$XWEL
XWELL Inc

2015 Q2 Form 10-Q Financial Statement

#000114420415046130 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $0.00 $800.0K
YoY Change -100.0% -27.27%
Cost Of Revenue $0.00 $5.980M
YoY Change -100.0% 24.84%
Gross Profit $0.00 -$5.180M
YoY Change -100.0% 40.38%
Gross Profit Margin -647.5%
Selling, General & Admin $2.298M $4.203M
YoY Change -45.32% 11.81%
% of Gross Profit
Research & Development $217.0K
YoY Change -53.53%
% of Gross Profit
Depreciation & Amortization $810.0K $970.0K
YoY Change -16.49% 15.48%
% of Gross Profit
Operating Expenses $2.298M $4.420M
YoY Change -48.01% 4.59%
Operating Profit -$8.575M -$10.35M
YoY Change -17.17% 18.25%
Interest Expense $465.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $66.00K $21.00K
YoY Change 214.29% 5.0%
Pretax Income -$8.509M -$10.05M
YoY Change -15.32% -1.76%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.509M -$10.05M
YoY Change -15.32% -8.14%
Net Earnings / Revenue -1256.13%
Basic Earnings Per Share -$0.90 -$0.12
Diluted Earnings Per Share -$0.90 -$0.12
COMMON SHARES
Basic Shares Outstanding 9.469M shares 87.21M shares
Diluted Shares Outstanding 9.469M shares 88.52M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.20M $31.70M
YoY Change -36.28% -31.53%
Cash & Equivalents $20.23M $31.65M
Short-Term Investments
Other Short-Term Assets $80.00K $224.0K
YoY Change -64.29% -25.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.42M $34.18M
YoY Change -34.4% -26.81%
LONG-TERM ASSETS
Property, Plant & Equipment $161.0K
YoY Change -46.33%
Goodwill $65.76M
YoY Change
Intangibles $16.01M $20.82M
YoY Change -23.12%
Long-Term Investments
YoY Change
Other Assets $1.186M $1.000M
YoY Change 18.6%
Total Long-Term Assets $17.19M $87.82M
YoY Change -80.42% -10.3%
TOTAL ASSETS
Total Short-Term Assets $22.42M $34.18M
Total Long-Term Assets $17.19M $87.82M
Total Assets $39.62M $122.0M
YoY Change -67.53% -15.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.200M $4.600M
YoY Change 56.52% 58.62%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $8.100M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.05M $4.700M
YoY Change 241.55% 42.42%
LONG-TERM LIABILITIES
Long-Term Debt $500.0K $0.00
YoY Change
Other Long-Term Liabilities $1.171M $69.00K
YoY Change 1597.1% -98.79%
Total Long-Term Liabilities $1.171M $69.00K
YoY Change 1597.1% -98.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.05M $4.700M
Total Long-Term Liabilities $1.171M $69.00K
Total Liabilities $17.22M $7.800M
YoY Change 120.82% -12.36%
SHAREHOLDERS EQUITY
Retained Earnings -$201.2M -$97.19M
YoY Change 107.02%
Common Stock $959.0K $925.0K
YoY Change 3.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.40M $114.2M
YoY Change
Total Liabilities & Shareholders Equity $39.62M $122.0M
YoY Change -67.53% -15.63%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$8.509M -$10.05M
YoY Change -15.32% -8.14%
Depreciation, Depletion And Amortization $810.0K $970.0K
YoY Change -16.49% 15.48%
Cash From Operating Activities -$4.210M -$4.470M
YoY Change -5.82% -26.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$80.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00K -$2.300M
YoY Change -99.57%
Cash From Investing Activities -$10.00K -$2.380M
YoY Change -99.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.21M 10.65M
YoY Change 14.65% 6556.25%
NET CHANGE
Cash From Operating Activities -4.210M -4.470M
Cash From Investing Activities -10.00K -2.380M
Cash From Financing Activities 12.21M 10.65M
Net Change In Cash 7.990M 3.800M
YoY Change 110.26% -163.97%
FREE CASH FLOW
Cash From Operating Activities -$4.210M -$4.470M
Capital Expenditures $0.00 -$80.00K
Free Cash Flow -$4.210M -$4.390M
YoY Change -4.1% -28.03%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.47
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.35
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
0.85
vrng Share Based Compensation Arrangement By Share Based Payment Award Vested Options Expired Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardVestedOptionsExpiredWeightedAverageGrantDateFairValue
0
us-gaap Nature Of Operations
NatureOfOperations
<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" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>Note 1. 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In January 2014, the United States District Court, Eastern District of Virginia (the &#8220;District Court&#8221;) ordered that I/P Engine recover an additional sum of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">17,320</font> from the Defendants for supplemental damages and prejudgment interest. Further, the District Court ruled that the appropriate ongoing royalty rate for Defendants' continued infringement of the patents-in-suit is a rate of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 6.5</font>% of the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 20.9</font>% royalty base previously set by the District Court. These rulings were appealed by the Defendants and the oral argument was heard before the United States Court of Appeals for the Federal Circuit (&#8220;Federal Circuit&#8221;) on May 6, 2014.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">On August 15, 2014, the Federal Circuit reversed the judgment of the District Court by holding that the claims of the patents-in-suit asserted by the Company against the Defendants are invalid for obviousness. The Company filed a petition with the Federal Circuit on October 15, 2014 seeking en banc review of the decision. On October 20, 2014, the Federal Circuit invited the defendants/appellants to respond to the petition.