2013 Q4 Form 10-Q Financial Statement

#000114420413059609 Filed on November 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $0.00 $0.00 -$170.0K
YoY Change -100.0% -100.0% -206.25%
Cost Of Revenue $5.990M $6.725M $5.220M
YoY Change 14.75% 96.93% 10340.0%
Gross Profit -$5.990M -$6.725M -$5.390M
YoY Change 11.13% 113.56% -5000.0%
Gross Profit Margin
Selling, General & Admin $3.880M $3.801M $2.720M
YoY Change 42.65% -40.27% 140.71%
% of Gross Profit
Research & Development $230.0K $542.0K -$450.0K
YoY Change -151.11% -45.64% -180.36%
% of Gross Profit
Depreciation & Amortization $860.0K
YoY Change -28.93%
% of Gross Profit
Operating Expenses $5.360M $4.343M $2.270M
YoY Change 136.12% -41.0% 35.12%
Operating Profit -$11.00M -$10.52M -$7.660M
YoY Change 43.66% 0.09% 387.9%
Interest Expense $30.00K $650.0K -$390.0K
YoY Change -107.69% -91.02% -69.29%
% of Operating Profit
Other Income/Expense, Net $170.0K $30.00K -$2.950M
YoY Change -105.76% -57.14% -9933.33%
Pretax Income -$10.81M -$9.849M -$11.50M
YoY Change -6.0% 207.78% 309.25%
Income Tax $260.0K $0.00 $130.0K
% Of Pretax Income
Net Earnings -$18.97M -$10.56M -$14.01M
YoY Change 35.4% 238.03% 396.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23 -$0.13
Diluted Earnings Per Share -$0.23 -$0.13 -$93.40M
COMMON SHARES
Basic Shares Outstanding 84.13M shares 83.54M shares
Diluted Shares Outstanding 86.10M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.60M $41.10M $57.00M
YoY Change -41.05% 332.63% 996.15%
Cash & Equivalents $33.59M $40.44M $56.96M
Short-Term Investments $700.0K
Other Short-Term Assets $455.0K $700.0K $469.0K
YoY Change -2.99% 16.67%
Inventory
Prepaid Expenses
Receivables $98.00K $151.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $34.83M $41.86M $57.43M
YoY Change -39.35% 306.44% 3242.78%
LONG-TERM ASSETS
Property, Plant & Equipment $230.0K $249.0K $294.0K
YoY Change -21.77% -17.0% 104.17%
Goodwill $67.76M $65.97M $65.97M
YoY Change 2.72%
Intangibles $22.75M $30.36M $34.04M
YoY Change -33.18%
Long-Term Investments
YoY Change
Other Assets $247.0K $0.00 $100.0K
YoY Change 147.0% -100.0%
Total Long-Term Assets $88.98M $96.62M $100.4M
YoY Change -11.33% -7.45% 56598.87%
TOTAL ASSETS
Total Short-Term Assets $34.83M $41.86M $57.43M
Total Long-Term Assets $88.98M $96.62M $100.4M
Total Assets $123.8M $138.5M $157.8M
YoY Change -21.53% 20.73% 8226.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.100M $4.000M $1.400M
YoY Change 264.29% 33.33% 250.0%
Accrued Expenses $300.0K $300.0K $400.0K
YoY Change -25.0% -62.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $5.488M $4.267M $1.842M
YoY Change 197.94% -5.18% 154.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $4.100M $7.600M
YoY Change -100.0% -76.3%
Total Long-Term Liabilities $0.00 $4.100M $7.600M
YoY Change -100.0% -76.3% 225.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.488M $4.267M $1.842M
Total Long-Term Liabilities $0.00 $4.100M $7.600M
Total Liabilities $5.488M $8.400M $9.500M
YoY Change -42.23% -65.85% 210.46%
SHAREHOLDERS EQUITY
Retained Earnings -$76.03M
YoY Change
Common Stock $845.0K $841.0K $819.0K
YoY Change 3.17% 719.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.3M $130.1M $148.3M
YoY Change
Total Liabilities & Shareholders Equity $123.8M $138.5M $157.8M
YoY Change -21.53% 20.73% 8226.44%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$18.97M -$10.56M -$14.01M
YoY Change 35.4% 238.03% 396.81%
Depreciation, Depletion And Amortization $860.0K
YoY Change -28.93%
Cash From Operating Activities -$6.090M -$6.410M -$8.510M
YoY Change -28.44% 92.49% 559.69%
INVESTING ACTIVITIES
Capital Expenditures -$1.410M $0.00 -$60.00K
YoY Change 2250.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $480.0K $2.440M $0.00
YoY Change -25.61% -100.0%
Cash From Investing Activities -$950.0K $2.450M -$60.00K
YoY Change 1483.33% -112.62% -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 1.210M 55.97M
YoY Change -99.96% -95.93% 7075.64%
NET CHANGE
Cash From Operating Activities -6.090M -6.410M -8.510M
Cash From Investing Activities -950.0K 2.450M -60.00K
Cash From Financing Activities 20.00K 1.210M 55.97M
Net Change In Cash -7.020M -2.750M 47.40M
YoY Change -114.81% -139.4% -9773.47%
FREE CASH FLOW
Cash From Operating Activities -$6.090M -$6.410M -$8.510M
Capital Expenditures -$1.410M $0.00 -$60.00K
Free Cash Flow -$4.680M -$6.410M -$8.450M
YoY Change -44.62% -133.11% 555.04%

Facts In Submission

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us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-11000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-19000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
283000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
504000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
517000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2400000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2043000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2856000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17384000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5962000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33380000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
27000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
151000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
244000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
673000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
