$WULF
TERAWULF INC.

2019 Q4 Form 10-Q Financial Statement

#000143774919022623 Filed on November 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $4.960M $4.530M $4.651M
YoY Change 2.06% -2.6% 16.75%
Cost Of Revenue $3.420M $3.118M $3.125M
YoY Change 8.57% -0.2% 17.46%
Gross Profit $1.550M $1.412M $1.527M
YoY Change -8.82% -7.52% 15.32%
Gross Profit Margin 31.25% 31.17% 32.83%
Selling, General & Admin $1.420M $1.347M $1.369M
YoY Change 7.58% -1.57% 4.86%
% of Gross Profit 91.61% 95.42% 89.65%
Research & Development $200.0K $218.5K $179.9K
YoY Change 5.26% 21.43% 6.66%
% of Gross Profit 12.9% 15.47% 11.78%
Depreciation & Amortization $170.0K $170.0K $200.0K
YoY Change -5.56% -15.0% -9.09%
% of Gross Profit 10.97% 12.04% 13.1%
Operating Expenses $1.610M $1.566M $1.549M
YoY Change 5.92% 1.1% 5.06%
Operating Profit -$60.00K -$153.8K -$21.94K
YoY Change -133.33% 601.01% -85.39%
Interest Expense -$20.00K $22.80K $23.30K
YoY Change 0.0% -2.14% 11.84%
% of Operating Profit
Other Income/Expense, Net $10.00K $20.00K $10.00K
YoY Change -50.0% 100.0% 0.0%
Pretax Income -$80.00K -$160.4K -$31.48K
YoY Change -144.44% 409.49% -80.89%
Income Tax $0.00 $2.361K -$6.727K
% Of Pretax Income
Net Earnings -$80.00K -$162.7K -$24.75K
YoY Change -153.33% 557.5% -77.69%
Net Earnings / Revenue -1.61% -3.59% -0.53%
Basic Earnings Per Share -$0.08 -$0.01
Diluted Earnings Per Share -$0.04 -$0.08 -$0.01
COMMON SHARES
Basic Shares Outstanding 1.976M 1.979M 1.984M
Diluted Shares Outstanding 1.979M 1.984M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.200M $3.200M $4.300M
YoY Change -25.58% -25.58% 10.26%
Cash & Equivalents $963.6K $758.7K $1.560M
Short-Term Investments $2.200M $2.500M $2.700M
Other Short-Term Assets $900.0K $1.000M $200.0K
YoY Change 125.0% 400.0% 100.0%
Inventory $2.181M $2.573M $2.271M
Prepaid Expenses
Receivables $2.435M $2.211M $1.976M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.692M $8.946M $8.722M
YoY Change -2.97% 2.57% 2.61%
LONG-TERM ASSETS
Property, Plant & Equipment $7.916M $7.934M $8.215M
YoY Change -2.09% -3.42% -3.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $8.187M $8.216M $8.584M
YoY Change -3.24% -4.29% -3.55%
TOTAL ASSETS
Total Short-Term Assets $8.692M $8.946M $8.722M
Total Long-Term Assets $8.187M $8.216M $8.584M
Total Assets $16.88M $17.16M $17.31M
YoY Change -3.1% -0.83% -0.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $800.0K $700.0K
YoY Change 33.33% 14.29% -12.5%
Accrued Expenses $1.000M $1.200M $500.0K
YoY Change 100.0% 140.0% 25.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $133.3K $132.5K $128.2K
YoY Change 3.1% 3.28% 28.25%
Total Short-Term Liabilities $1.934M $2.106M $1.337M
YoY Change 48.4% 57.52% 2.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.688M $2.722M $2.855M
YoY Change -4.72% -4.64% -4.85%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.688M $2.722M $3.011M
YoY Change -10.53% -9.61% 0.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.934M $2.106M $1.337M
Total Long-Term Liabilities $2.688M $2.722M $3.011M
Total Liabilities $4.623M $4.828M $4.348M
YoY Change 7.3% 11.03% -7.48%
SHAREHOLDERS EQUITY
Retained Earnings $9.337M $9.417M $10.04M
YoY Change -8.37% -6.2%
Common Stock $2.920M $2.917M $2.918M
YoY Change -0.06% -0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.26M $12.33M $12.96M
YoY Change
Total Liabilities & Shareholders Equity $16.88M $17.16M $17.31M
YoY Change -3.1% -0.83% -0.54%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$80.00K -$162.7K -$24.75K
YoY Change -153.33% 557.5% -77.69%
Depreciation, Depletion And Amortization $170.0K $170.0K $200.0K
YoY Change -5.56% -15.0% -9.09%
Cash From Operating Activities $140.0K $150.0K $190.0K
YoY Change -6.67% -21.05% 90.0%
INVESTING ACTIVITIES
Capital Expenditures $150.0K $110.0K $180.0K
YoY Change 200.0% -38.89% 157.14%
Acquisitions
YoY Change
Other Investing Activities $250.0K $490.0K $230.0K
YoY Change 113.04% -76.77%
Cash From Investing Activities $100.0K $380.0K $40.00K
YoY Change -300.0% 850.0% -95.65%
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 -60.00K -30.00K
YoY Change 0.0% 100.0% -88.46%
NET CHANGE
Cash From Operating Activities 140.0K 150.0K 190.0K
Cash From Investing Activities 100.0K 380.0K 40.00K
Cash From Financing Activities -40.00K -60.00K -30.00K
Net Change In Cash 200.0K 470.0K 200.0K
YoY Change 233.33% 135.0% -73.68%
FREE CASH FLOW
Cash From Operating Activities $140.0K $150.0K $190.0K
Capital Expenditures $150.0K $110.0K $180.0K
Free Cash Flow -$10.00K $40.00K $10.00K
YoY Change -110.0% 300.0% -66.67%

Facts In Submission

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dei Trading Symbol
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dei Entity Filer Category
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dei Entity Registrant Name
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.10
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
250000
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
952854
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
375362
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
15596
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
4410000
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
4345000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16547242
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16270652
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7934256
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8084742
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
104772
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
103452
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
218467
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
179915
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
667774
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
490463
CY2019Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9417172
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
10189651
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4530361
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4651358
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12655463
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13357013
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1347404
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1368845
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4068230
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4026791
us-gaap Share Based Compensation
ShareBasedCompensation
6330
us-gaap Share Based Compensation
ShareBasedCompensation
10054
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
13415
CY2019Q3 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
3250
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
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19250
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.22
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.32
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
7.15
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2019Q3 us-gaap Short Term Investments
ShortTermInvestments
2450000
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
2695000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2019Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
28627
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
49596
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
12334278
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13111030
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
12523159
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
12979002
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
12957831
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
12957931
us-gaap Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense
TaxCutsAndJobsActOf2017ChangeInTaxRateDeferredTaxAssetIncomeTaxExpense
34000
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q3 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
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1978926
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1981568
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1983553
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1978926
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1981568
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1983553

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