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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

x Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
  For the quarterly period ended March 31, 2024

 

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
  For the transition period from ________ to ________.

 

Commission file number 1-12711

 

AULT ALLIANCE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 94-1721931
(State or other jurisdiction of incorporation or organization)  (I.R.S. Employer Identification Number)

 

11411 Southern Highlands Parkway, Suite 240

Las Vegas, NV 89141

(Address of principal executive offices) (Zip code)

 

(949) 444-5464

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:    
         
Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Class A Common Stock, $0.001 par value   AULT   NYSE American
13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share   AULT PRD   NYSE American

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding year (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  x    No  ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer  ¨ Accelerated filer  ¨
Non-accelerated filer  x Smaller reporting company  x
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. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨    No  x

 

At May 19, 2024, the registrant had outstanding 30,065,339 shares of Class A common stock.

 

 

  
 

 

AULT ALLIANCE, INC.

TABLE OF CONTENTS

 

      Page
PART I – FINANCIAL INFORMATION  
       
Item 1.   Financial Statements (Unaudited)  
       
    Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 F-1
       
    Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 F-3
       
    Condensed Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2024 and 2023 F-4
       
    Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 F-6
       
    Notes to Condensed Consolidated Financial Statements F-8
       
Item 2.   Management’s Discussion and Analysis of Financial Condition and Results of Operations 1
       
Item 3.    Quantitative and Qualitative Disclosures about Market Risk 7
       
Item 4.   Controls and Procedures 7
       
PART II – OTHER INFORMATION  
       
Item 1.   Legal Proceedings 9
Item 1A.   Risk Factors 9
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 9
Item 3.   Defaults Upon Senior Securities 9
Item 4.   Mine Safety Disclosures 9
Item 5.   Other Information 9
Item 6.   Exhibits 9

 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements that involve a number of risks and uncertainties. Words such as “anticipates,” “expects,” “intends,” “goals,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” “will,” “would,” “should,” “could,” and variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, uncertain events or assumptions, and other characterizations of future events or circumstances are forward-looking statements. Such statements are based on management’s expectations as of the date of this filing and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Such risks and uncertainties include those described throughout this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2023, particularly the “Risk Factors” sections of such reports. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements in this Quarterly Report on Form 10-Q do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that had not been completed as of the date of filing of this Quarterly Report on Form 10-Q. In addition, the forward-looking statements in this Quarterly Report on Form 10-Q are made as of the date of this filing, and we do not undertake, and expressly disclaim any duty to update such statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure may be required by law.

 

  
 

 

PART I – FINANCIAL INFORMATION

 

Item 1.Financial Statements.

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

           
   March 31,   December 31, 
   2024   2023 
ASSETS          
CURRENT ASSETS          
Cash and cash equivalents  $9,430,000   $8,626,000 
Restricted cash   5,463,000    4,966,000 
Marketable equity securities   

9,426,000

    

27,000

 
Accounts receivable, net   11,579,000    10,839,000 
Inventories   7,599,000    8,384,000 
Investment in promissory notes and other, related party   -    3,968,000 
Loans receivable, current   1,364,000    1,234,000 
Prepaid expenses and other current assets   8,035,000    9,450,000 
Current assets of discontinued operations   91,872,000    90,991,000 
TOTAL CURRENT ASSETS   144,768,000    138,485,000 
           
Cash and marketable securities held in trust account   794,000    2,200,000 
Intangible assets, net   5,482,000    5,754,000 
Goodwill   6,010,000    6,088,000 
Property and equipment, net   103,989,000    108,829,000 
Right-of-use assets   7,211,000    6,315,000 
Investments in common stock and equity securities, related party   2,768,000    679,000 
Investments in other equity securities   20,077,000    21,767,000 
Other assets   8,678,000    9,073,000 
TOTAL ASSETS  $299,777,000   $299,190,000 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
           