673000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
22548000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
25944000 USD
us-gaap Payments For Deposits
PaymentsForDeposits
-8000 USD
us-gaap Payments For Deposits
PaymentsForDeposits
46000 USD
us-gaap Payments For Deposits
PaymentsForDeposits
38000 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
0 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
3326000 USD
us-gaap Cash Acquired From Acquisition
CashAcquiredFromAcquisition
3326000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-692000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-19419000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23573000 USD
vrng Proceeds From Issuance Of Common Stock One
ProceedsFromIssuanceOfCommonStockOne
0 USD
vrng Proceeds From Issuance Of Common Stock One
ProceedsFromIssuanceOfCommonStockOne
31148000 USD
vrng Proceeds From Issuance Of Common Stock One
ProceedsFromIssuanceOfCommonStockOne
31148000 USD
vrng Proceeds From Issuance Of Common Stock Two
ProceedsFromIssuanceOfCommonStockTwo
0 USD
vrng Proceeds From Issuance Of Common Stock Two
ProceedsFromIssuanceOfCommonStockTwo
0 USD
vrng Proceeds From Issuance Of Common Stock Two
ProceedsFromIssuanceOfCommonStockTwo
44962000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
-3200000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
vrng Proceeds From Mezzanine Preferred Stock
ProceedsFromMezzaninePreferredStock
0 USD
vrng Proceeds From Mezzanine Preferred Stock
ProceedsFromMezzaninePreferredStock
0 USD
vrng Proceeds From Mezzanine Preferred Stock
ProceedsFromMezzaninePreferredStock
1800000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5145000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
973000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
171000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1482000 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Post Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPostMerger
201000 USD
vrng Noncash Or Part Noncash Acquisition Working Capital Acquired
NoncashOrPartNoncashAcquisitionWorkingCapitalAcquired
740000 USD
vrng Noncash Or Part Noncash Acquisition Long Term Deposit Acquired
NoncashOrPartNoncashAcquisitionLongTermDepositAcquired
-8000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
566000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1598000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
12841000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1539000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
29717000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
97378000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
13000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
1000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
11000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-16524000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4337000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
40436000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5212000 USD
CY2011Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
9549000 USD
us-gaap Interest Paid
InterestPaid
0 USD
us-gaap Interest Paid
InterestPaid
9000 USD
us-gaap Interest Paid
InterestPaid
17000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
22000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
10000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
32000 USD
vrng Conversion Of Preferred Stock Into Common Stock
ConversionOfPreferredStockIntoCommonStock
0 USD
vrng Conversion Of Preferred Stock Into Common Stock
ConversionOfPreferredStockIntoCommonStock
0 USD
vrng Conversion Of Preferred Stock Into Common Stock
ConversionOfPreferredStockIntoCommonStock
39000 USD
vrng Conversion Of Derivative Warrant
ConversionOfDerivativeWarrant
790000 USD
vrng Conversion Of Derivative Warrant
ConversionOfDerivativeWarrant
596000 USD
vrng Conversion Of Derivative Warrant
ConversionOfDerivativeWarrant
11447000 USD
vrng Purchase Patents
PurchasePatents
0 USD
vrng Purchase Patents
PurchasePatents
0 USD
vrng Purchase Patents
PurchasePatents
750000 USD
vrng Adjustments To Additional Paid In Capital Conversion Of Derivative Warrants Into Equity Warrants
AdjustmentsToAdditionalPaidInCapitalConversionOfDerivativeWarrantsIntoEquityWarrants
0 USD
vrng Adjustments To Additional Paid In Capital Conversion Of Derivative Warrants Into Equity Warrants
AdjustmentsToAdditionalPaidInCapitalConversionOfDerivativeWarrantsIntoEquityWarrants
3918000 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Prior To Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPriorToMerger
0 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Prior To Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPriorToMerger
76000 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Prior To Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPriorToMerger
76000 USD
vrng Conversion Of Preferred Stock Into Common Stock Upon Merger
ConversionOfPreferredStockIntoCommonStockUponMerger
0 USD
vrng Conversion Of Preferred Stock Into Common Stock Upon Merger
ConversionOfPreferredStockIntoCommonStockUponMerger
1724000 USD
vrng Conversion Of Preferred Stock Into Common Stock Upon Merger
ConversionOfPreferredStockIntoCommonStockUponMerger
1724000 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Post Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPostMerger
0 USD
