$XWEL
XWELL Inc

2014 Q2 Form 10-Q Financial Statement

#000114420414047373 Filed on August 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $800.0K $1.100M
YoY Change -27.27% 1000.0%
Cost Of Revenue $5.980M $4.790M
YoY Change 24.84% 15351.61%
Gross Profit -$5.180M -$3.690M
YoY Change 40.38% -5447.83%
Gross Profit Margin -647.5% -335.45%
Selling, General & Admin $4.203M $3.759M
YoY Change 11.81% 131.75%
% of Gross Profit
Research & Development $217.0K $467.0K
YoY Change -53.53% 11.72%
% of Gross Profit
Depreciation & Amortization $970.0K $840.0K
YoY Change 15.48%
% of Gross Profit
Operating Expenses $4.420M $4.226M
YoY Change 4.59% 107.16%
Operating Profit -$10.35M -$8.755M
YoY Change 18.25% 344.19%
Interest Expense $0.00 -$1.490M
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $21.00K $20.00K
YoY Change 5.0%
Pretax Income -$10.05M -$10.23M
YoY Change -1.76% 101.12%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.05M -$10.94M
YoY Change -8.14% 111.65%
Net Earnings / Revenue -1256.13% -994.55%
Basic Earnings Per Share -$0.12 -$0.13
Diluted Earnings Per Share -$0.12 -$0.13
COMMON SHARES
Basic Shares Outstanding 87.21M shares 82.74M shares
Diluted Shares Outstanding 88.52M shares 82.74M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.70M $46.30M
YoY Change -31.53% 1261.76%
Cash & Equivalents $31.65M $43.19M
Short-Term Investments $3.100M
Other Short-Term Assets $224.0K $300.0K
YoY Change -25.33% 200.0%
Inventory
Prepaid Expenses
Receivables $100.0K
Other Receivables $0.00
Total Short-Term Assets $34.18M $46.70M
YoY Change -26.81% 1195.06%
LONG-TERM ASSETS
Property, Plant & Equipment $161.0K $300.0K
YoY Change -46.33% 147.93%
Goodwill $65.76M
YoY Change
Intangibles $20.82M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000M $0.00
YoY Change
Total Long-Term Assets $87.82M $97.90M
YoY Change -10.3% 75791.47%
TOTAL ASSETS
Total Short-Term Assets $34.18M $46.70M
Total Long-Term Assets $87.82M $97.90M
Total Assets $122.0M $144.6M
YoY Change -15.63% 3771.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $2.900M
YoY Change 58.62% 190.0%
Accrued Expenses $0.00 $300.0K
YoY Change -100.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.700M $3.300M
YoY Change 42.42% 112.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $69.00K $5.700M
YoY Change -98.79% 58.33%
Total Long-Term Liabilities $69.00K $5.700M
YoY Change -98.79% 60.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.700M $3.300M
Total Long-Term Liabilities $69.00K $5.700M
Total Liabilities $7.800M $8.900M
YoY Change -12.36% 74.27%
SHAREHOLDERS EQUITY
Retained Earnings -$97.19M
YoY Change
Common Stock $925.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.2M $135.7M
YoY Change
Total Liabilities & Shareholders Equity $122.0M $144.6M
YoY Change -15.63% 3771.49%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$10.05M -$10.94M
YoY Change -8.14% 111.65%
Depreciation, Depletion And Amortization $970.0K $840.0K
YoY Change 15.48%
Cash From Operating Activities -$4.470M -$6.100M
YoY Change -26.72% 335.71%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.300M $0.00
YoY Change
Cash From Investing Activities -$2.380M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.65M 160.0K
YoY Change 6556.25%
NET CHANGE
Cash From Operating Activities -4.470M -6.100M
Cash From Investing Activities -2.380M 0.000
Cash From Financing Activities 10.65M 160.0K
Net Change In Cash 3.800M -5.940M
YoY Change -163.97% 324.29%
FREE CASH FLOW
Cash From Operating Activities -$4.470M -$6.100M
Capital Expenditures -$80.00K $0.00
Free Cash Flow -$4.390M -$6.100M
YoY Change -28.03% 335.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q2 us-gaap Assets Current
AssetsCurrent
34182000 USD
CY2014Q2 us-gaap Revenues
Revenues
800000 USD
CY2013Q2 us-gaap Revenues
Revenues
1100000 USD
us-gaap Revenues
Revenues
1100000 USD
us-gaap Legal Fees
LegalFees
10189000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
33586000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5465000 USD
CY2014Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q2 us-gaap Common Stock Value
CommonStockValue
925000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
224000 USD
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
161000 USD
CY2014Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
20823000 USD
CY2014Q2 us-gaap Goodwill
Goodwill
65757000 USD
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
299000 USD
CY2013Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
43000 USD
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
5488000 USD
CY2013Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
4040000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
69000 USD
CY2013Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2014Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
114282000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
123810000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> <b><i>(b) Use of estimates</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The preparation of accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Actual results may differ from such estimates. Significant items subject to such estimates and assumptions include the useful lives of the Company&#8217;s intangible assets, the valuation of the Company&#8217;s derivative warrants, the valuation of stock-based compensation, the valuation of goodwill, deferred tax assets and liabilities, income tax uncertainties and other contingencies.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><b><i>(e) Derivative instruments</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">The Company recognizes all derivative instruments as either assets or liabilities in the consolidated balance sheets at their respective fair values. The Company's derivative instruments, which are discussed in Notes 6 and 8, have been recorded as liabilities at fair value, and are revalued at each reporting date, with changes in the fair value of the instruments included in the consolidated statements of operations as non-operating income (expense).</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i><font style="BACKGROUND-COLOR: transparent"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font><strong>(i) Reclassification</strong></font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><i><font style="BACKGROUND-COLOR: transparent"> &#160;</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify"><font style="BACKGROUND-COLOR: transparent"> Certain balances have been reclassified to conform to presentation requirements including discontinued operations.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
348000 USD
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
134000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1866000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-728000 USD
CY2013Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-1491000 USD
CY2014Q2 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
348000 USD
CY2014Q1 vrng Cost Method Investment Ownership Percentage
CostMethodInvestmentOwnershipPercentage
0.0825 pure
us-gaap Revenues