CURRENT LIABILITIES          
Accounts payable and accrued expenses  $61,759,000   $66,443,000 
Operating lease liability, current   2,385,000    2,119,000 
Notes payable, current   12,370,000    12,866,000 
Notes payable, related party, current   293,000    2,375,000 
Convertible notes payable, current   11,131,000    11,763,000 
Guarantee liability   38,900,000    38,900,000 
Current liabilities of discontinued operations   71,405,000    70,361,000 
TOTAL CURRENT LIABILITIES   198,243,000    204,827,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-1 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (continued)

(Unaudited)

 

   March 31,   December 31, 
   2024   2023 
LONG TERM LIABILITIES          
Operating lease liability, non-current   5,514,000    4,402,000 
Notes payable, non-current   17,314,000    18,158,000 
Convertible notes payable, non-current   9,453,000    9,453,000 
Deferred underwriting commissions of Ault Disruptive Technologies Corporation (“Ault Disruptive”) subsidiary   3,450,000    3,450,000 
TOTAL LIABILITIES   233,974,000    240,290,000 
           
COMMITMENTS AND CONTINGENCIES          
           
Redeemable non-controlling interests in equity of subsidiaries   784,000    2,224,000 
           
STOCKHOLDERS’ EQUITY          
Series A Convertible Preferred Stock, $25 stated value per share, $0.001 par value – 1,000,000 shares authorized; 7,040 shares issued and outstanding at March 31, 2024 and December 31, 2023 (liquidation preference of $176,000 as of March 31, 2024 and December 31, 2023)   -    - 
Series C Convertible Preferred Stock, $1,000 stated value per share, share, $0.001 par value – 50,000 shares authorized; 43,500 and 41,500 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (liquidation preference of $43,500,000 and $41,500,000 at March 31, 2024 and December 31, 2023, respectively)   -    - 
Series D Cumulative Redeemable Perpetual Preferred Stock, $25 stated value per share, $0.001 par value – 2,000,000 shares authorized; 323,835 and 425,197 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively (liquidation preference of $8,096,000 as of March 31, 2024 and December 31, 2023)   -    - 
Class A Common Stock, $0.001 par value – 500,000,000 shares authorized; 30,065,339 and 4,483,459 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively   30,000    4,000 
Class B Common Stock, $0.001 par value – 25,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2024 and December 31, 2023   -    - 
Additional paid-in capital   656,587,000    644,852,000 
Accumulated deficit   (565,035,000)   (567,469,000)
Accumulated other comprehensive loss   (2,061,000)   (2,097,000)
Treasury stock, at cost   (30,571,000)   (30,571,000)
TOTAL AULT ALLIANCE STOCKHOLDERS’ EQUITY   58,950,000    44,719,000 
           
Non-controlling interest   6,069,000    11,957,000 
           
TOTAL STOCKHOLDERS’ EQUITY   65,019,000    56,676,000 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $299,777,000   $299,190,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-2 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

           
   For the Three Months Ended
March 31,
 
   2024   2023 
Revenue  $11,468,000   $13,889,000 

Revenue, digital assets mining

   11,447,000    7,347,000 
Revenue, crane operations   12,918,000    12,646,000 
Revenue, lending and trading activities   9,099,000    (4,939,000)
Total revenue   44,932,000    28,943,000 
Cost of revenue, products   9,164,000    9,787,000 

Cost of revenue, digital assets mining

   8,544,000    8,103,000 
Cost of revenue, crane operations   7,715,000    7,388,000 
Cost of revenue, lending and trading activities   -    1,180,000 
Total cost of revenue   25,423,000    26,458,000 
Gross profit   19,509,000    2,485,000 
Operating expenses          
Research and development   1,072,000    1,842,000 
Selling and marketing   4,660,000    8,796,000 
General and administrative   13,380,000    21,571,000 
Impairment of mined digital assets   -    139,000 
Total operating expenses   19,112,000    32,348,000 
Income (loss) from operations   397,000   (29,863,000)
Other income (expense):          
Interest and other income   583,000    1,197,000 
Interest expense   (4,900,000)   (12,100,000)
Gain on conversion of investment in equity securities to marketable equity securities   