&#160;On December 15, 2014, the Federal Circuit denied I/P Engine's petition for rehearing of the case en banc and consequently, the Company announced that I/P Engine will seek review by the Supreme Court of the United States (&#8220;Supreme Court&#8221;) of the Federal Circuit&#8217;s decision. On May 14, 2015, I/P Engine filed a petition for a writ of certiorari with the Supreme Court, which requests review of the Federal Circuit&#8217;s decision.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><i>Financial condition</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">As of June 30, 2015, the Company had a cash balance of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,227</font>. The Company&#8217;s average monthly cash spent in operations for the six month periods ended June 30, 2015 and 2014 was approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,285</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,159</font>, respectively. In addition, the Company holds $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">2,117</font> in deposits with courts related to proceedings in Germany, Brazil, Romania, and Malaysia. As of June 30, 2015 and December 31, 2014, the Company&#8217;s total stockholders' equity was $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,396</font> and $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">31,180</font>, respectively. The decrease in stockholders&#8217; equity since December 31, 2014 is mainly due to the operating loss during the six month period ended June 30, 2015.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">On May 4, 2015 (the &#8220;Closing Date&#8221;), the Company entered into a securities purchase agreement with certain institutional investors in a registered direct offering of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,500</font> of Senior Secured Convertible Notes (the &#8220;Notes&#8221;) and warrants to purchase up to 5,375,000 shares of the Company&#8217;s common stock. On the Closing Date, the Company issued the Notes, which are convertible into shares of the Company&#8217;s common stock at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share, bear <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">8</font>% interest and mature in <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">21</font> months from the date of issuance, unless earlier converted. In addition, the Company issued <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 5,375,000</font> warrants to purchase shares of the Company&#8217;s common stock, which are exercisable at $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.00</font> per share and are exercisable for a period of five years. In connection with the issuance of the Notes and warrants, the Company received net cash proceeds of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">12,425</font> on May 5, 2015. The Company&#8217;s obligations under the outstanding Notes are secured by a first priority perfected security interest in substantially all of the Company&#8217;s U.S. assets. In addition, stock of certain subsidiaries of the Company has been pledged. The outstanding Notes contain customary events of default, as well as covenants which include restrictions on the assumption of new debt by the Company.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">The principal amount of the outstanding Notes will be repaid monthly, and the Company may make such payments and related interest payments in cash or, subject to certain conditions, in registered shares of the Company&#8217;s common stock, at its election. If the Company chooses to repay the Notes in shares of its common stock, the shares will be issued at a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 15</font>% discount, based on the then-current market price data of the Company&#8217;s common stock. The Company may also repay the Notes in advance of the maturity schedule subject to early repayment penalties.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">The Company&#8217;s operating plans include efforts to increase revenue through the licensing of its intellectual property, strategic partnerships, and litigation, when required, which may be resolved through a settlement or collection. Disputes regarding the assertion of patents and other intellectual property rights are highly complex and technical. The majority of the Company&#8217;s expenditures consist of costs related to the Company&#8217;s litigation campaigns. In the cases against ZTE and ASUS, the Company incurred costs during the first half of 2015 related to the preparation and filing of briefs and other court documents, as well as case preparation and management. A large percentage of these costs were incurred in the UK and the U.S. In civil law jurisdictions, such as Germany, France, Spain, and others, the majority of costs are incurred in the early stages of litigation. With respect to the Company&#8217;s litigation in such countries, the respective campaigns are currently in the later stages and therefore the Company has already incurred the large majority of the related anticipated costs. As such, based on the Company&#8217;s plans, costs in these jurisdictions are projected to be lower in the remainder of 2015 and other future periods.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">Despite the Company&#8217;s plans, its legal proceedings may continue for several years and may require significant expenditures for legal fees and other expenses. Further, should the Company be deemed the losing party in certain of its litigations, it may be liable for some or all of its opponents&#8217; legal fees.&#160;In addition, in connection with litigation, the Company has made several affirmative financial guarantees to courts around the world, and might face the need to make additional guarantees in the future.