Revenues
1050000 USD
us-gaap Legal Fees
LegalFees
10857000 USD
CY2013Q2 us-gaap Legal Fees
LegalFees
4790000 USD
CY2014Q2 us-gaap Legal Fees
LegalFees
5982000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1678000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1925000 USD
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
839000 USD
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
968000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
737000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
442000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
467000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
217000 USD
CY2013Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3759000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3986000 USD
us-gaap Costs And Expenses
CostsAndExpenses
20354000 USD
us-gaap Costs And Expenses
CostsAndExpenses
21228000 USD
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
9855000 USD
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
11153000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-19254000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-20178000 USD
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8755000 USD
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-10353000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
32000 USD
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
22000 USD
CY2013Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
17000 USD
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
21000 USD
vrng Income Loss From Issuance Of Inducement Warrants
IncomeLossFromIssuanceOfInducementWarrants
0 USD
vrng Income Loss From Issuance Of Inducement Warrants
IncomeLossFromIssuanceOfInducementWarrants
-65000 USD
CY2013Q2 vrng Income Loss From Issuance Of Inducement Warrants
IncomeLossFromIssuanceOfInducementWarrants
0 USD
CY2014Q2 vrng Income Loss From Issuance Of Inducement Warrants
IncomeLossFromIssuanceOfInducementWarrants
-65000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-21088000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-20949000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-10229000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10049000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-20949000 USD
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-10229000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-21088000 USD
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.24
CY2013Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82552710 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
86337006 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82739447 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
87210483 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82552710 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86337006 shares
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82739447 shares
CY2014Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-10049000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1798000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-209000 USD
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-709000 USD
CY2014Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
0 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
18000 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
CY2013Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
2000 USD
CY2014Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1816000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-209000 USD
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-711000 USD
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
us-gaap Net Income Loss
NetIncomeLoss
-22904000 USD
us-gaap Net Income Loss
NetIncomeLoss
-21158000 USD
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-10940000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-10049000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.26
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.24
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.12
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.12
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.02
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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-0.00
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
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CY2014Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.24
CY2013Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.26
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.24
CY2013Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.12
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.12
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.02
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.00
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.01
CY2014Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.00
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
88515948 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6116000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5818000 USD
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3022000 USD
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3018000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33449701 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29183835 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.92
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.71
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.60
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.41
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33449701 shares
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27561907 shares
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
61000 USD
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
266000 USD
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
748000 USD
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
0 USD
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
0 USD
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DisposalGroupIncludingDiscontinuedOperationOtherIncome
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CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
0 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
48000 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
102000 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Goodwill1
DisposalGroupIncludingDiscontinuedOperationGoodwill1
0 USD
CY2013Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets
DisposalGroupIncludingDiscontinuedOperationIntangibleAssets
637000 USD
CY2013Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
787000 USD
CY2013Q4 us-gaap Goodwill Gross
GoodwillGross
208000 USD
CY2013 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
208000 USD
CY2014Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
28213000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
28213000 USD
CY2014Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
7390000 USD
CY2014Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