17,900,000

    - 
Gain (loss) on extinguishment of debt   1,405,000    (63,000)
Loss from investment in unconsolidated entity   (667,000)   - 
Impairment of equity securities   -    (9,555,000)
Provision for loan losses, related party   (3,068,000)   - 
Gain on the sale of fixed assets   68,000    4,515,000 
Total other income (expense), net   11,321,000   (16,006,000)
Income (loss) before income taxes   11,718,000   (45,869,000)
Income tax benefit   (44,000)   (263,000)
Net income (loss) from continuing operations   11,762,000   (45,606,000)
Net loss from discontinued operations   (1,801,000)   (3,223,000)
Net income (loss)   9,961,000   (48,829,000)
Net (income) loss attributable to non-controlling interest   (6,244,000)   183,000 
Net income (loss) attributable to Ault Alliance, Inc.   3,717,000   (48,646,000)
Preferred dividends   (1,260,000)   (229,000)
Net income (loss) available to common stockholders  $2,457,000  $(48,875,000)
           
Basic net income (loss) per common share:          
Continuing operations  $0.26  $(971.32)
Discontinued operations   (0.11)   (68.57)
Basic net income (loss) per common share  $0.15  $(1,039.89)
           

Diluted net income (loss) per common share:

          

Continuing operations

  $0.14   $

(971.32

)

Discontinued operations

   (0.05)   (68.57)

Diluted net income (loss) per common share

  $0.09   $

(1,039.89

)
           

Weighted average common shares outstanding:

          
Basic   16,116,000    47,000 
Diluted   36,493,000    47,000 
           
Comprehensive income (loss)          
Net income (loss) available to common stockholders  $2,457,000  $(48,875,000)
Foreign currency translation adjustment   36,000    170,000 
Other comprehensive income   36,000    170,000 
Total comprehensive income (loss)  $2,493,000  $(48,705,000)

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-3 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended March 31, 2024

                                                                       
   Preferred Stock           Additional       Other   Non-       Total 
   Series A   Series C   Series D   Class A Common Stock   Paid-In   Accumulated   Comprehensive   Controlling   Treasury   Stockholders’ 
   Shares   Par Amount   Shares   Par Amount   Shares   Par Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Stock   Equity 
BALANCES, January 1, 2024   7,040   $-    41,500 -  $-    425,197   $-    4,483,459   $4,000   $644,852,000   $(567,469,000)  $(2,097,000)  $11,957,000   $(30,571,000)  $56,676,000 

Issuance of Series C preferred stock, related party

   -    -    2,000    -    -    -    -    -    1,818,000    -    -    -    -    1,818,000 

Fair value of warrants issued in connection with Series C preferred stock, related party

   -    -    -    -    -    -    -    -    182,000    -    -    -    -    182,000 
Stock-based compensation                                           577,000    -    -    -   -    577,000 

Issuance of Class A common stock for cash

   -    -    -    -    -    -    25,609,079    26,000    14,573,000    -    -    -    -    14,599,000 

Financing cost in connection with sales of Class A common stock

   -    -    -    -    -    -    -    -    (513,000)   -    -    -    -    (513,000)

Remeasurement of Ault Disruptive subsidiary temporary equity

   -    -    -    -    -    -    -    -    -    (23,000)   -    -    -    (23,000)

Sale of subsidiary stock to non-controlling interests

   -    -    -    -    -    -    -    -    -    -    -    1,485,000    -    1,469,000 

Distribution to Circle 8 Crane

Services, LLC (“Circle 8”) non-controlling interest

   -    -    -    -    -    -    -    -    -    -    -    (170,000)   -    (170,000)

Conversion of RiskOn International, Inc. (“ROI”) convertible note

   -    -    -    -    -    -    -    -    -    -    -    863,000    -    863,000 
Net income   -    -    - -   -    -    -    -    -    -    3,717,000   -    -    -    3,717,000

Series A preferred dividends ($0.63 per share)

                                                (4,000)                  (4,000)

Series C preferred dividends ($25.53 per share)

                                                (992,000)                  (992,000)

Series D preferred dividends ($0.81 per share)

