$WULF
TERAWULF INC.

2011 Q4 Form 10-K Financial Statement

#000110465913017522 Filed on March 05, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 2010 Q4
Revenue $4.180M $16.78M $4.440M
YoY Change -5.86% 1.58% 15.32%
Cost Of Revenue $2.470M $10.07M $2.620M
YoY Change -5.73% 3.72% 17.49%
Gross Profit $1.710M $6.709M $1.820M
YoY Change -6.04% -1.33% 12.35%
Gross Profit Margin 40.91% 39.98% 40.99%
Selling, General & Admin $1.310M $5.171M $1.170M
YoY Change 11.97% 13.15% 4.46%
% of Gross Profit 76.61% 77.07% 64.29%
Research & Development $150.0K $512.3K $170.0K
YoY Change -11.76% -26.82% 0.0%
% of Gross Profit 8.77% 7.63% 9.34%
Depreciation & Amortization $130.0K $415.8K $110.0K
YoY Change 18.18% -7.6% -8.33%
% of Gross Profit 7.6% 6.2% 6.04%
Operating Expenses $1.450M $5.683M $1.330M
YoY Change 9.02% 7.84% 3.1%
Operating Profit $260.0K $1.026M $490.0K
YoY Change -46.94% -32.94% 48.48%
Interest Expense $0.00
YoY Change
% of Operating Profit 0.0%
Other Income/Expense, Net $0.00 $20.00K $10.00K
YoY Change -100.0% 0.0%
Pretax Income $260.0K $1.043M $500.0K
YoY Change -48.0% -32.69% 51.52%
Income Tax $120.0K $345.0K $160.0K
% Of Pretax Income 46.15% 33.07% 32.0%
Net Earnings $140.0K $700.0K $330.0K
YoY Change -57.58% -36.94% 65.0%
Net Earnings / Revenue 3.35% 4.17% 7.43%
Basic Earnings Per Share $0.35
Diluted Earnings Per Share $0.07 $0.35 $0.17
COMMON SHARES
Basic Shares Outstanding 1.982M shares
Diluted Shares Outstanding 1.986M shares

Balance Sheet

Concept 2011 Q4 2011 2010 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.700M $3.700M $3.500M
YoY Change 5.71% 5.71% 66.67%
Cash & Equivalents $1.867M $1.900M $1.291M
Short-Term Investments $1.800M $1.800M $2.200M
Other Short-Term Assets $200.0K $200.0K $300.0K
YoY Change -33.33% -33.33% 0.0%
Inventory $2.235M $2.200M $2.200M
Prepaid Expenses
Receivables $2.181M $2.200M $1.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.404M $8.400M $7.800M
YoY Change 7.75% 7.69% 21.88%
LONG-TERM ASSETS
Property, Plant & Equipment $5.437M $5.400M $5.000M
YoY Change 8.74% 8.0% -3.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $5.763M $5.800M $5.300M
YoY Change 8.74% 9.43% -5.36%
TOTAL ASSETS
Total Short-Term Assets $8.404M $8.400M $7.800M
Total Long-Term Assets $5.763M $5.800M $5.300M
Total Assets $14.17M $14.20M $13.10M
YoY Change 8.15% 8.4% 9.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $549.5K $500.0K $400.0K
YoY Change 37.38% 25.0% 33.33%
Accrued Expenses $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0% -25.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $838.9K $800.0K $800.0K
YoY Change 4.86% 0.0% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $838.9K $800.0K $800.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.177M $1.200M $900.0K
YoY Change 30.77% 33.33% -10.0%
SHAREHOLDERS EQUITY
Retained Earnings $10.43M
YoY Change
Common Stock $2.562M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.99M $13.00M $12.19M
YoY Change
Total Liabilities & Shareholders Equity $14.17M $14.20M $13.10M
YoY Change 8.15% 8.4% 9.17%

Cashflow Statement

Concept 2011 Q4 2011 2010 Q4
OPERATING ACTIVITIES
Net Income $140.0K $700.0K $330.0K
YoY Change -57.58% -36.94% 65.0%
Depreciation, Depletion And Amortization $130.0K $415.8K $110.0K
YoY Change 18.18% -7.6% -8.33%
Cash From Operating Activities $320.0K $790.0K $880.0K
YoY Change -63.64% -50.63% 72.55%
INVESTING ACTIVITIES
Capital Expenditures $160.0K $621.6K $50.00K
YoY Change 220.0% 159.0% -600.0%
Acquisitions
YoY Change
Other Investing Activities $200.0K $390.0K $0.00
YoY Change -128.06% -100.0%
Cash From Investing Activities $40.00K -$290.0K -$60.00K
YoY Change -166.67% -82.32% -68.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.079K
YoY Change -89.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 70.00K 0.000
YoY Change 250.0%
NET CHANGE
Cash From Operating Activities 320.0K 790.0K 880.0K
Cash From Investing Activities 40.00K -290.0K -60.00K
Cash From Financing Activities 0.000 70.00K 0.000
Net Change In Cash 360.0K 570.0K 820.0K
YoY Change -56.1% -2950.0% 156.25%
FREE CASH FLOW
Cash From Operating Activities $320.0K $790.0K $880.0K
Capital Expenditures $160.0K $621.6K $50.00K
Free Cash Flow $160.0K $168.4K $830.0K
YoY Change -80.72% -87.62% 59.62%