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">In addition, the Company&#8217;s plans to continue to expand its planned operations through acquisitions and monetization of additional patents, other intellectual property or operating businesses may be time consuming, complex and costly to consummate. The Company may utilize many different transaction structures in its acquisitions and the terms of such acquisition agreements tend to be heavily negotiated. The Company&#8217;s future ability to raise capital, if necessary, may be limited. Even if the Company is able to acquire particular patents or other intellectual property assets, there is no guarantee that it will generate sufficient revenue related to those assets to offset the acquisition costs. Therefore, no assurance can be given at this time as to whether the Company will be able to achieve its objectives or whether it will have the sources of liquidity for follow through with its operating plans.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">In addition, until the Company generates sufficient revenue, the Company may need to raise additional funds, which may be achieved through the issuance of additional equity or debt, or through loans from financial institutions. There can be no assurance, however, that any such opportunities will materialize.&#160;The Company may also be able to raise additional funds through the exercise of its outstanding warrants and options, however, substantially all of such outstanding equity instruments are currently &#8220;out of the money.&#8221;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify">As a result of the events and circumstances described above, including the cash proceeds received in connection with the May 2015 financing transaction and the Company&#8217;s operating plans, which include paying the principal and interest related to the Notes in shares of the Company&#8217;s common stock, the Company believes that it currently has sufficient cash to continue its current operations for at least the next twelve months.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q1 vrng Cost Method Investment Ownership Percentage
CostMethodInvestmentOwnershipPercentage
0.0825 pure
CY2012Q4 vrng Royalty Rate
RoyaltyRate
0.035 pure
CY2012Q4 vrng Running Royalty Amount
RunningRoyaltyAmount
30500000 USD
CY2014Q1 vrng Supplemental Damages And Prejudgment Interest
SupplementalDamagesAndPrejudgmentInterest
17320000 USD
CY2014Q1 vrng Ongoing Royalty Rate
OngoingRoyaltyRate
0.065 pure
CY2014Q1 vrng Royalty Rate
RoyaltyRate
0.209 pure
CY2015Q2 us-gaap Cash
Cash
20227000 USD
vrng Average Monthly Cash Spent In Operations
AverageMonthlyCashSpentInOperations
1285000 USD
vrng Average Monthly Cash Spent In Operations
AverageMonthlyCashSpentInOperations
2159000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1401000 USD
CY2015Q2 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
12425000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
114282000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
114166000 USD
us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
65000 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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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"> <b><i>(b) Use of estimates</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" 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 Company&#8217;s intangibles assets, 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, 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;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" align="justify"><b><i>(e) Derivative instruments</i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" 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" 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 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). The Company reviews the terms of features embedded in non-derivative instruments to determine if such features require bifurcation and separate accounting as derivative financial instruments. Equity&#150;linked derivative instruments are evaluated in accordance with FASB Accounting Standard Codification 815-40, <i>Contracts in an Entity&#8217;s Own Equity</i> to determine if such instruments are indexed to the Company&#8217;s own stock and qualify for classification in equity.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2015Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
91000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
183000 USD
CY2014Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
70000 USD
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
182000 USD
CY2015Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2014Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2014Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000 shares
CY2015Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
95946672 shares
CY2014Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
93404895 shares
CY2014Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
93404895 shares
CY2015Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
95946672 shares
CY2012Q3 vrng Capitalize Cost Related To Acquisition Of Patents
CapitalizeCostRelatedToAcquisitionOfPatents
548000 USD
CY2012Q3 vrng Royalty Payable On Excess Of Acquisition Cost
RoyaltyPayableOnExcessOfAcquisitionCost
0.35 pure
CY2014Q2 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1355000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
65000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12207000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13452000 USD
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1253000 USD