                                                (264,000)                  (264,000)

Foreign currency translation adjustments

   -    -    -    -    -    -    -    -    -    -    36,000    -    -    36,000 

Net income attributable to non-controlling interest

   -    -    -    -    -    -    -    -    -    -    -    6,244,000   -    6,244,000

Distribution of securities of TurnOnGreen, Inc. (“TurnOnGreen”) to Ault Alliance Class A common stockholders ($2.02 per share)

   -    -    -    -    -    -    -    -    (4,900,000)   -    -    4,900,000    -    - 

Distribution of ROI investment in White River Energy Corp (“White River”)

to ROI stockholders

   -    -    -    -    -    -    -    -    -   -    -    (19,210,000)   -    (19,210,000)
Other   -    -    -    -    (101,362)   -    (27,199)   -    (2,000)   -    -    -    -    (2,000)
BALANCES, March 31, 2024   7,040   $-    43,500 -  $-    323,835   $-    30,065,339   $30,000   $656,587,000   $(565,035,000)  $(2,061,000)  $6,069,000   $(30,571,000)  $65,019,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-4 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

Three Months Ended March 31, 2023

                                                                       
                                           Accumulated             
   Preferred Stock           Additional       Other   Non-       Total 
   Series A   Series B   Series D   Class A Common Stock   Paid-In   Accumulated   Comprehensive   Controlling   Treasury   Stockholders’ 
   Shares   Par Amount   Shares   Par Amount   Shares   Par Amount   Shares   Amount   Capital   Deficit   Loss   Interest   Stock   Equity 
BALANCES, January 1, 2023   7,040   $-    125,000   $-    172,838   $-    50,966   $-   $565,905,000   $(329,078,000)  $(1,100,000)  $17,496,000   $(29,235,000)  $223,988,000 

Issuance of Class A common stock for restricted stock awards

   -    -    -    -    -    -    199    -    -    -    -    -    -    - 
Preferred stock issued for cash   -    -    -    -    90,184    -    -    -    2,255,000    -    -    -    -    2,255,000 
Preferred stock offering costs   -    -    -    -    -    -    -    -    (1,079,000)   -    -    -    -    (1,079,000)
Stock-based compensation   -    -    -    -    -    -    -    -    3,931,000    -    -    617,000    -    4,548,000 

Issuance of Class A common stock for cash

   -    -    -    -    -    -    4,268    -    4,158,000    -    -    -    -    4,157,000 

Financing cost in connection with sales of Class A common stock

   -    -    -    -    -    -    -    -    (105,000)   -    -    -    -    (105,000)

Remeasurement of Ault Disruptive subsidiary temporary equity

   -    -    -    -    -    -    -    -    -    (679,000)   -    -    -    (679,000)

Increase in ownership interest

of subsidiary

   -    -    -    -    -    -    -    -    11,000    -    -    (22,000)   -    (11,000)

Non-controlling position at ROI subsidiary acquired

   -    -    -    -    -    -    -    -    -    -    -    6,357,000    -    6,357,000 

Purchase of treasury stock - Ault Alpha, LP

   -    -    -    -    -    -    -    -    -    -    -    -    (197,000)   (197,000)
Net loss   -    -    -    -    -    -    -    -    -    (48,645,000)   -    -    -    (48,645,000)

Series A preferred dividends ($0.63 per share)

   -    -    -    -    -    -    -    -    -    (4,000)   -    -    -    (4,000)

Series D preferred dividends ($0.81 per share)

   -    -    -    -    -    -    -    -    -    (162,000)   -    -    -    (162,000)

Foreign currency translation adjustments

   -    -    -    -    -    -    -    -    -    -    170,000    -    -    170,000 

Net loss attributable to non-controlling interest

   -    -    -    -    -    -    -    -    -    -    -    (183,000)   -    (183,000)
Other   -    -    -    -    -    -    -    -    (2,000)   (65,000)   (1,000)   -    -    (68,000)
BALANCES, March 31, 2023   7,040   $-    125,000   $-    263,022   $-    55,433   $-   $575,074,000.00   $(378,633,000)  $(931,000)  $24,265,000   $(29,432,000)  $190,343,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-5 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

