Terawulf Inc 8-K, filed Feb 21, 2020
Terawulf Inc. (WULF)
About this 8-K
Terawulf Inc filed this 8-K on February 21, 2020, reporting on events of February 20, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 20, 2020
IKONICS CORPORATION
(Exact name of registrant as specified in its charter)
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Minnesota |
000-25727 |
41-0730027 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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4832 Grand Avenue Duluth, Minnesota |
55807 |
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(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code (218) 628-2217
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common Stock, par value $.10 per share |
IKNX |
Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 20, 2020, IKONICS Corporation (the “Company”) reported its financial results for the quarter and fiscal year ended December 31, 2019. See the Company’s press release dated February 20, 2020, which is furnished as Exhibit 99 hereto and incorporated by reference in this Item 2.02.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit.
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Exhibit Number |
Description |
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99 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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IKONICS CORPORATION |
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Date: February 20, 2020 |
By: |
/s/ Jon Gerlach |
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Jon Gerlach Chief Financial Officer and Vice President of Finance |
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Exhibit 99
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4832 Grand Avenue |
| Duluth, MN 55807 USA | |
| Phone: (218) 628-2217 | |
| Fax: (218) 628-3245 | |
| Email: info@ikonics.com | |
| Website: www.ikonics.com |
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News Contact: |
Glenn Sandgren |
For Immediate Release |
| CEO | February 20, 2020 | |
| (218) 628-2217 |
IKONICS ANNOUNCES 2019 RESULTS
DULUTH, MN - IKONICS Corporation (NASDAQ:IKNX), a Duluth-based imaging technology company, announced 2019 and fourth quarter financial results. IKONICS had 2019 revenue of $17,619,000, down 3.3% from the prior year. Earnings fell from $139,000, or $0.07 per diluted share in 2018 to a loss of $814,000, or $0.41 per diluted share in 2019. Fourth quarter sales were $4,963,000, up 2.2% over the same quarter in 2018 with a 2019 fourth quarter net loss of $80,000, or $0.04 per diluted share, versus a profit of $150,000, or $0.08 per diluted share in 2018.
Glenn Sandgren, IKONICS’ new CEO said, “Our 2019 results were significantly impacted by a perfect storm of negative factors including extended cold weather-related events, tariffs, and weak customer demand in key business units. The company did see an improving business environment in the fourth quarter, but a less favorable product mix resulted in a small quarterly loss.”
Sandgren concluded, “Excluding one-time first quarter 2020 executive transition costs, 2020 looks far more promising, as we have several exciting new prospects. Our IKONART® craft product will be fully ramped, and interest remains strong. The aerospace unit has multiple new opportunities, and our screen printing division’s revised commercial and manufacturing strategy should drive improved results as well. With these prospects, as well as tight cost control, I see 2020 as a year where IKONICS will transition back toward profitability.”
This press release contains forward-looking statements regarding sales, gross profits, net earnings, balance sheet position, new products, new business initiatives, customer behavior and market trends that involve risks and uncertainties. The Company's actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace or automotive industries, unexpected production delays by customers using the Company’s products, competitive market conditions, changes in consumer preferences, inability to commercialize technologies the Company is developing on the anticipated timeline or at all, acceptance of new products the Company offers, introduction of new products or technologies by competitors, unexpected capital expenditure requirements, delays in completing planned expansions, the ability to control operating costs without impacting growth as well as the factors described in the Company's Forms 10-K, and 10-Q, and other reports on file with the SEC.
ISO 9001 Certified
NASDAQ Listed: IKNX
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IKONICS Corporation |
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CONDENSED STATEMENTS OF OPERATIONS |
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For the Three and Twelve Months Ended December 31, 2019 and 2018 |
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Three Months Ended |
Twelve Months Ended |
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12/31/19 |
12/31/18 |
12/31/19 |
12/31/18 |
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(unaudited) |
(unaudited) |
(unaudited) |
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Net sales |
$ | 4,963,097 | $ | 4,856,640 | $ | 17,618,559 | $ | 18,213,653 | ||||||||
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Cost of goods sold |
3,415,517 | 3,154,166 | 12,221,370 | 11,959,626 | ||||||||||||
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Gross profit |
1,547,580 | 1,702,474 | 5,397,189 | 6,254,027 | ||||||||||||
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Operating expenses |
1,617,862 | 1,510,954 | 6,353,865 | 6,028,208 | ||||||||||||
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(Loss) income from operations |
(70,282 | ) | 191,520 | (956,676 | ) | 225,819 | ||||||||||
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Interest expense |
(22,469 | ) | (23,543 | ) | (90,058 | ) | (90,583 | ) | ||||||||
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Other Income |
11,454 | 15,243 | 61,176 | 50,229 | ||||||||||||
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(Loss) income before income taxes |
(81,297 | ) | 183,220 | (985,558 | ) | 185,465 | ||||||||||
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Income tax (benefit) expense |
(1,225 | ) | 33,601 | (172,000 | ) | 46,000 | ||||||||||
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Net (loss) income |
$ | (80,072 | ) | $ | 149,619 | $ | (813,558 | ) | $ | 139,465 | ||||||
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(Loss) Income per common share-basic and diluted |
$ | (0.04 | ) | $ | 0.08 | $ | (0.41 | ) | $ | 0.07 | ||||||
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Average diluted shares outstanding |
1,976,354 | 1,983,553 | 1,980,253 | 1,983,553 | ||||||||||||
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CONDENSED BALANCE SHEETS |
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As of December 31, 2019 and 2018 |
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12/31/2019 |
12/31/2018 |
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(unaudited) |
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Current assets |
$ | 8,692,188 | $ | 8,958,070 | |||||
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Property, plant, and equipment, net |
7,915,984 | 8,084,742 | |||||||
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Intangible assets, net |
271,369 | 376,406 | |||||||
| $ | 16,879,541 | $ | 17,419,218 | ||||||
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Liabilities and Stockholders' Equity |
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Current liabilities |
$ | 1,934,486 | $ | 1,303,531 | |||||
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Long-term debt |
2,688,357 | 2,821,657 | |||||||
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Deferred income taxes |
— | 183,000 | |||||||
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Stockholders' equity |
12,256,698 | 13,111,030 | |||||||
| $ | 16,879,541 | $ | 17,419,218 | ||||||
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CONDENSED STATEMENTS OF CASH FLOWS |
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For the Twelve Months Ended December 31, 2019 and 2018 |
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12/31/2019 |
12/31/2018 |
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(unaudited) |
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Net cash (used in) provided by operating activities |
$ | (477,031 | ) | $ | 1,224,765 | |||
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Net cash provided by (used in) investing activities |
7,578 | (393,115 | ) | |||||
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Net cash used in financing activities |
(190,035 | ) | (138,213 | ) | ||||
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Net (decrease) increase in cash and cash equivalents |
(659,488 | ) | 693,437 | |||||
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Cash and cash equivalents at beginning of period |
1,623,137 | 929,700 | ||||||
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Cash and cash equivalents at end of period |
$ | 963,649 | $ | 1,623,137 | ||||