FINJAN HOLDINGS, INC.

CIK:0001366340|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenues	$ 3,800	$ 0
Cost of revenues	900	0
Gross profit	2,900	0
Research and development expense	391	476
Selling, general and administrative expenses	6,710	7,945
Total operating expenses	7,101	8,421
Loss from operations	(4,201)	(8,421)
Other income (expense)
Interest and other expense	(77)	(118)
Interest and other income	130	204
Loss before income taxes	(4,148)	(8,335)
Provision (benefit) for income taxes	41	(2,333)
Net loss	(4,189)	(6,002)
Net loss to common stockholder	$ (4,189)	$ (6,002)
Net loss per share, basic and diluted (in dollars per share)	$ (0.15)	$ (0.22)
Net loss per share applicable to common stockholders, basic and diluted (in dollars per share)	$ (0.15)	$ (0.22)
Weighted-average common shares outstanding, basic (in shares)	27,677,579	27,594,372
Weighted-average common shares outstanding, diluted (in shares)	27,677,579	27,594,372

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net loss	$ (4,189)	$ (6,002)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	513	497
Non-cash lease expense	132	119
Stock-based compensation	266	246
Deferred income taxes	3,225	(2,337)
Amortization of discount and premium on investments	(13)	(79)
Changes in operating assets and liabilities:
Accounts receivable	(570)	2,550
Prepaid expenses and other assets	(3,157)	767
Lease liability	(131)	(110)
Accounts payable	(437)	162
Accounts payable - related parties	(75)	(138)
Accrued expenses	262	1,321
Other liabilities	66	118
Net cash used in operating activities	(4,108)	(2,886)
Cash flows from investing activities:
Purchase of marketable securities	(3,010)	(3,763)
Redemptions and maturities of marketable securities	7,500	1,797
Leasehold improvements	0	(31)
Net cash provided by (used in) investing activities	4,490	(1,997)
Cash flows from financing activities
Proceeds from exercise of stock options	20	0
Net cash provided by financing activities	20	0
Net increase (decrease) in cash and cash equivalents	402	(4,883)
Cash and cash equivalents - beginning	18,304	32,011
Cash and cash equivalents - ending	$ 18,706	$ 27,128

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 18,706	$ 18,304
Short term investments	13,302	17,779
Accounts receivable	570	0
Prepaid expenses and other current assets	3,445	288
Total current assets	36,023	36,371
Property and equipment, net	437	462
Intangible assets, net	3,064	3,552
Deferred income taxes	4,042	7,267
Right of use assets	2,095	2,227
Other assets, non-current	214	214
Total Assets	45,875	50,093
Current liabilities:
Accounts payable	4,044	4,481
Accounts payable - related parties	13	88
Accrued expenses	522	260
Lease liability	566	522
Other liabilities, current	2,000	2,000
Total current liabilities	7,145	7,351
Lease liability, non-current	1,611	1,786
Other liabilities, non-current	1,865	1,799
Total Liabilities	10,621	10,936
Commitments and contingencies (Note 3)
Stockholders' equity
Preferred stock - $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2020 and December 31, 2019	0	0
Common stock - $0.0001 par value; 80,000,000 shares authorized: 27,685,554 and 27,650,926 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	3	3
Additional paid-in capital	29,788	29,502
Retained earnings	5,463	9,652
Total Stockholders' Equity	35,254	39,157
Total Liabilities and Stockholders' Equity	$ 45,875	$ 50,093