           
   For the Three Months Ended March 31, 
   2024   2023 
Cash flows from operating activities:          
Net income (loss)  $9,961,000  $(48,829,000)
Net loss from discontinued operations   (1,801,000)   (3,223,000)
Net income (loss) from continuing operations   11,762,000   (45,606,000)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:          
Depreciation and amortization   5,935,000    5,325,000 
Amortization of debt discount   3,653,000    10,302,000 
Amortization of right-of-use assets   583,000    877,000 
Stock-based compensation   577,000    4,548,000 
Gain on the sale of fixed assets   (68,000)   (4,515,000)
Impairment of equity securities   -    11,555,000 
Impairment of digital assets   -    139,000 
Realized gain on the sale of digital assets   (738,000)   (250,000)
Revenue, digital assets mining   (8,862,000)   (7,347,000)
Realized gains on sale of marketable securities   -    3,627,000 
Gain on conversion of investment in equity securities to marketable equity securities   

(17,900,000

)   - 
Unrealized gains on marketable securities   (8,899,000)   (1,908,000)
Unrealized (gains) losses on investments in common stock, related parties   (84,000)   1,598,000 
Income from cash held in trust   (21,000)   - 
Provision for loan losses   -    1,180,000 
Provision for loan losses, related party   3,068,000    - 
(Gain) loss on extinguishment of debt   (1,405,000)   63,000 
Other   (1,196,000)   (83,000)
Changes in operating assets and liabilities:          
Proceeds from the sale of digital assets   8,634,000    7,780,000 
Marketable equity securities   -    21,986,000 
Accounts receivable   (995,000)   5,030,000 
Inventories   775,000    1,936,000 
Prepaid expenses and other current assets   1,041,000    (687,000)
Other assets   395,000    (490,000)
Accounts payable and accrued expenses   (4,385,000)   (3,801,000)
Lease liabilities   (348,000)   (910,000)
Net cash (used in) provided by operating activities from continuing operations   (8,478,000)   10,349,000 
Net cash used in operating activities from discontinued operations   (1,738,000)   (2,646,000)
Net cash (used in) provided by operating activities   (10,216,000)   7,703,000 
Cash flows from investing activities:          
Purchase of property and equipment   (882,000)   (4,308,000)
Investments in loans receivable   (134,000)   (181,000)
Investments in non-marketable equity securities   (120,000)   (102,000)
Proceeds from the sale of fixed assets   -    4,515,000 
Other   (5,000)   22,000 
Net cash used in investing activities from continuing operations   (1,141,000)   (54,000)
Net cash used in investing activities from discontinued operations   (589,000)   (2,713,000)
Net cash used in investing activities   (1,730,000)   (2,767,000)

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-6 
 

 

AULT ALLIANCE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(Unaudited)

 

   For the Three Months Ended March 31, 
   2024   2023 
Cash flows from financing activities:          
Gross proceeds from sales of Class A common stock  $14,599,000   $4,158,000 
Financing cost in connection with sales of Class A common stock   (513,000)   (105,000)
Proceeds from sales of Series D preferred stock   -    2,255,000 
Financing cost in connection with sales of Series D preferred stock   -    (1,079,000)
Proceeds from sales of Series C preferred stock and warrants to purchase Class A common stock, related party   2,000,000    - 
Proceeds from subsidiaries’ sale of stock to non-controlling interests   1,485,000    - 
Distribution to Circle 8 non-controlling interest   (170,000)   - 
Proceeds from notes payable   2,311,000    2,500,000 
Repayment of margin accounts   -    (767,000)
Payments on notes payable   (5,155,000)   (19,651,000)
Payments on convertible notes payable, related party   (188,000)   - 
Payments on notes payable, related party   (1,894,000)   - 
Payments of preferred dividends   (1,260,000)   (229,000)
Purchase of treasury stock   -    (197,000)
Proceeds from sales of convertible notes   1,800,000    2,680,000 
Payments on convertible notes   (1,030,000)   (160,000)
Net cash provided by (used in) financing activities from continuing operations   11,985,000    (10,595,000)
Net cash provided by financing activities from discontinued operations   1,056,000    2,498,000 
Net cash provided by (used in) financing activities   13,041,000    (8,097,000)
           
