Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 18, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 1-12711 | |
Entity Registrant Name | AULT ALLIANCE, INC. | |
Entity Central Index Key | 0000896493 | |
Entity Tax Identification Number | 94-1721931 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 11411 Southern Highlands Pkwy | |
Entity Address, Address Line Two | 240 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89141 | |
City Area Code | (949) | |
Local Phone Number | 444-5464 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 5,553,027 | |
Class A Common Stock, $0.001 par value | ||
Title of 12(b) Security | Class A Common Stock, $0.001 par value | |
Trading Symbol | AULT | |
Security Exchange Name | NYSEAMER | |
13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share | ||
Title of 12(b) Security | 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share | |
Trading Symbol | AULT PRD | |
Security Exchange Name | NYSEAMER |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 19,705,000 | $ 10,492,000 |
Restricted cash | 1,092,000 | 3,563,000 |
Cash and marketable securities held in trust account | 118,193,000 | |
Marketable equity securities | 653,000 | 6,590,000 |
Accounts receivable | 13,534,000 | 19,586,000 |
Inventories | 20,999,000 | 22,080,000 |
Investment in promissory notes and other, related party | 2,968,000 | 2,868,000 |
Loans receivable, current | 1,165,000 | 7,593,000 |
Prepaid expenses and other current assets | 16,745,000 | 14,744,000 |
TOTAL CURRENT ASSETS | 76,861,000 | 205,709,000 |
Cash and marketable securities held in trust account | 2,143,000 | |
Intangible assets, net | 17,290,000 | 34,786,000 |
Goodwill | 9,158,000 | 27,902,000 |
Property and equipment, net | 227,860,000 | 229,914,000 |
Right-of-use assets | 7,333,000 | 8,419,000 |
Investments in common stock, related parties | 5,836,000 | 6,449,000 |
Investments in other equity securities | 25,856,000 | 42,494,000 |
Other assets | 6,053,000 | 5,841,000 |
TOTAL ASSETS | 378,390,000 | 561,514,000 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 81,131,000 | 63,411,000 |
Dividend payable in TurnOnGreen common stock | 5,200,000 | |
Operating lease liability, current | 2,479,000 | 2,975,000 |
Notes payable, net | 46,434,000 | 39,621,000 |
Convertible notes payable, current | 3,326,000 | 1,325,000 |
Redeemable noncontrolling interests in equity of subsidiaries | 117,993,000 | |
TOTAL CURRENT LIABILITIES | 146,833,000 | 225,325,000 |
LONG TERM LIABILITIES | ||
Operating lease liability, non-current | 5,145,000 | 5,836,000 |
Notes payable | 87,561,000 | 91,464,000 |
Convertible notes payable | 11,949,000 | 11,451,000 |
Deferred underwriting commissions of Ault Disruptive Technologies Corporation (“Ault Disruptive”) subsidiary | 3,450,000 | 3,450,000 |
TOTAL LIABILITIES | 254,938,000 | 337,526,000 |
Redeemable noncontrolling interests in equity of subsidiaries | 1,951,000 | |
STOCKHOLDERS’ EQUITY | ||
Additional paid-in capital | 573,386,000 | 565,904,000 |
Accumulated deficit | (444,371,000) | (329,078,000) |
Accumulated other comprehensive loss | (1,450,000) | (1,100,000) |
Treasury stock, at cost | (29,919,000) | (29,235,000) |
TOTAL AULT ALLIANCE STOCKHOLDERS’ EQUITY | 97,648,000 | 206,492,000 |
Non-controlling interest | 23,853,000 | 17,496,000 |
TOTAL STOCKHOLDERS’ EQUITY | 121,501,000 | 223,988,000 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 378,390,000 | 561,514,000 |
Series E Convertible Preferred Liability [Member] | ||
CURRENT LIABILITIES | ||
Convertible preferred liability | 7,055,000 | |
Series G Convertible Preferred Liability [Member] | ||
CURRENT LIABILITIES | ||
Convertible preferred liability | 1,208,000 | |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, value | ||
Series B Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, value | ||
Series D Preferred Stock [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Preferred Stock, value | ||
Common Class A [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock, value | 2,000 | 1,000 |
Common Class B [Member] | ||
STOCKHOLDERS’ EQUITY | ||
Common Stock, value |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Series E Convertible Preferred Liability [Member] | ||
Convertible Preferred Liability, stated value per share | $ 100 | $ 100 |
Convertible Preferred Liability, per value | $ 0.001 | $ 0.001 |
Convertible Preferred Liability, shares authorized | 83,000 | 83,000 |
Convertible Preferred Liability, shares issued | 83,000 | 0 |
Convertible Preferred Liability, shares outstanding | 83,000 | 0 |
Preferred stock, liquidation preference, value | $ 8,300,000 | |
Series G Convertible Preferred Liability [Member] | ||
Convertible Preferred Liability, stated value per share | $ 100 | $ 100 |
Convertible Preferred Liability, per value | $ 0.001 | $ 0.001 |
Convertible Preferred Liability, shares authorized | 16,000 | 16,000 |
Convertible Preferred Liability, shares issued | 14,208 | 0 |