vrng Conversion Of Series Convertible Preferred Stock Classified As Equity Into Common Stock Post Merger
ConversionOfSeriesConvertiblePreferredStockClassifiedAsEquityIntoCommonStockPostMerger
201000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
124000 USD
vrng Noncash Or Part Noncash Acquisition Goodwill Acquired
NoncashOrPartNoncashAcquisitionGoodwillAcquired
-65965000 USD
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
10133000 USD
vrng Noncash Or Part Noncash Acquisition Fair Value Of Common Stock Acquired
NoncashOrPartNoncashAcquisitionFairValueOfCommonStockAcquired
58211000 USD
vrng Noncash Or Part Noncash Acquisition Fair Value Of Warrants Acquired
NoncashOrPartNoncashAcquisitionFairValueOfWarrantsAcquired
17443000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
3162000 USD
vrng Total Cash Acquired During Acquisition
TotalCashAcquiredDuringAcquisition
3326000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-60446000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt; COLOR: black"></font></b> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt; COLOR: black">Note 1. General</font><font style="FONT-SIZE: 10pt"></font></b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black"> &#160;</font> <font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black"> Vringo, Inc., together with its consolidated subsidiaries (the &#8220;Company&#8221;), is engaged in the development and monetization of intellectual property worldwide. The Company's intellectual property portfolio consists of over 500 patents and patent applications covering telecom infrastructure, internet search and mobile technologies. The Company&#8217;s patents and patent applications have been developed internally and acquired from third parties. The Company operates a global platform for the distribution of mobile social applications and services it develops.</font><font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black"> &#160;</font> <font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black">On July 19, 2012, Vringo, Inc., a Delaware corporation (&#8220;Vringo&#8221; or &#8220;Legal Parent&#8221;), closed a merger transaction (the &#8220;Merger&#8221;) with Innovate/Protect, Inc., a privately held Delaware corporation (&#8220;I/P&#8221;), pursuant to an Agreement and Plan of Merger, dated as of March&#160;13, 2012 (the &#8220;Merger Agreement&#8221;), by and among Vringo, I/P and VIP Merger Sub, Inc., a wholly-owned subsidiary of Vringo (&#8220;Merger Sub&#8221;). Pursuant to the Merger Agreement, I/P became a wholly-owned subsidiary of Vringo through a merger of I/P with and into Merger Sub, and the former stockholders of I/P received shares of Vringo that constituted a majority of the outstanding shares of Vringo.</font><font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt; COLOR: black">&#160;</font> <font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black"> Immediately following the Merger, approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 67.61</font>% of the combined company was owned by I/P stockholders on a fully diluted basis, and as a result of this and other factors, I/P was deemed to be the acquiring company for accounting purposes and the transaction was accounted for as a reverse acquisition in accordance with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;). Accordingly, the Company&#8217;s financial statements for periods prior to the M<font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">erger reflect the historical results of I/P</font>, and the Company&#8217;s financial statements for all periods from July 19, 2012 reflect the results of the combined company. Unless specifically noted otherwise, as used throughout these consolidated financial statements, the term &#8220;Company&#8221; refers to the combined company after the Merger, and the business of I/P before the Merger. The terms I/P and Vringo or Legal Parent refer to such entities&#8217; standalone businesses prior to the Merger.</font><font style="FONT-SIZE: 10pt"></font></div> </div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
vrng Percentage Of Interest Owned Reverse Acquisition Transaction
PercentageOfInterestOwnedReverseAcquisitionTransaction
0.6761 pure
CY2013Q3 vrng Incremental Common Shares Attributable To Share Based Payment Arrangements Basic
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsBasic
88070 shares
CY2012Q3 vrng Incremental Common Shares Attributable To Share Based Payment Arrangements Basic
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsBasic
353232 shares
vrng Incremental Common Shares Attributable To Share Based Payment Arrangements Basic
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsBasic
124506 shares
vrng Incremental Common Shares Attributable To Share Based Payment Arrangements Basic
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsBasic
117744 shares
vrng Incremental Common Shares Attributable To Share Based Payment Arrangements Basic
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsBasic
109930 shares
vrng Incremental Net Income Loss Available To Derivative Warrants
IncrementalNetIncomeLossAvailableToDerivativeWarrants
7240000 USD
vrng Incremental Net Income Loss Available To Derivative Warrants
IncrementalNetIncomeLossAvailableToDerivativeWarrants