Effect of exchange rate changes on cash and cash equivalents   574,000    177,000 
Discontinued operations cash contributions from parent   1,639,000    81,000 
           
Net increase (decrease) in cash and cash equivalents and restricted cash - continuing operations   1,301,000    (203,000)
Net increase (decrease) in cash and cash equivalents and restricted cash - discontinued operations   368,000    (2,781,000)
Net increase (decrease) in cash and cash equivalents and restricted cash   1,669,000    (2,984,000)
           
Cash and cash equivalents and restricted cash at beginning of period - continuing operations   13,592,000    8,674,000 
Cash and cash equivalents and restricted cash at beginning of period - discontinued operations   1,776,000    5,381,000 
Cash and cash equivalents and restricted cash at beginning of period   15,368,000    14,055,000 
           
Cash and cash equivalents and restricted cash at end of period   17,037,000    11,071,000 
Less cash and cash equivalents and restricted cash of discontinued operations at end of period   (2,144,000)   (2,601,000)
Cash and cash equivalents and restricted cash of continued operations at end of period  $14,893,000   $8,470,000 
           
Supplemental disclosures of cash flow information:          
Cash paid during the period for interest - continuing operations  $1,945,000   $2,990,000 
Cash paid during the period for interest - discontinued operations  $2,023,000   $1,668,000 
           
Non-cash investing and financing activities:          
Settlement of accounts payable with digital assets  $8,000   $- 

Settlement of interest payable with digital assets

  $ 142,000   $- 
Settlement of note payable with digital assets  $506,000   $- 
Conversion of convertible notes payable, related party into shares of Class A common stock  $-   $400,000 
Conversion of debt and equity securities to marketable securities  $1,810,000   $13,340,000 
Conversion of loans receivable to marketable securities  $-   $5,430,000 
Exchange of related party advances for investment in other equity securities, related party  $2,000,000   $- 
Recognition of new operating lease right-of-use assets and lease liabilities  $1,725,000   $- 
Remeasurement of Ault Disruptive temporary equity  $23,000   $679,000 
Dividend of ROI investment in White River to ROI shareholders  $19,210,000   $- 
Redeemable non-controlling interests in equity of subsidiaries paid with cash and marketable securities held in trust account  $1,463,000   $- 
Dividend paid in TurnOnGreen common stock in additional paid-in capital  $4,900,000   $- 
Debt discount from accrued lender profit participation rights  $-   $8,500,000 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 F-7 
 

 

1. DESCRIPTION OF BUSINESS

 

Ault Alliance, Inc., a Delaware corporation (“Ault Alliance” or the “Company”) is a diversified holding company pursuing growth by acquiring and developing undervalued businesses and disruptive technologies with a global impact. Through its wholly- and majority-owned subsidiaries and strategic investments, the Company owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary.

 

The Company has the following seven reportable segments:

 

·Energy and Infrastructure (“Energy”) – crane operations, advanced textiles processing and oil exploration;

 

·Technology and Finance (“Fintech”) – commercial lending, activist investing, and stock trading;

 

·Sentinum, Inc. (“Sentinum”) – digital assets mining operations and colocation and hosting services for the emerging artificial intelligence ecosystems and other industries;

 

·Gresham Worldwide, Inc., formerly known as Giga-tronics Incorporated (“GIGA”) – defense industry;

 

·TurnOnGreen – commercial electronics solutions;

 

·ROI – immersive metaverse platform, media, and digital learning; and

 

·Ault Disruptive – a special purpose acquisition company.

 

2. LIQUIDITY AND FINANCIAL CONDITION

 

As of March 31, 2024, the Company had cash and cash equivalents of $9.4 million, negative working capital of $53.5 million and a history of net operating losses. The Company has financed its operations principally through issuances of convertible debt, promissory notes and equity securities. These factors create substantial doubt about the Company’s ability to continue as a going concern for at least one year after the date that these condensed consolidated financial statements are issued.

