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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Finjan Holdings Inc | NASDAQ:FNJN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.54 | 1.54 | 1.54 | 0 | 01:00:00 |
x
|
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
¨
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
|
20-4075963
|
|
(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
|
Large accelerated filer ¨ | Accelerated filer x |
Non-accelerated filer ¨ (Do not check if a smaller reporting company) | Smaller reporting company ¨ |
Page
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PART I – FINANCIAL INFORMATION
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||
Item 1.
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Financial Statements |
1
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Condensed Consolidated Balance Sheets as of June 30, 2014 (unaudited) and December 31, 2013 |
1
|
|
2
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||
3
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||
4
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||
Item 2.
|
13
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Item 3.
|
22
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Item 4.
|
22
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PART II – OTHER INFORMATION
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||
Item 1.
|
24
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|
Item 1A.
|
28
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|
Item 2.
|
28
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Item 3.
|
28
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Item 4.
|
28
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Item 5.
|
28
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Item 6.
|
28
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FINJAN HOLDINGS, INC.
|
Condensed Consolidated Balance Sheets
|
(In thousands, except share and per share data)
|
June 30,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 20,559 | $ | 24,598 | ||||
Accounts receivable, net
|
254 | 50 | ||||||
Inventories
|
80 | 34 | ||||||
Prepaid expenses and other current assets
|
239 | 150 | ||||||
Total current assets
|
21,132 | 24,832 | ||||||
Property and equipment, net
|
862 | 953 | ||||||
Intangible assets, net
|
1,192 | 1,333 | ||||||
Goodwill
|
306 | 306 | ||||||
Investments
|
1,000 | 500 | ||||||
Other non-current assets
|
23 | 23 | ||||||
Total Assets
|
$ | 24,515 | $ | 27,947 | ||||
Liabilities and Stockholders' Equity
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$ | 1,030 | $ | 495 | ||||
Accounts payable - related parties
|
13 | 15 | ||||||
Accrued expenses
|
957 | 336 | ||||||
Accrued income taxes
|
4 | 4 | ||||||
Other current liabilities
|
15 | 35 | ||||||
Total current liabilities
|
2,019 | 885 | ||||||
Deferred tax liabilities
|
35 | 39 | ||||||
Total Liabilities
|
$ | 2,054 | $ | 924 | ||||
Commitments and contingencies
|
||||||||
Stockholders' Equity
|
||||||||
Preferred stock - $0.0001 par value; 10,000,000 shares
|
||||||||
authorized; no shares issued and outstanding
|
||||||||
at June 30, 2013 and December 31, 2013
|
- | - | ||||||
Common stock - $0.0001 par value; 1,000,000,000 shares
|
||||||||
authorized (See Note 9); 22,402,953 and 22,368,453 shares
|
||||||||
issued and outstanding at June 30, 2014 and December 31, 2013
|
2 | 2 | ||||||
Additional paid-in capital
|
22,237 | 21,546 | ||||||
Retained earnings
|
222 | 5,475 | ||||||
Total Stockholders' Equity
|
22,461 | 27,023 | ||||||
Total Liabilities and Stockholders' Equity
|
$ | 24,515 | $ | 27,947 |
See accompanying Notes to these Condensed Consolidated Financial Statements
|
FINJA
N HOLDINGS, INC.
|
Condensed Consolidated Statements of Operations
|
(In thousands, except share and per share data)
|
(Unaudited)
|
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenues
|
$ | 636 | $ | 198 | $ | 810 | $ | 198 | ||||||||
Cost of revenues
|
332 | 148 | 466 | 148 | ||||||||||||
Gross profit
|
304 | 50 | 344 | 50 | ||||||||||||
Operating Expenses:
|
||||||||||||||||
Selling, general and administrative
|
3,564 | 1,493 | 6,687 | 2,339 | ||||||||||||
Transaction costs
|
- | 790 | - | 790 | ||||||||||||
Total operating expenses
|
3,564 | 2,283 | 6,687 | 3,129 | ||||||||||||
Loss from operations
|
(3,260 | ) | (2,233 | ) | (6,343 | ) | (3,079 | ) | ||||||||
Other Income
|
||||||||||||||||
Gain on settlement
|
- | 1,000 | 1,000 | 1,000 | ||||||||||||
Other income
|
5 | 17 | 17 | 17 | ||||||||||||
Interest income
|
6 | 31 | 74 | 111 | ||||||||||||
Total other income
|
11 | 1,048 | 1,091 | 1,128 | ||||||||||||
Loss before provision
|
||||||||||||||||
for income taxes
|
(3,249 | ) | (1,185 | ) | (5,252 | ) | (1,951 | ) | ||||||||
Provision for income taxes
|
(2 | ) | 7 | 1 | 7 | |||||||||||
Net Loss
|
$ | (3,247 | ) | $ | (1,192 | ) | $ | (5,253 | ) | $ | (1,958 | ) | ||||
Net Loss Per Share:
|
||||||||||||||||
Basic and Diluted
|
$ | (0.15 | ) | $ | (0.06 | ) | $ | (0.23 | ) | $ | (0.09 | ) | ||||
Weighted Average Number of
|
||||||||||||||||
Common Shares Outstanding:
|
||||||||||||||||
Basic and Diluted
|
22,378,646 | 21,093,384 | 22,373,578 | 20,843,379 |
See accompanying Notes to these Condensed Consolidated Financial Statements
|
FINJAN
HOLDINGS, INC.