20823000 USD
CY2013Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
22748000 USD
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P8Y3M18D
CY2014Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
3104000 USD
CY2013Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
4083000 USD
CY2013Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4083000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
56000 USD
vrng Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Exercise Of Derivative Warrants
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityExerciseOfDerivativeWarrants
1707000 USD
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-672000 USD
CY2014Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3104000 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 2014
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
148332000 USD
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
65000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
153000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2160000 USD
vrng Adjustments To Additional Paid In Capital Warrant Exercised
AdjustmentsToAdditionalPaidInCapitalWarrantExercised
250000 USD
vrng Adjustments To Additional Paid In Capital Warrant Exercised
AdjustmentsToAdditionalPaidInCapitalWarrantExercised
12999000 USD
vrng Adjustments To Additional Paid In Capital Conversion Of Derivative Warrants Into Equity Warrants
AdjustmentsToAdditionalPaidInCapitalConversionOfDerivativeWarrantsIntoEquityWarrants
3748000 USD
CY2013Q2 us-gaap Stockholders Equity
StockholdersEquity
135695000 USD
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10457159 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1200000 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1126815 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
95833 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
332416 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10102095 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6099385 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.23
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.98
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.28
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
10000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
20000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-13772000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1932000 USD
CY2013Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.16
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
1.31
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
2.19
vrng Share Based Compensation Arrangement By Share Based Payment Award Vested Options Expired Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedOptionsExpiredWeightedAverageGrantDateFairValue
1.97
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.30
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
107000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
182000 USD
CY2013Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
63000 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
70000 USD
vrng Revocation Proceeding Value
RevocationProceedingValue
1700000 USD
vrng Infringement Proceeding Value
InfringementProceedingValue
1400000 USD
vrng Deposited Amount For Surety Against Truth Of Allegations
DepositedAmountForSuretyAgainstTruthOfAllegations
904000 USD
CY2014Q2 vrng Litigation Settlement Deposit Amount
LitigationSettlementDepositAmount
1400000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2567000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2139000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6116000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5818000 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0 USD
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
65000 USD
vrng Assignment Of Patents
AssignmentOfPatents
100000 USD
vrng Assignment Of Patents
AssignmentOfPatents
0 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-4000 USD
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
35000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-73000 USD
us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-231000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1412000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-743000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10966000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12955000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
145000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
3120000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0 USD
us-gaap Payments For Deposits
PaymentsForDeposits
-8000 USD
us-gaap Payments For Deposits
PaymentsForDeposits
2304000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2449000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
153000 USD
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
2160000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
174000 USD
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
11292000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
327000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13452000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
56960000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
43188000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
3000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
787000 USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
76000 USD
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
1707000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-97186000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-76028000 USD
CY2014Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
2304000 USD
CY2013Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
0 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
3748000 USD
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
0 USD
CY2014Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
0 USD
CY2014Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
17423852000 shares
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Registrant Name
EntityRegistrantName
Vringo Inc
dei Entity Central Index Key
EntityCentralIndexKey
0001410428
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Trading Symbol
TradingSymbol
VRNG
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
92545862 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3741170 shares
CY2014Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1621928000 shares
CY2014Q2 vrng Class Of Warrant Or Right Number Of Equity Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfEquityCalledByWarrantsOrRights
15801924000 shares
CY2014Q2 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
10027000 USD
CY2014Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
611000 USD
invest Investment Warrants Expiration Date
InvestmentWarrantsExpirationDate
2015-06-21

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0001144204-14-047373.txt Edgar Link pending
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vrng-20140630_pre.xml Edgar Link unprocessable