 

The condensed consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Accordingly, the condensed consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

 

In making this assessment management performed a comprehensive analysis of the Company’s current circumstances, including its financial position, cash flow and cash usage forecasts, as well as obligations and debts. Although management has a long history of successful capital raises, the analysis used to determine the Company’s ability as a going concern does not include cash sources beyond the Company’s direct control that management expects to be available within the next 12 months.

 

Management expects that the Company’s existing cash and cash equivalents, accounts receivable and marketable securities as of March 31, 2024, will not be sufficient to enable the Company to fund its anticipated level of operations through one year from the date these financial statements are issued. Management anticipates raising additional capital through the private and public sales of the Company’s equity or debt securities and selling its marketable securities as well as digital assets, or a combination thereof. Although management believes that such capital sources will be available, there can be no assurances that financing will be available to the Company when needed in order to allow the Company to continue its operations, or if available, on terms acceptable to the Company. If the Company does not raise sufficient capital in a timely manner, among other things, the Company may be forced to scale back or cease its operations altogether.

 

 F-8 
 

 

3. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and do not include all the information and disclosures required by generally accepted accounting principles in the United States of America (“GAAP”). The Company has made estimates and judgments affecting the amounts reported in the Company’s condensed consolidated financial statements and the accompanying notes. The actual results experienced by the Company may differ materially from the Company’s estimates. The condensed consolidated financial information is unaudited but reflects all normal adjustments that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods presented.

 

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2024. The condensed consolidated balance sheet as of December 31, 2023 was derived from the Company’s audited 2023 financial statements contained in the above referenced 2023 Annual Report. Results of the three months ended March 31, 2024, are not necessarily indicative of the results to be expected for the full year ending December 31, 2024.

 

Significant Accounting Policies

 

Other than as noted below, there have been no material changes to the Company’s significant accounting policies previously disclosed in the 2023 Annual Report.

 

Reclassifications

 

Certain prior period amounts have been reclassified for comparative purposes to conform to the current-period financial statement presentation. These reclassifications had no effect on previously reported results of operations.

 

Recently Issued Accounting Standards

 

On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires entities to disclose specific rate reconciliations, amount of income taxes separated by federal and individual jurisdiction, and the amount of income (loss) from continuing operations before income tax expense (benefit) disaggregated between federal, state, and foreign. The new standard is effective for the Company for its fiscal year beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

 

On November 27, 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is designed to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker. The new standard is effective for the Company for its fiscal year beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adopting the standard.

 

4. ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS

 

Presentation of Ault Global Real Estate Equities, Inc. (“AGREE”) Operations

 

In September 2023, the Company committed to a plan for its wholly owned subsidiary AGREE to list for sale its four recently renovated Midwest hotels, the Hilton Garden Inn in Madison West, the Residence Inn in Madison West, the Courtyard in Madison West, and the Hilton Garden Inn in Rockford. The decision to sell the hotels follows the decision to also list the multifamily development site in St. Petersburg, Florida and is driven by the Company’s desire to focus on its core businesses, Energy, Fintech and Sentinum.

 

In connection with the planned sale of AGREE assets, the Company concluded that the net assets of AGREE met the criteria for classification as held for sale. In addition, the proposed sale represents a strategic shift that will have a significant effect on the Company’s operations and financial results. As a result, the Company has presented the results of operations, cash flows and financial position of AGREE as discontinued operations in the accompanying consolidated financial statements and notes for all periods presented.

 

As of March 31, 2024 and December 31, 2023, the Company has classified the total assets and total liabilities associated with AGREE as current in the consolidated balance sheets.