|
Condensed Consolidated Statements of Cash Flows
|
(In thousands)
|
See accompanying Notes to these Condensed Consolidated Financial Statements
|
June 30,
2014
|
December 31,
2013
|
|||||||
Options
|
1,497,032 | 1,625,476 | ||||||
Warrants*
|
— | — | ||||||
Total
|
1,497,032 | 1,625,476 |
·
|
An increase in amortization and depreciation expense of $75,000 and $149,000 for the three and six months period ended June 30, 2013, respectively.
|
·
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The exclusion of transaction-related expenses of $790,000 for the three and six months ended June 30, 2013, respectively
|
Three Months
Ended June 30,
|
Six Months
Ended June 30,
|
|||||||
2013
|
2013
|
|||||||
(In thousands, except per share data)
|
||||||||
Revenue
|
$ | 1,664 | $ | 2,065 | ||||
Net loss
|
$ | (943 | ) | $ | (3,035 | ) | ||
Net loss per common share, basic and diluted
|
$ | 0.00 | $ | (0.01 | ) | |||
Weighted average shares outstanding, basic and diluted
|
21,093,384 | 20,843,379 |
June 30,
2014
|
December 31,
2013
|
|||||||
(In thousands)
|
||||||||
Raw materials
|
$ | 33 | $ | 13 | ||||
Finished goods
|
47 | 21 | ||||||
Inventories
|
$ | 80 | $ | 34 |
June 30,
2014
|
December 31,
2013
|
|||||||
(In thousands)
|
||||||||
Legal
|
$ | 661 | $ | 238 | ||||
Compensation
|
193 | 78 | ||||||
Professional fees
|
103 | 20 | ||||||
Other Accrued expenses
|
$ | 957 | $ | 336 |
Employee
Grants
Three and Six
|
Non-Employee
Grants
Three and Six Months
|
|||||||||||
Months Ended |
Ended June 30,
|
|||||||||||
June 30, 2013 | 2013 | 2014 | ||||||||||
Weighted-average grant date fair value
|
$ | 1.44 | $ | 0.12 | $ | 1.44 | ||||||
Weighted-average Black-Scholes option
pricing model assumptions:
|
||||||||||||
Volatility
|
50.6 | % | 50.6 | % | 53.03 | % | ||||||
Expected term (in years)
|
6.0 | 10.0 | 10.0 | |||||||||
Risk-free rate
|
1.0 | % | 1.8 | % | 2.38 | % | ||||||
Expected dividend yield
|
0.0 | % | 0.0 | % | 0.0 | % | ||||||
Forfeiture rate
|
0.0 | % | 0.0 | % | 0.0 | % |
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Web and network security technology
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Organic fertilizer
|
636 | 198 | 810 | 198 | ||||||||||||
Total Revenue
|
$ | 636 | $ | 198 | $ | 810 | $ | 198 | ||||||||
Net (Loss) Income:
|
||||||||||||||||
Web and network security technology
|
$ | (3,322 | ) | $ | (757 | ) | $ | (5,116 | ) | $ | (1,523 | ) | ||||
Organic fertilizer
|
75 | (435 | ) | (137 | ) | (435 | ) | |||||||||
Total Net Loss:
|
$ | (3,247 | ) | $ | (1,192 | ) | $ | (5,253 | ) | $ | (1,958 | ) | ||||
Other Income:
|
||||||||||||||||
Web and network security technology
|
$ | 5 | $ | 1,017 | $ | 1,005 | $ | 1,017 | ||||||||
Organic fertilizer
|
- | - | 12 | - | ||||||||||||
Total Other Income
|
$ | 5 | $ | 1,017 | $ | 1,017 | $ | 1,017 | ||||||||
Interest Income:
|
||||||||||||||||
Web and network security technology
|
$ | 6 | $ | 30 | $ | 74 | $ | 110 | ||||||||
Organic fertilizer
|
- | 1 | - | 1 | ||||||||||||
Total Interest Income
|
$ | 6 | $ | 31 | $ | 74 | $ | 111 | ||||||||
Depreciation and Amortization:
|
||||||||||||||||
Web and network security technology
|
$ | 4 | $ | - | $ | 7 | $ | - | ||||||||
Organic fertilizer
|
112 | 37 | 246 | 37 | ||||||||||||
Total Depreciation and Amortization:
|
$ | 116 | $ | 37 | $ | 253 | $ | 37 |
For the Three Months Ended June 30,
|
For the Six Months Ended June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Revenue:
|
||||||||||||||||
Web and network security technology
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Organic fertilizer
|
636 | 198 | 810 | 198 | ||||||||||||
Total Revenue
|
$ | 636 | $ | 198 | $ | 810 | $ | 198 | ||||||||
Cost of Revenues:
|
||||||||||||||||
Web and network security technology
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Organic fertilizer
|
332 | 148 | 466 | 148 | ||||||||||||
Total Cost of Revenues
|
$ | 332 | $ | 148 | $ | 466 | $ | 148 | ||||||||
Gross Profit:
|
$ | 304 | $ | 50 | $ | 344 | $ | 50 | ||||||||
Operating Expense:
|
||||||||||||||||
Web and network security technology
|
$ | 3,331 | $ | 2,233 | $ | 6,189 | $ | 3,079 | ||||||||
Organic fertilizer
|
233 | 50 | 498 | 50 | ||||||||||||
Total Operating Expenses:
|
$ | 3,564 | $ | 2,283 | $ | 6,687 | $ | 3,129 | ||||||||
Loss from operations:
|
$ | (3,260 | ) | $ | (2,233 | ) | $ | (6,343 | ) | $ | (3,079 | ) | ||||
Other Income, Net:
|
||||||||||||||||