3387000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt; COLOR: black">(d) Use of estimates</font></i></strong><font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black"> &#160;</font> <font style="FONT-SIZE: 10pt"></font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt; COLOR: black">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include valuation of assets acquired and liabilities assumed as part of the Merger, useful lives of the Company&#8217;s tangible and intangible assets, valuation of its October 2012 Warrants and derivative warrants, valuation of stock-based compensation, deferred tax assets and liabilities, income tax uncertainties and other contingencies.</font></div> </div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
83450697 shares
CY2012Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
48437587 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
82757899 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
25493415 shares
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
46229656 shares
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-11318000 USD
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10364000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-33517000 USD
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28512182 shares
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25240504 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30972531 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25240504 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27798277 shares
CY2013Q3 vrng Weighted Average Number Of Derivative Warrants Outstanding
WeightedAverageNumberOfDerivativeWarrantsOutstanding
2563090 shares
CY2012Q3 vrng Weighted Average Number Of Derivative Warrants Outstanding
WeightedAverageNumberOfDerivativeWarrantsOutstanding
9436281 shares
vrng Weighted Average Number Of Derivative Warrants Outstanding
WeightedAverageNumberOfDerivativeWarrantsOutstanding
89677 shares
vrng Weighted Average Number Of Derivative Warrants Outstanding
WeightedAverageNumberOfDerivativeWarrantsOutstanding
9436281 shares
vrng Weighted Average Number Of Derivative Warrants Outstanding
WeightedAverageNumberOfDerivativeWarrantsOutstanding
1460477 shares
CY2013Q3 vrng Incremental Net Income Loss Available To Derivative Warrants
IncrementalNetIncomeLossAvailableToDerivativeWarrants
758000 USD
CY2012Q3 vrng Incremental Net Income Loss Available To Derivative Warrants
IncrementalNetIncomeLossAvailableToDerivativeWarrants
7240000 USD
vrng Incremental Net Income Loss Available To Derivative Warrants
IncrementalNetIncomeLossAvailableToDerivativeWarrants
53000 USD
CY2012Q3 us-gaap Finitelived Intangible Assets Acquired1
FinitelivedIntangibleAssetsAcquired1
22000000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
36927000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
36827000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
6567000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2783000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
30360000 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
34044000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1257000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
5009000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
5009000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
4618000 USD
CY2013Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
14467000 USD
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0 pure
vrng Fair Value Inputs Probability Of Achieving Target
FairValueInputsProbabilityOfAchievingTarget
0.05 pure
vrng Fair Value Assumptions Timing Of Down Round Triggering Event
FairValueAssumptionsTimingOfDownRoundTriggeringEvent
December 2013
CY2013Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
4126000 USD
CY2012Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
7612000 USD
CY2011Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 USD
CY2012Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7612000 USD
CY2012 vrng Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Recorded In Connection With Merger
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityRecordedInConnectionWithMerger
21954000 USD
CY2013Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4126000 USD
CY2012 vrng Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Derivative Warrants Issued By Legal Parent
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityDerivativeWarrantsIssuedByLegalParent
3162000 USD
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
156000 USD
CY2012 vrng Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Exercise Of Derivative Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityExerciseOfDerivativeWarrants
10657000 USD
vrng Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Exercise Of Derivative Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityExerciseOfDerivativeWarrants
790000 USD
CY2012 vrng Fair Value Measurement Adjusted In Earnings
FairValueMeasurementAdjustedInEarnings
-7003000 USD
vrng Fair Value Measurement Adjusted In Earnings
FairValueMeasurementAdjustedInEarnings
-411000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
15000 USD
vrng Fairvaluemeasurementwithunobservableinputsreconciliationsrecurringbasisliabilityderivativewarrantsremoval
Fairvaluemeasurementwithunobservableinputsreconciliationsrecurringbasisliabilityderivativewarrantsremoval
-2300000 USD
CY2011Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0 USD
CY2012 vrng Class Of Warrant Or Right Exercise
ClassOfWarrantOrRightExercise
250000000 shares