 

 F-9 
 

 

The following table presents the assets and liabilities of AGREE operations:

          
   March 31,   December 31, 
   2024   2023 
Cash and cash equivalents  $1,285,000   $1,080,000 
Restricted cash   859,000    697,000 
Accounts receivable   204,000    247,000 
Inventories   59,000    50,000 
Property and equipment, net - current   89,114,000    88,525,000 
Prepaid expenses and other current assets   351,000    392,000 
Total current assets   91,872,000    90,991,000 
           
Property and equipment, net   -    - 
Total assets   91,872,000    90,991,000 
Accounts payable and accrued expenses   2,985,000    3,099,000 
Notes payable, current   68,420,000    67,262,000 
Total current liabilities   71,405,000    70,361,000 
           
Total liabilities   71,405,000    70,361,000 
Net assets of discontinued operations  $20,467,000   $20,630,000 

 

A disposal group classified as held for sale shall be measured at the lower of its carrying amount or fair value less costs to sell. No impairment was recognized up reclassification of the disposal group as assets and liabilities held for sale.

 

The following table presents the results of AGREE operations:

          
   For the Three Months Ended 
   March 31, 
   2024   2023 
 Revenue, hotel and real estate operations  $3,006,000   $2,243,000 
 Cost of revenue, hotel operations   2,817,000    2,688,000 
 Gross profit   189,000    (445,000)
 General and administrative   407,000    1,110,000 
 Total operating expenses   407,000    1,110,000 
 Loss from operations   (218,000)   (1,555,000)
 Interest expense   (1,583,000)   (1,668,000)
 Net loss from discontinued operations  $(1,801,000)  $(3,223,000)

 

 F-10 
 

 

The cash flow activity related to discontinued operations is presented separately on the statement of cash flows as summarized below:

          
   For the Three Months Ended March 31, 
   2024   2023 
Cash flows from operating activities:          
Net loss  $(1,801,000)  $(3,223,000)
Adjustments to reconcile net loss to net cash provided by operating activities:          
Depreciation and amortization   -    838,000 
Amortization of debt discount   101,000    98,000 
Changes in operating assets and liabilities:          
Accounts receivable   43,000    114,000 
Inventories   (9,000)   (12,000)
Prepaid expenses and other current assets   41,000    (32,000)
Accounts payable and accrued expenses   (113,000)   (429,000)
Net cash used in operating activities   (1,738,000)   (2,646,000)
Cash flows from investing activities:          
Purchase of property and equipment   (589,000)   (2,713,000)
Net cash used in investing activities   (589,000)   (2,713,000)
Cash flows from financing activities:          
Proceeds from notes payable   1,056,000    2,498,000 
Cash contributions from parent   1,639,000    81,000 
Net cash provided by financing activities   2,695,000    2,579,000 
Net increase (decrease) in cash and cash equivalents and restricted cash   368,000    (2,780,000)
           
Cash and cash equivalents and restricted cash at beginning of period   1,776,000    5,381,000 
           
Cash and cash equivalents and restricted cash at end of period  $2,144,000   $2,601,000 
           
Supplemental disclosures of cash flow information:          
Cash paid during the period for interest  $1,583,000   $1,668,000 

 

Change in Plan of Sale of AGREE Hotel Properties

 

On April 30, 2024, the Company had a change in plan of sale for its four hotels owned and operated by AGREE. As a result, as of April 30, 2024, the assets will no longer meet the held for sale criteria and will be required to be reclassified as held and used at the lower of adjusted carrying value or the fair value at the date of the subsequent decision not to sell.

 

 F-11 
 

 

5. REVENUE DISAGGREGATION

 

The following tables summarize disaggregated customer contract revenues and the source of the revenue for the three months ended March 31, 2024 and 2023. Revenues from lending and trading activities included in consolidated revenues were primarily interest, dividend and other investment income, which are not considered to be revenues from contracts with customers under GAAP.

 

The Company’s disaggregated revenues consisted of the following for the three months ended March 31, 2024 (excludes Ault Disruptive, as that segment has no revenue):

                                        
   GIGA   TurnOnGreen   Fintech   Sentinum   Energy   ROI  

Holding

Company

   Total 
Primary Geographical Markets                                        
North America  $2,065,000   $1,157,000   $-   $11,749,000   $12,918,000   $28,000   $301,000   $28,218,000