Exhibit 99.1
AULT ALLIANCE, INC. AND SUBSIDIARIES
RESTATED CONSOLIDATED BALANCE SHEET
For the Year Ended | ||||||||||||
December 31, 2022 | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS | ||||||||||||
Cash and cash equivalents | $ | 10,492,000 | $ | 10,492,000 | ||||||||
Restricted cash | 3,563,000 | 3,563,000 | ||||||||||
Cash and marketable securities held in trust account | - | 118,193,000 | 118,193,000 | |||||||||
Marketable equity securities | 6,590,000 | 6,590,000 | ||||||||||
Digital currencies | 554,000 | 554,000 | ||||||||||
Accounts receivable | 19,586,000 | 19,586,000 | ||||||||||
Accrued revenue | 2,479,000 | 2,479,000 | ||||||||||
Inventories | 22,080,000 | 22,080,000 | ||||||||||
Investment in promissory notes and other, related party | 2,868,000 | 2,868,000 | ||||||||||
Loans receivable, current | 7,385,000 | 7,385,000 | ||||||||||
Prepaid expenses and other current assets | 11,711,000 | 11,711,000 | ||||||||||
TOTAL CURRENT ASSETS | 87,308,000 | 118,193,000 | 205,501,000 | |||||||||
Cash and marketable securities held in trust account | 118,193,000 | (118,193,000 | ) | - | ||||||||
Intangible assets, net | 34,786,000 | 34,786,000 | ||||||||||
Goodwill | 27,902,000 | 27,902,000 | ||||||||||
Property and equipment, net | 229,914,000 | 229,914,000 | ||||||||||
Right-of-use assets | 8,419,000 | 8,419,000 | ||||||||||
Investments in common stock, related parties | 6,449,000 | 6,449,000 | ||||||||||
Investments in other equity securities | 42,494,000 | 42,494,000 | ||||||||||
Investment in unconsolidated entity | - | - | ||||||||||
Loans receivable, non-current | 208,000 | 208,000 | ||||||||||
Other assets | 5,841,000 | 5,841,000 | ||||||||||
TOTAL ASSETS | $ | 561,514,000 | $ | - | $ | 561,514,000 | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||
CURRENT LIABILITIES | ||||||||||||
Accounts payable and accrued expenses | $ | 62,644,000 | $ | 62,644,000 | ||||||||
Investment margin accounts payable | 767,000 | 767,000 | ||||||||||
Operating lease liability, current | 2,975,000 | 2,975,000 | ||||||||||
Notes payable, net | 39,621,000 | 39,621,000 | ||||||||||
Convertible notes payable, current | 1,325,000 | 1,325,000 | ||||||||||
Redeemable noncontrolling interests in equity of subsidiaries, 11,500,000 | ||||||||||||
shares of Ault Disruptive common stock at redemption value | - | 117,993,000 | 117,993,000 | |||||||||
TOTAL CURRENT LIABILITIES | 107,332,000 | 117,993,000 | 225,325,000 |
AULT ALLIANCE, INC. AND SUBSIDIARIES
RESTATED CONSOLIDATED BALANCE SHEET (continued)
For the Year Ended | ||||||||||||
December 31, 2022 | ||||||||||||
As Reported | Adjustment | As Restated | ||||||||||
LONG TERM LIABILITIES | ||||||||||||
Operating lease liability, non-current | 5,836,000 | 5,836,000 | ||||||||||
Notes payable | 91,464,000 | 91,464,000 | ||||||||||
Convertible notes payable | 11,451,000 | 11,451,000 | ||||||||||
Deferred underwriting commissions of Ault Disruptive subsidiary | 3,450,000 | 3,450,000 | ||||||||||
TOTAL LIABILITIES | 219,533,000 | 117,993,000 | 337,526,000 | |||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||||
Redeemable noncontrolling interests in equity of subsidiaries, 11,500,000 | ||||||||||||
shares of Ault Disruptive common stock at redemption value | 117,993,000 | (117,993,000 | ) | - | ||||||||
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 December 31, 2022 and 2021 | ||||||||||||
(liquidation preference of $176,000 as of December 31, 2022 and 2021) | ||||||||||||
Series B Convertible Preferred Stock, $10 stated value per share, | - | - | ||||||||||
$0.001 par value – 500,000 shares authorized; 125,000 shares | ||||||||||||
issued and outstanding at December 31, 2022 and 2021 (liquidation | ||||||||||||
preference of $1,190,000 at December 31, 2022 and 2021) | ||||||||||||
Series D Cumulative Redeemable Perpetual Preferred Stock, $25 stated | - | - | ||||||||||
value per share, $0.001 par value – 2,000,000 shares authorized; | ||||||||||||
172,838 shares and 0 shares issued and outstanding at | ||||||||||||
December 31, 2022 and 2021, respectively (liquidation preference of | ||||||||||||
$4,321,000 and $0 as of December 31, 2022 and 2021, respectively) | ||||||||||||
Class A Common Stock, $0.001 par value – 500,000,000 shares authorized; | 382,000 | 382,000 | ||||||||||
382,247,203 and 84,344,607 shares issued and outstanding at December 31, | ||||||||||||
2022 and 2021, respectively | ||||||||||||
Class B Common Stock, $0.001 par value – 25,000,000 shares | - | - | ||||||||||
authorized; 0 shares issued and outstanding at December 31, 2022 and 2021 | ||||||||||||
Additional paid-in capital | 565,523,000 | 565,523,000 | ||||||||||
Accumulated deficit | (329,078,000 | ) | (329,078,000 | ) | ||||||||
Accumulated other comprehensive loss | (1,100,000 | ) | (1,100,000 | ) | ||||||||
Treasury stock, at cost | (29,235,000 | ) | (29,235,000 | ) | ||||||||
TOTAL AULT ALLIANCE STOCKHOLDERS’ EQUITY | 206,492,000 | - | 206,492,000 | |||||||||
Non-controlling interest | 17,496,000 | - | 17,496,000 | |||||||||
TOTAL STOCKHOLDERS’ EQUITY | 223,988,000 | - | 223,988,000 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 561,514,000 | $ | - | $ | 561,514,000 |