Facts In Submission

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CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Returns And Allowances
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReturnsAndAllowances
11000 USD
CY2011Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
323000 USD
CY2012Q4 us-gaap Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
323000 USD
CY2011Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
323000 USD
CY2012Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
323000 USD
CY2011Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
148000 USD
CY2012Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
142000 USD
CY2011Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
305000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
324000 USD
CY2011Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
4000 USD
CY2011Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
33000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
42000 USD
CY2011Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
194000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
224000 USD
CY2012Q4 us-gaap Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
142000 USD
CY2012Q4 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
366000 USD
CY2012 us-gaap Gain Loss On Sale Of Equity Investments
GainLossOnSaleOfEquityInvestments
-919000 USD
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
442750 shares
CY2011 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.82
CY2012 iknx Number Of Financial Institutions In Which Cash Balance Maintained By Entity In Partially Insured Checking Account
NumberOfFinancialInstitutionsInWhichCashBalanceMaintainedByEntityInPartiallyInsuredCheckingAccount
2 item
CY2012 iknx Deferred Tax Assets Capital Loss Carryforward Period
DeferredTaxAssetsCapitalLossCarryforwardPeriod
P2Y
CY2012 us-gaap Depreciation
Depreciation
489206 USD
CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
17818 USD
CY2012 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
7163 USD
CY2011 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1353 USD
CY2012 us-gaap Assets Disposed Of By Method Other Than Sale In Period Of Disposition Gain Loss On Disposition1
AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1
-23122 USD
CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
30000 USD
CY2011 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
180000 USD
CY2012 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
444030 USD
CY2012 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
42060 USD
CY2012 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-59322 USD
CY2012 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
44390 USD
CY2012 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
58074 USD
CY2012 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
84052 USD
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
59500 USD
CY2011 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10200 USD
CY2012 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
56770 USD
CY2012 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1857990 USD
CY2012 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2250054 USD
CY2012 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1998475 USD
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
89028 USD
CY2012 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
177626 USD
CY2012Q4 us-gaap Short Term Investments
ShortTermInvestments
1442939 USD
CY2012Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
124983 USD
CY2012Q4 iknx Land And Building
LandAndBuilding
6063965 USD
CY2012Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
3219598 USD
CY2012Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
700062 USD
CY2012Q4 iknx Vehicles
Vehicles
237488 USD
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4759235 USD
CY2012Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
305357 USD
CY2012Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
593922 USD
CY2012Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
265822 USD
CY2012Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
81635 USD
CY2012Q4 us-gaap Common Stock Value
CommonStockValue
199848 USD
CY2012Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
2470507 USD
CY2012Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9124390 USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012 us-gaap Investment Income Interest
InvestmentIncomeInterest
12050 USD
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.35
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2010Q4 us-gaap Stockholders Equity
StockholdersEquity
12192947 USD
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
73210 USD
CY2011 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2079 USD
CY2011 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
1518 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
26690 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
12990543 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
693931 USD
CY2012 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
89028 USD
CY2012 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1998475 USD
CY2012 us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
1900 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
17818 USD
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
11794745 USD
CY2011 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-288881 USD
CY2011 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
71131 USD
CY2012 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-1909447 USD
CY2012 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-120635 USD
CY2011 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
297519 USD
CY2011 us-gaap Gain Loss On Sale Of Equity Investments
GainLossOnSaleOfEquityInvestments
-919000 USD
CY2011 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
15900 USD
CY2011Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
23000 USD
CY2012Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
25000 USD
CY2012 iknx Proceeds From Exchange Of Digital Texturing Printers
ProceedsFromExchangeOfDigitalTexturingPrinters
35000 USD
CY2012 iknx Loss On Exchange Of Digital Texturing Printers
LossOnExchangeOfDigitalTexturingPrinters
16000 USD
CY2012 us-gaap Operating Expenses
OperatingExpenses
5911963 USD
CY2011 us-gaap Operating Expenses
OperatingExpenses
5683406 USD
CY2012Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
54000 USD

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