0.00 $1.900M
YoY Change 89.47% -100.0% -26.92%
Total Long-Term Liabilities $3.555M $2.337M $1.900M
YoY Change 87.11% -38.5% -63.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.552M $723.0K $1.900M
Total Long-Term Liabilities $3.555M $2.337M $1.900M
Total Liabilities $5.107M $3.060M $3.800M
YoY Change 34.39% -49.84% -49.33%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $151.0K $100.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.372M $2.865M $0.00
YoY Change
Total Liabilities & Shareholders Equity $3.735M $1.895M $2.100M
YoY Change 77.86% -67.88% -79.21%

Cashflow Statement

Concept 2012 Q2 2011 Q4 2011 Q2
OPERATING ACTIVITIES
Net Income -$5.169M -$2.820M -$1.504M
YoY Change 243.68% 464.0% -67.38%
Depreciation, Depletion And Amortization $0.00 $30.00K
YoY Change -100.0% 0.0%
Cash From Operating Activities -$1.400M -$1.290M -$1.400M
YoY Change 0.0% -20.86% 30.84%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$20.00K
YoY Change -100.0% -100.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $20.00K -$1.050M
YoY Change -100.0%
Cash From Investing Activities $0.00 $20.00K -$1.070M
YoY Change -100.0% -200.0% 10600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 780.0K -680.0K
YoY Change -100.0% -329.41% -107.28%
NET CHANGE
Cash From Operating Activities -1.400M -1.290M -1.400M
Cash From Investing Activities 0.000 20.00K -1.070M
Cash From Financing Activities 0.000 780.0K -680.0K
Net Change In Cash -1.400M -490.0K -3.150M
YoY Change -55.56% -75.38% -138.14%
FREE CASH FLOW
Cash From Operating Activities -$1.400M -$1.290M -$1.400M
Capital Expenditures $0.00 $0.00 -$20.00K
Free Cash Flow -$1.400M -$1.290M -$1.380M
YoY Change 1.45% -19.88% 30.19%

