$WULF
TERAWULF INC.

2020 Q2 Form 10-Q Financial Statement

#000143774920017651 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $2.572M $4.596M $3.529M
YoY Change -44.03% -0.81% -13.33%
Cost Of Revenue $2.188M $3.168M $2.520M
YoY Change -30.95% 6.6% -6.99%
Gross Profit $384.9K $1.428M $1.009M
YoY Change -73.05% -14.07% -25.93%
Gross Profit Margin 14.96% 31.08% 28.6%
Selling, General & Admin $1.202M $1.339M $1.382M
YoY Change -10.2% 2.28% 2.44%
% of Gross Profit 312.37% 93.73% 136.95%
Research & Development $201.2K $270.5K $178.8K
YoY Change -25.6% 72.85% 16.07%
% of Gross Profit 52.28% 18.93% 17.72%
Depreciation & Amortization $180.0K $170.0K $162.0K
YoY Change 5.88% -19.05% -18.95%
% of Gross Profit 46.77% 11.9% 16.06%
Operating Expenses $1.404M $1.609M $1.561M
YoY Change -12.79% 9.82% 3.84%
Operating Profit -$1.019M -$180.9K -$551.7K
YoY Change 463.11% -191.88% 292.27%
Interest Expense $24.62K $22.52K $22.28K
YoY Change 9.36% -5.43% 11.74%
% of Operating Profit
Other Income/Expense, Net $0.00 $20.00K $20.00K
YoY Change -100.0% 100.0% 100.0%
Pretax Income -$1.042M -$186.1K -$557.8K
YoY Change 459.62% -200.67% 269.01%
Income Tax $0.00 -$70.40K -$102.7K
% Of Pretax Income
Net Earnings -$1.042M -$115.7K -$455.0K
YoY Change 800.09% -179.62% 248.05%
Net Earnings / Revenue -40.49% -2.52% -12.9%
Basic Earnings Per Share -$0.53 -$0.06 -$0.23
Diluted Earnings Per Share -$0.53 -$0.06 -$0.23
COMMON SHARES
Basic Shares Outstanding 1.976M 1.982M 1.984M
Diluted Shares Outstanding 1.976M 1.982M 1.984M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $3.200M $3.600M
YoY Change -6.25% -25.58% -5.26%
Cash & Equivalents $2.978M $297.2K $617.2K
Short-Term Investments $0.00 $2.900M $2.900M
Other Short-Term Assets $200.0K $300.0K $300.0K
YoY Change -33.33% 50.0% 50.0%
Inventory $2.682M $2.512M $2.840M
Prepaid Expenses
Receivables $1.414M $2.223M $1.821M
Other Receivables $300.0K $200.0K $100.0K
Total Short-Term Assets $7.480M $8.420M $8.592M
YoY Change -11.16% -4.31% 1.08%
LONG-TERM ASSETS
Property, Plant & Equipment $7.714M $7.987M $8.035M
YoY Change -3.41% -2.6% -2.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.968M $8.280M $8.408M
YoY Change -3.76% -3.73% -1.09%
TOTAL ASSETS
Total Short-Term Assets $7.480M $8.420M $8.592M
Total Long-Term Assets $7.968M $8.280M $8.408M
Total Assets $15.45M $16.70M $17.00M
YoY Change -7.49% -4.02% 0.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $300.0K $500.0K $900.0K
YoY Change -40.0% -37.5% 50.0%
Accrued Expenses $500.0K $600.0K $400.0K
YoY Change -16.67% 50.0% 33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.288M $131.4K $129.6K
YoY Change 2402.84% 31.39% 29.58%
Total Short-Term Liabilities $4.132M $1.238M $1.370M
YoY Change 233.61% -11.54% 24.51%
LONG-TERM LIABILITIES
Long-Term Debt $681.5K $2.755M $2.789M
YoY Change -75.27% -4.99% -3.84%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $681.5K $2.938M $2.972M
YoY Change -76.81% 1.32% 2.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.132M $1.238M $1.370M
Total Long-Term Liabilities $681.5K $2.938M $2.972M
Total Liabilities $4.813M $4.177M $4.341M
YoY Change 15.23% -5.07% 3.37%
SHAREHOLDERS EQUITY
Retained Earnings $7.709M $9.602M $9.735M
YoY Change -19.72%
Common Stock $2.927M $2.921M $2.923M
YoY Change 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.64M $12.52M $12.66M
YoY Change
Total Liabilities & Shareholders Equity $15.45M $16.70M $17.00M
YoY Change -7.49% -4.02% 0.0%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$1.042M -$115.7K -$455.0K
YoY Change 800.09% -179.62% 248.05%
Depreciation, Depletion And Amortization $180.0K $170.0K $162.0K
YoY Change 5.88% -19.05% -18.95%
Cash From Operating Activities -$760.0K -$150.0K -$618.0K
YoY Change 406.67% -119.48% -648.37%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $120.0K $117.1K
YoY Change -83.33% -60.0% 138.91%
Acquisitions
YoY Change
Other Investing Activities $980.0K $0.00 -$230.0K
YoY Change -100.0% -204.55%
Cash From Investing Activities $960.0K -$120.0K -$352.5K
YoY Change -900.0% -77.78% -326.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $35.42K
YoY Change -0.6%
Cash From Financing Activities 1.180M -50.00K -35.42K
YoY Change -2460.0% 66.67% -0.6%
NET CHANGE
Cash From Operating Activities -760.0K -150.0K -618.0K
Cash From Investing Activities 960.0K -120.0K -352.5K
Cash From Financing Activities 1.180M -50.00K -35.42K
Net Change In Cash 1.380M -320.0K -1.006M
YoY Change -531.25% -260.0% -532.66%
FREE CASH FLOW
Cash From Operating Activities -$760.0K -$150.0K -$618.0K
Capital Expenditures $20.00K $120.0K $117.1K
Free Cash Flow -$780.0K -$270.0K -$735.1K
YoY Change 188.89% -157.45% -1254.1%

Facts In Submission

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us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
2940000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16528726
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16403811
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7714492
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7915984
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
71603
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
69761
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
201234
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
270465
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
384814
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
449307
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1976354
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1982910
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7708592
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9337101
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2572439
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4596411
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6069631
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8125102
CY2020Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1202307
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1338861
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2983327
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2720826
us-gaap Share Based Compensation
ShareBasedCompensation
7376
us-gaap Share Based Compensation
ShareBasedCompensation
3840
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
7333
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
7750
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
10000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19250
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
21500
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.32
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.38
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
5.67
CY2020Q2 us-gaap Short Term Investments
ShortTermInvestments
CY2019Q4 us-gaap Short Term Investments
ShortTermInvestments
2205000
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
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
10635565
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
12256698
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
11673380
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
12657919
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
12523159
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13111030
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q2 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
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1976354
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1982275
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1976354
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1982910
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1976354
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1982275

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