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3018000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3125000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5818000 USD
CY2015Q2 us-gaap Interest Expense
InterestExpense
465000 USD
CY2014Q2 us-gaap Interest Expense
InterestExpense
0 USD
us-gaap Interest Expense
InterestExpense
465000 USD
us-gaap Interest Expense
InterestExpense
0 USD
CY2015Q2 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
210000 USD
CY2014Q2 us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
0 USD
us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
210000 USD
us-gaap Extinguishment Of Debt Amount
ExtinguishmentOfDebtAmount
0 USD
CY2015Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
65000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
17625000 USD
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
16008000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
37000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
266000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-229000 USD
us-gaap Disposal Group Including Discontinued Operation Other Income
DisposalGroupIncludingDiscontinuedOperationOtherIncome
20000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-209000 USD
CY2015Q2 vrng Waarrants Issued And Exercised
WaarrantsIssuedAndExercised
5375000 shares
CY2015Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
8562000 USD
CY2015Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
9464000 USD
CY2015Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.00
CY2015Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
759000 USD
CY2014Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
175000 USD
CY2015Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
8111000 USD
CY2014Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
0 USD
CY2015Q2 vrng Convertible Beneficial Conversion Feature Current
ConvertibleBeneficialConversionFeatureCurrent
719000 USD
CY2014Q4 vrng Convertible Beneficial Conversion Feature Current
ConvertibleBeneficialConversionFeatureCurrent
0 USD
CY2015Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
451000 USD
CY2014Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
0 USD
CY2015Q2 vrng Convertible Beneficial Conversion Feature Noncurrent
ConvertibleBeneficialConversionFeatureNoncurrent
40000 USD
CY2014Q4 vrng Convertible Beneficial Conversion Feature Noncurrent
ConvertibleBeneficialConversionFeatureNoncurrent
0 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
289000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
21000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
0 USD
vrng Proceeds From Issuance Of Notes Payable And Warrants
ProceedsFromIssuanceOfNotesPayableAndWarrants
12425000 USD
vrng Proceeds From Issuance Of Notes Payable And Warrants
ProceedsFromIssuanceOfNotesPayableAndWarrants
0 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
218000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
vrng Debt Discount
DebtDiscount
2961000 USD
CY2015Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2961000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
1191000 USD
CY2015Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
8111000 USD
CY2015Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
451000 USD
us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
595000 USD
us-gaap Debt Instrument Description
DebtInstrumentDescription
Notes contain provisions that under certain events of default, as defined in the agreement, the amount owed could increase by amounts ranging from 115% to 120% of the face value depending on when the event occurred, and additionally, the interest rates would increase to 16.5% per annum upon the occurrence and continuance of an event of default. In addition, the Company may choose to repay the Notes early at a premium ranging from 115% to 120% of the face value depending on when the election is made.
CY2015Q2 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
155000 USD
CY2015Q2 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
1191000 USD
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2300000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8052345 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8880469 shares
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.24
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
2.04
us-gaap Stock Issued1
StockIssued1
1401000 USD
us-gaap Stock Issued1
StockIssued1
0 USD
vrng Debt Discount
DebtDiscount
0 USD
us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
0 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.36
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.06
CY2014 us-gaap Embedded Derivative No Longer Bifurcated Amount Reclassified To Stockholders Equity
EmbeddedDerivativeNoLongerBifurcatedAmountReclassifiedToStockholdersEquity
175000 USD
CY2014 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0 pure
vrng Debt Discount Percentage
DebtDiscountPercentage
0.15 pure
us-gaap Debt Issuance Costs
DebtIssuanceCosts
75000 USD
CY2015Q2 vrng Warrants Or Rights Outstanding
WarrantsOrRightsOutstanding
4191796 shares
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;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"> <font style="TEXT-TRANSFORM: none; FONT-VARIANT: normal; VERTICAL-ALIGN: baseline"> <b><i>(k) Reclassification</i></b></font></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"> <font style="TEXT-TRANSFORM: none; FONT-VARIANT: normal; VERTICAL-ALIGN: baseline"> &#160;</font></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"> <font style="TEXT-TRANSFORM: none; FONT-VARIANT: normal; VERTICAL-ALIGN: baseline"> Certain balances have been reclassified to conform to presentation requirements</font>.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
1000 USD

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