Facts In Submission

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dei Trading Symbol
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dei Entity Registrant Name
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VRINGO INC
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<div style="FONT: 10pt Times New Roman, Times, Serif"> <p style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"><b>Note 1&#x2014;General</b></p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Vringo, Inc. (a Development Stage Company) (the "Parent") was incorporated in Delaware on January&#xA0;9, 2006 and commenced operations during the first quarter of 2006. In March 2006, the Parent formed a wholly-owned subsidiary, Vringo (Israel) Ltd., primarily for the purpose of providing research and development services, as detailed in the intercompany service agreement. On March 13, 2012, the Company entered into a Merger Agreement (&#x201C;Merger Agreement&#x201D;) with Innovate/Protect, Inc. (&#x201C;I/P&#x201D;). For the purpose of the Merger Agreement, the Company formed a wholly owned subsidiary VIP Merger Sub, Inc. (&#x201C;Merger Sub&#x201D;), incorporated in Delaware on March 8, 2012. Merger Sub has not carried on any activities to date, except for activities incidental to its formation and activities undertaken in connection with the transactions contemplated by the Merger Agreement. On July 19, 2012, pursuant to the Merger Agreement, I/P merged with and into Merger Sub, with Merger Sub being the surviving corporation through an exchange of capital stock of I/P for capital stock of the Company (the &#x201C;Merger&#x201D;). Merger Sub changed its name to Innovate/Protect, Inc. I/P was a holding company, incorporated under the laws of Delaware on June 8, 2011, as Labrador Search Corporation, which holds two wholly-owned subsidiaries: I/P Engine Inc. (&#x201C;I/P Engine&#x201D;), formed under the laws of Virginia on June 14, 2011, as Smart Search Labs Inc., which operates for the purpose of realizing economic benefits, and I/P Labs (&#x201C;I/P Labs&#x201D;), incorporated in Delaware on June 8, 2011 as Scottish Terrier Capital Inc., which operates to acquire and develop other patented technologies or intellectual property. Except as described in Note 8 &#x201C;Subsequent Events&#x201D; or otherwise indicated, the accompanying unaudited condensed financial statements do not give effect to the Merger. The Merger will be accounted for as a &#x201C;reverse acquisition&#x201D;. See also Note 8. The Parent and its two Subsidiaries are collectively referred to herein as the "Company".</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Prior to the Merger, the Company has been engaged in developing software platforms and applications for mobile phones. The Company develops and provides a wide variety of mobile video services, including a comprehensive platform that allows users to create, download and share video ringtones. The Company's proprietary ringtone platform includes social networking capability and integration with web systems. Pursuant to the consummation of the Merger Agreement, the combined company will also pursue the realization of economic benefits of intellectual property, and will operate to acquire and develop other patented technologies and intellectual property.</p> <p style="TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company is still in the development stage. There is no certainty regarding the Company's ability to complete the development of its products, nor its ability to ensure the success of its marketing. The continuation of the stages of development and the realization of assets related to the planned activities will depend on future events, including future financings, timing and amount of any recovery, if any, resulting from patent litigation, as well as from achieving operational profitability.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> In June 2010, the Company completed an initial public offering (the "IPO") of 2,392,000 units, each containing one share of common stock and two warrants, at an issue price of $4.60 per unit. Each warrant in the IPO unit is exercisable for five years after the IPO at an exercise price of $5.06. Gross proceeds of the IPO totaled approximately $11 million, of which the Company received approximately $9.3 million in net proceeds after deducting underwriting discounts, commissions and other offering costs. Immediately prior to the closing of the IPO, the Company's outstanding shares of preferred stock were exchanged for shares of common stock and the Company effected a 1 for 6 reverse stock split of its common stock. The Company issued a stock dividend to holders of the preferred stock prior to the split and exchange. Pursuant to the IPO, all share and per-share information in these consolidated financial statements have been adjusted to give effect to the reverse stock split. On July&#xA0;27, 2010, the units were separated into their components and the shares and warrants began to trade separately. Upon separation of the units into shares and warrants, the units ceased trading.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Despite the foregoing, there is still substantial doubt as to the ability of the Company to continue operating as a "going concern". The Company has incurred significant losses since its inception, and expects that it will continue to operate at a net loss in the foreseeable future. For the three and six month periods ended June 30, 2012 and for the cumulative period from inception (January 9, 2006) until June 30, 2012, the Company incurred net losses of $5.2 million, $10.8 million and $48.4 million, respectively. Based on current operating plans, the current resources of the combined company, after taking into account the $31.2 million received in a private registered direct offering, offset by $22 million paid for the acquisition of patent assets, as described in Note 8, are expected to be sufficient for at least the next twelve months from the balance sheet date. The Company may need to raise additional funds in connection with any acquisition of patent portfolios or other intellectual property assets that it may pursue. Moreover, a significant portion of the Company&#x2019;s issued and outstanding warrants are currently &#x201C;in the money&#x201D; and the shares of common stock underlying such warrants will become freely tradable upon exercise after registration, with the potential of up to $31 million of incoming funds. There can be no assurance, however, that any such opportunities will materialize, moreover, any such financing would likely be dilutive to the Company&#x2019;s current stockholders.</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> These financial statements were prepared using principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business for the foreseeable future, and do not include any adjustments to reflect the possible effects on the recoverability and classification of assets, or the amounts and classification of liabilities that may result should the Company not be able to continue as a going concern.</p> <p style="TEXT-ALIGN: center; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#xA0;</p> <p style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of June 30, 2012, approximately $405 thousand of the Company's net assets were located outside of the United States.</p> </div>
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OperatingLeasesRentExpenseNet
32000
CY2012Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
215694 shares
CY2012Q2 us-gaap Revenues
Revenues
100000
CY2012Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14361100 shares
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-5169000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
83000
CY2012Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-3086000
CY2012Q2 vrng Period Average Foreign Currency Exchange Rate Translation
PeriodAverageForeignCurrencyExchangeRateTranslation
3.824 pure
CY2012Q2 vrng Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Exercise Of Derivative Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityExerciseOfDerivativeWarrants
1367

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