$WULF
TERAWULF INC.

2019 Q2 Form 10-Q Financial Statement

#000143774919016511 Filed on August 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $4.596M $4.634M $4.071M
YoY Change -0.81% -1.19% 12.16%
Cost Of Revenue $3.168M $2.972M $2.709M
YoY Change 6.6% -8.28% 6.66%
Gross Profit $1.428M $1.662M $1.362M
YoY Change -14.07% 15.44% 24.99%
Gross Profit Margin 31.08% 35.87% 33.46%
Selling, General & Admin $1.339M $1.309M $1.349M
YoY Change 2.28% -5.83% -10.66%
% of Gross Profit 93.73% 78.74% 99.01%
Research & Development $270.5K $156.5K $154.1K
YoY Change 72.85% -13.07% -9.37%
% of Gross Profit 18.93% 9.41% 11.31%
Depreciation & Amortization $170.0K $210.0K $199.9K
YoY Change -19.05% -4.55% -9.13%
% of Gross Profit 11.9% 12.63% 14.67%
Operating Expenses $1.609M $1.465M $1.503M
YoY Change 9.82% -7.25% -10.53%
Operating Profit -$180.9K $196.9K -$140.6K
YoY Change -191.88% -240.63% -76.16%
Interest Expense $22.52K $23.81K $19.94K
YoY Change -5.43% -219.04% -199.68%
% of Operating Profit 12.09%
Other Income/Expense, Net $20.00K $10.00K $10.00K
YoY Change 100.0% 0.0% 0.0%
Pretax Income -$186.1K $184.9K -$151.2K
YoY Change -200.67% -223.25% -74.81%
Income Tax -$70.40K $39.54K -$20.42K
% Of Pretax Income 21.39%
Net Earnings -$115.7K $145.3K -$130.7K
YoY Change -179.62% -232.12% -65.6%
Net Earnings / Revenue -2.52% 3.14% -3.21%
Basic Earnings Per Share -$0.06 $0.07 -$0.07
Diluted Earnings Per Share -$0.06 $0.07 -$0.07
COMMON SHARES
Basic Shares Outstanding 1.982M 1.984M 1.984M
Diluted Shares Outstanding 1.982M 1.984M 1.984M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $4.300M $3.800M
YoY Change -25.58% 4.88% -2.56%
Cash & Equivalents $297.2K $1.356M $1.162M
Short-Term Investments $2.900M $2.900M $2.700M
Other Short-Term Assets $300.0K $200.0K $200.0K
YoY Change 50.0% 100.0% -50.0%
Inventory $2.512M $2.500M $2.400M
Prepaid Expenses
Receivables $2.223M $1.900M $2.000M
Other Receivables $200.0K $0.00 $100.0K
Total Short-Term Assets $8.420M $8.800M $8.500M
YoY Change -4.31% -1.12% -3.41%
LONG-TERM ASSETS
Property, Plant & Equipment $7.987M $8.200M $8.200M
YoY Change -2.6% -4.65% -6.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.280M $8.600M $8.500M
YoY Change -3.73% -4.44% -6.59%
TOTAL ASSETS
Total Short-Term Assets $8.420M $8.800M $8.500M
Total Long-Term Assets $8.280M $8.600M $8.500M
Total Assets $16.70M $17.40M $17.00M
YoY Change -4.02% -2.79% -5.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $800.0K $600.0K
YoY Change -37.5% -11.11% -25.0%
Accrued Expenses $600.0K $400.0K $300.0K
YoY Change 50.0% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $131.4K $100.0K $100.0K
YoY Change 31.39% 0.0% 0.0%
Total Short-Term Liabilities $1.238M $1.400M $1.100M
YoY Change -11.54% 0.0% -15.38%
LONG-TERM LIABILITIES
Long-Term Debt $2.755M $2.900M $2.900M
YoY Change -4.99% -3.33% -3.33%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.938M $2.900M $2.900M
YoY Change 1.32% -3.33% -3.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.238M $1.400M $1.100M
Total Long-Term Liabilities $2.938M $2.900M $2.900M
Total Liabilities $4.177M $4.400M $4.200M
YoY Change -5.07% -10.2% -12.5%
SHAREHOLDERS EQUITY
Retained Earnings $9.602M
YoY Change
Common Stock $2.921M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.52M $12.98M $12.83M
YoY Change
Total Liabilities & Shareholders Equity $16.70M $17.40M $17.00M
YoY Change -4.02% -2.79% -5.03%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income -$115.7K $145.3K -$130.7K
YoY Change -179.62% -232.12% -65.6%
Depreciation, Depletion And Amortization $170.0K $210.0K $199.9K
YoY Change -19.05% -4.55% -9.13%
Cash From Operating Activities -$150.0K $770.0K $112.7K
YoY Change -119.48% 156.67% -145.08%
INVESTING ACTIVITIES
Capital Expenditures $120.0K $300.0K $49.00K
YoY Change -60.0% 275.0% -29.99%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$250.0K $220.0K
YoY Change -100.0% -154.35% -344.44%
Cash From Investing Activities -$120.0K -$540.0K $155.4K
YoY Change -77.78% -242.11% -197.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $35.63K
YoY Change
Cash From Financing Activities -50.00K -30.00K -35.63K
YoY Change 66.67% -40.0% 18.77%
NET CHANGE
Cash From Operating Activities -150.0K 770.0K 112.7K
Cash From Investing Activities -120.0K -540.0K 155.4K
Cash From Financing Activities -50.00K -30.00K -35.63K
Net Change In Cash -320.0K 200.0K 232.5K
YoY Change -260.0% -68.25% -152.84%
FREE CASH FLOW
Cash From Operating Activities -$150.0K $770.0K $112.7K
Capital Expenditures $120.0K $300.0K $49.00K
Free Cash Flow -$270.0K $470.0K $63.69K
YoY Change -157.45% 113.64% -119.9%

Facts In Submission

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ProceedsFromSaleOfPropertyPlantAndEquipment
15596
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2940000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2895000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16444278
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16270652
CY2019Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7987135
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8084742
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
69761
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
70040
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
270465
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
156472
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
449307
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
310548
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9601979
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10189651
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4596411
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4634177
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8125102
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8705655
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20969
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
20969
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
12523159
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13111030
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
12657919
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1338861
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1308963
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2720826
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2657946
us-gaap Share Based Compensation
ShareBasedCompensation
3840
us-gaap Share Based Compensation
ShareBasedCompensation
6473
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13415
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
2000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
21.69
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2750
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
16000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.22
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.17
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
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2019Q2 us-gaap Short Term Investments
ShortTermInvestments
2940000
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
2695000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
12830086
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
12979002
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12957931
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q2 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
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1982275
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1982910
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1982275
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1982910
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553

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