Web and network security technology
|
$ | - | $ | 1,017 | $ | 1,000 | $ | 1,017 | ||||||||
Organic fertilizer
|
5 | - | 17 | - | ||||||||||||
Total Other Income:
|
$ | 5 | $ | 1,017 | $ | 1,017 | $ | 1,017 | ||||||||
Interest Income:
|
||||||||||||||||
Web and network security technology
|
$ | 6 | $ | 31 | $ | 74 | $ | 111 | ||||||||
Organic fertilizer
|
- | - | - | - | ||||||||||||
Total Interest Income:
|
$ | 6 | $ | 31 | $ | 74 | $ | 111 | ||||||||
Net loss before Provision for Income Taxes:
|
$ | (3,249 | ) | $ | (1,185 | ) | $ | (5,252 | ) | $ | (1,951 | ) | ||||
Income Tax Expense:
|
$ | (2 | ) | $ | 7 | $ | (1 | ) | $ | 7 | ||||||
Net Loss:
|
$ | (3,247 | ) | $ | (1,192 | ) | $ | (5,253 | ) | $ | (1,958 | ) |
•
|
During 2013 and six months ended June 2014, management hired individuals with the necessary technical accounting expertise to ensure that complex revenue transactions are recorded in accordance with Generally Accepted Accounting Principles in the United States.
|
•
|
Management has implemented a process in which all relevant data required to establish and support the fair value components of the litigation settlements and judgments is properly reviewed, approved and maintained.
|
•
|
Management developed and implemented a process during the first quarter of 2014 whereby Cost of Revenue is calculated based on standard costs and applied to each sale made during the period at the time of sale.
|
•
|
Management has enhanced inventory reporting to include detailed inventory reports that are reviewed and approved by management.
|
•
|
Management has implemented the use of a sales order log which is reconciled to sales recorded at the end of each period to ensure that all revenue earned during the period has been recorded.
|
Finjan Holdings, Inc.
(Registrant)
|
||||||
/s/ Philip Hartstein
|
||||||
Philip Hartstein
|
||||||
President and Chief Executive Officer
(Principal Executive Officer)
|
||||||
/s/ Shimon Steinmetz
|
||||||
Shimon Steinmetz
|
||||||
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
Exhibit
Number
|
|
Exhibit Description
|
2.1
|
|
Agreement and Plan of Merger, dated as of June 3, 2013, by and among Converted Organics, Inc. (now known as Finjan Holdings, Inc.) (the “Company”), COIN Merger Sub, Inc., and Finjan, Inc. (incorporated by reference to Exhibit 2.1 to our current report on Form 8-K filed June 3, 2013)
|
2.2
|
|
Asset Purchase Agreement between the Company and United Organic Products, LLC, dated January 21, 2008 (incorporated by reference to our current report Exhibit 2.02 on Form 8-K filed January 29, 2008)
|
2.3
|
|
Asset Purchase Agreement between the Company and Waste Recovery Industries, LLC, dated January 21, 2008 (incorporated by reference to Exhibit 2.03 to our current report on Form 8-K filed January 29, 2008)
|
3.1
|
|
Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K/A filed July 14, 2014)
|
3.2
|
|
Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.2 to our Current Report on Form 8-K/A filed July 14, 2014)
|
10.1
|
|
Finjan Holdings, Inc. 2014 Incentive Compensation Plan#*
|
10.2
|
|
Form of Finjan Holdings, Inc. 2014 Incentive Compensation Plan Restricted Stock Unit Agreement#*
|
10.3
|
|
Form of Finjan Holdings, Inc. 2014 Incentive Compensation Plan Non-Qualified Stock Option Agreement#*
|
10.4
|
Summary of Director Compensation (incorporated by reference to our Current Report on Form 8-K filed April 8, 2014#
|
|
31.1
|
|
Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
31.2
|
|
Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
32.1
|
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002†*
|
101.INS
|
|
XBRL Instance Document***
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document***
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document***
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document***
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document***
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document***
|
*
|
Filed herewith.
|
†
|
This certification is being furnished and shall not be deemed “filed” with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.
|
***
|
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files in Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
#
|
Management contract or compensatory plan or arrangement.
|
1 Year Finjan Chart |
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