CY2012Q4 vrng Expected Term Of Warrants
ExpectedTermOfWarrants
P2Y7M28D
CY2013Q3 vrng Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedGoodwill
65965000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
78816000 USD
CY2011Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
8768014 shares
CY2011Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16972977 shares
CY2012 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
890192 shares
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
265000 shares
CY2012 vrng Legal Parents Shares Of Common Stock Recorded Upon Merger
LegalParentsSharesOfCommonStockRecordedUponMerger
15206118 shares
CY2012 vrng Waarrants Issued And Exercised
WaarrantsIssuedAndExercised
754400 shares
CY2012 vrng Waarrants Issued And Exercised Before Merger
WaarrantsIssuedAndExercisedBeforeMerger
6832150 shares
CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
726346 shares
CY2012Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
20136445 shares
vrng Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
421493 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1810005 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9149105 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
3223333 shares
vrng Share Based Compensation Arrangement Award Options Exercised
ShareBasedCompensationArrangementAwardOptionsExercised
717735 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
417821 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
954868 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10282014 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5099098 shares
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.57
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.22
vrng Share Based Compensation Arrangement Award Equity Instruments Other Than Options Exercised Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementAwardEquityInstrumentsOtherThanOptionsExercisedWeightedAverageGrantDateFairValue
2.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
2.44
vrng Share Based Compensation Arrangement Award Equity Instruments Other Than Options Expired At Merger Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementAwardEquityInstrumentsOtherThanOptionsExpiredAtMergerWeightedAverageGrantDateFairValue
1.58
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.53
CY2012Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18863261 shares
CY2013Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18441768 shares
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
175000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
62000 USD
CY2013Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
68000 USD
CY2012Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
40000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
56000 USD
CY2013Q3 vrng Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Long Term Derivative Liability
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLongTermDerivativeLiability
3162000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
3162000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
179000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
104000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
306000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
339000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
75654000 USD
CY2013Q3 vrng Business Combination Consideration Transferred Stock Options Granted
BusinessCombinationConsiderationTransferredStockOptionsGranted
7364000 USD
CY2013Q3 vrng Business Combination Consideration Transferred Warrants Granted
BusinessCombinationConsiderationTransferredWarrantsGranted
10079000 USD
CY2013Q3 vrng Business Combination Consideration Transferred Equity Interests Issued And Penny Options Granted
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndPennyOptionsGranted
58211000 USD
CY2013Q3 vrng Business Acquisitions Cost Of Acquired Entity Purchase Price
BusinessAcquisitionsCostOfAcquiredEntityPurchasePrice
75654000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
2285000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
487000 USD
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
281000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-73855000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-18298000 USD
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-6632000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
10133000 USD
CY2012Q4 vrng Guarantee Placed For Contingent Loss In Litigation
GuaranteePlacedForContingentLossInLitigation
2900000 USD
CY2013Q2 vrng Guarantee Placed For Contingent Loss In Litigation
GuaranteePlacedForContingentLossInLitigation
2900000 USD
CY2012Q3 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
6673 shares
CY2012Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q3 vrng Business Acquisition Purchases Price Allocation Assets Acquired Liabilities Assumed Net
BusinessAcquisitionPurchasesPriceAllocationAssetsAcquiredLiabilitiesAssumedNet
75654000 USD
CY2012 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
463000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets
2586000 USD
CY2013Q3 vrng Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Long Term Deposit
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLongTermDeposit
8000 USD
CY2013Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
124000 USD

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