$WULF
TERAWULF INC.

2018 Q4 Form 10-Q Financial Statement

#000143774918020499 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $4.860M $4.651M $3.984M
YoY Change -1.62% 16.75% -13.58%
Cost Of Revenue $3.150M $3.125M $2.660M
YoY Change 2.61% 17.46% -9.52%
Gross Profit $1.700M $1.527M $1.324M
YoY Change -9.09% 15.32% -20.72%
Gross Profit Margin 34.98% 32.83% 33.23%
Selling, General & Admin $1.320M $1.369M $1.305M
YoY Change 1.54% 4.86% -4.01%
% of Gross Profit 77.65% 89.65% 98.6%
Research & Development $190.0K $179.9K $168.7K
YoY Change 11.76% 6.66% 12.46%
% of Gross Profit 11.18% 11.78% 12.74%
Depreciation & Amortization $180.0K $200.0K $220.0K
YoY Change -18.18% -9.09% 4.76%
% of Gross Profit 10.59% 13.1% 16.62%
Operating Expenses $1.520M $1.549M $1.474M
YoY Change 3.4% 5.06% -2.37%
Operating Profit $180.0K -$21.94K -$150.2K
YoY Change -55.0% -85.39% -193.87%
Interest Expense -$20.00K $23.30K $20.83K
YoY Change 0.0% 11.84% -204.16%
% of Operating Profit -11.11%
Other Income/Expense, Net $20.00K $10.00K $10.00K
YoY Change 100.0% 0.0%
Pretax Income $180.0K -$31.48K -$164.7K
YoY Change -53.85% -80.89% -217.65%
Income Tax $30.00K -$6.727K -$53.76K
% Of Pretax Income 16.67%
Net Earnings $150.0K -$24.75K -$111.0K
YoY Change -59.46% -77.69% -238.69%
Net Earnings / Revenue 3.09% -0.53% -2.78%
Basic Earnings Per Share -$0.01 -$0.06
Diluted Earnings Per Share $0.08 -$0.01 -$0.06
COMMON SHARES
Basic Shares Outstanding 1.984M 1.984M 2.005M
Diluted Shares Outstanding 1.984M 2.005M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.300M $4.300M $3.900M
YoY Change 13.16% 10.26% -9.3%
Cash & Equivalents $1.623M $1.560M $2.001M
Short-Term Investments $2.700M $2.700M $1.900M
Other Short-Term Assets $400.0K $200.0K $100.0K
YoY Change 100.0% 100.0% -50.0%
Inventory $2.047M $2.271M $2.500M
Prepaid Expenses
Receivables $2.215M $1.976M $1.600M
Other Receivables $0.00 $0.00 $400.0K
Total Short-Term Assets $8.958M $8.722M $8.500M
YoY Change 8.3% 2.61% -3.41%
LONG-TERM ASSETS
Property, Plant & Equipment $8.085M $8.215M $8.500M
YoY Change -2.61% -3.35% -5.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.461M $8.584M $8.900M
YoY Change -2.22% -3.55% -5.32%
TOTAL ASSETS
Total Short-Term Assets $8.958M $8.722M $8.500M
Total Long-Term Assets $8.461M $8.584M $8.900M
Total Assets $17.42M $17.31M $17.40M
YoY Change 2.92% -0.54% -4.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $700.0K $800.0K
YoY Change 100.0% -12.5% 0.0%
Accrued Expenses $500.0K $500.0K $400.0K
YoY Change 25.0% 25.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $129.3K $128.2K $100.0K
YoY Change -1.24% 28.25% 0.0%
Total Short-Term Liabilities $1.304M $1.337M $1.300M
YoY Change 48.84% 2.84% 8.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.822M $2.855M $3.000M
YoY Change -4.24% -4.85% -3.23%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $3.005M $3.011M $3.000M
YoY Change -2.78% 0.38% -3.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.304M $1.337M $1.300M
Total Long-Term Liabilities $3.005M $3.011M $3.000M
Total Liabilities $4.308M $4.348M $4.700M
YoY Change 8.62% -7.48% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings $10.19M $10.04M
YoY Change 1.39%
Common Stock $2.921M $2.918M
YoY Change 0.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.11M $12.96M $12.60M
YoY Change
Total Liabilities & Shareholders Equity $17.42M $17.31M $17.40M
YoY Change 2.92% -0.54% -4.4%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $150.0K -$24.75K -$111.0K
YoY Change -59.46% -77.69% -238.69%
Depreciation, Depletion And Amortization $180.0K $200.0K $220.0K
YoY Change -18.18% -9.09% 4.76%
Cash From Operating Activities $150.0K $190.0K $100.0K
YoY Change 200.0% 90.0% -62.96%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $180.0K $70.00K
YoY Change 0.0% 157.14% -41.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $230.0K $990.0K
YoY Change -100.0% -76.77%
Cash From Investing Activities -$50.00K $40.00K $920.0K
YoY Change -95.15% -95.65% -807.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.00K -30.00K -260.0K
YoY Change -60.0% -88.46% 550.0%
NET CHANGE
Cash From Operating Activities 150.0K 190.0K 100.0K
Cash From Investing Activities -50.00K 40.00K 920.0K
Cash From Financing Activities -40.00K -30.00K -260.0K
Net Change In Cash 60.00K 200.0K 760.0K
YoY Change -105.56% -73.68% 660.0%
FREE CASH FLOW
Cash From Operating Activities $150.0K $190.0K $100.0K
Capital Expenditures $50.00K $180.0K $70.00K
Free Cash Flow $100.0K $10.00K $30.00K
YoY Change -66.67% -80.0%

Facts In Submission

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CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
168242
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
4345000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
3246000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1885
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16447458
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15995255
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8215120
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8301661
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
103452
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
104436
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
179915
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
168686
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
490463
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
519160
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10040032
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10050186
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4651358
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3984100
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13357013
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12298453
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1368845
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1305455
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4026791
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4209705
us-gaap Share Based Compensation
ShareBasedCompensation
10054
us-gaap Share Based Compensation
ShareBasedCompensation
17527
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
102157
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
12247
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
15.09
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2918
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2918
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
12.56
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2250
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3800
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18168
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.81
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.22
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.63
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
500
CY2018Q3 us-gaap Short Term Investments
ShortTermInvestments
2695000
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
2895000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
250
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
12957831
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12957931
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2005096
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2014055
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2005096
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2014055

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