Convertible Preferred Liability, shares outstanding | 14,208 | 0 |
Preferred stock, liquidation preference, value | $ 1,421,000 | |
Series A Preferred Stock [Member] | ||
Preferred stock, liquidation preference, value | $ 176,000 | $ 176,000 |
Convertible preferred stock, stated value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 7,040 | 7,040 |
Preferred stock, shares outstanding | 7,040 | 7,040 |
Series B Preferred Stock [Member] | ||
Preferred stock, liquidation preference, value | $ 1,190,000 | $ 1,190,000 |
Convertible preferred stock, stated value (in dollars per share) | $ 10 | $ 10 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 125,000 | 125,000 |
Preferred stock, shares outstanding | 125,000 | 125,000 |
Series D Preferred Stock [Member] | ||
Preferred stock, liquidation preference, value | $ 10,630,000 | $ 4,321,000 |
Convertible preferred stock, stated value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, par or stated value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 2,000,000 | 425,197 |
Preferred stock, shares issued | 172,838 | 172,838 |
Preferred stock, shares outstanding | 172,838 | 172,838 |
Common Class A [Member] | ||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 1,526,411 | 1,274,157 |
Common stock, shares outstanding | 1,526,411 | 1,274,157 |
Common Class B [Member] | ||
Common stock, par or stated value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 0 | 0 |
Common stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total revenue | $ 47,408,000 | $ 17,366,000 | $ 78,594,000 | $ 50,192,000 |
Total cost of revenue | 29,523,000 | 12,369,000 | 58,669,000 | 22,863,000 |
Gross profit | 17,885,000 | 4,997,000 | 19,925,000 | 27,329,000 |
Operating expenses | ||||
Research and development | 1,804,000 | 729,000 | 3,646,000 | 1,424,000 |
Selling and marketing | 9,575,000 | 6,979,000 | 18,371,000 | 13,460,000 |
General and administrative | 21,317,000 | 19,032,000 | 43,998,000 | 32,719,000 |
Impairment of goodwill and intangible assets | 35,570,000 | 35,570,000 | ||
Impairment of mined cryptocurrency | 124,000 | 1,976,000 | 263,000 | 2,415,000 |
Total operating expenses | 68,390,000 | 28,716,000 | 101,848,000 | 50,018,000 |
Loss from operations | (50,505,000) | (23,719,000) | (81,923,000) | (22,689,000) |
Other income (expense): | ||||
Interest and other income | 2,382,000 | 81,000 | 3,579,000 | 530,000 |
Interest expense | (15,927,000) | (2,031,000) | (29,657,000) | (31,855,000) |
Loss on extinguishment of debt | (91,000) | (154,000) | ||
Realized and unrealized (loss) gain on marketable securities | (206,000) | 198,000 | (244,000) | 307,000 |
Loss from investment in unconsolidated entity | (391,000) | (924,000) | ||
Impairment of equity securities | (9,555,000) | |||
(Loss) gain on the sale of fixed assets | (1,754,000) | 2,761,000 | ||
Change in fair value of warrant liability | 3,217,000 | (6,000) | 3,217,000 | (24,000) |
Total other expense, net | (12,379,000) | (2,149,000) | (30,053,000) | (31,966,000) |
Loss before income taxes | (62,884,000) | (25,868,000) | (111,976,000) | (54,655,000) |
Income tax provision | 1,368,000 | 217,000 | 1,105,000 | 217,000 |
Net loss | (64,252,000) | (26,085,000) | (113,081,000) | (54,872,000) |
Net loss attributable to non-controlling interest | 3,569,000 | 321,000 | 3,752,000 | 336,000 |
Net loss attributable to Ault Alliance, Inc. | (60,683,000) | (25,764,000) | (109,329,000) | (54,536,000) |
Preferred dividends | (321,000) | (44,000) | (550,000) | (49,000) |
Net loss available to common stockholders | $ (61,004,000) | $ (25,808,000) | $ (109,879,000) | $ (54,585,000) |
Basic net loss per common share | $ (50.08) | $ (26.73) | $ (91.41) | $ (85.83) |
Diluted net loss per common share | $ (50.08) | $ (26.73) | $ (91.41) | $ (85.83) |
Weighted average basic common shares outstanding | 1,218,000 | 966,000 | 1,202,000 | 636,000 |
Weighted average diluted common shares outstanding | 1,218,000 | 966,000 | 1,202,000 | 636,000 |
Comprehensive loss | ||||
Net loss available to common stockholders | $ (61,004,000) | $ (25,808,000) | $ (109,879,000) | $ (54,585,000) |
Foreign currency translation adjustment | (520,000) | (1,471,000) | (350,000) | (1,758,000) |
Other comprehensive loss | (520,000) | (1,471,000) | (350,000) | (1,758,000) |
Total comprehensive loss | (61,524,000) | (27,279,000) | (110,229,000) | (56,343,000) |
Cost of Sales [Member] | ||||
Total cost of revenue | 9,036,000 | 5,044,000 | 18,823,000 | 10,792,000 |
Cost Of Revenue Crypto Currency Mining [Member] | ||||
Total cost of revenue | 9,726,000 | 4,453,000 | 17,829,000 | 6,950,000 |
Cost of Sales Hotel Operations [Member] | ||||
Total cost of revenue | 3,120,000 | 2,872,000 | 5,808,000 | 5,121,000 |
Cost Of Sales Crane Operations [Member] | ||||
Total cost of revenue | 7,641,000 | 15,029,000 | ||
Cost Of Revenue Lending And Trading Activities [Member] | ||||
Total cost of revenue | 1,180,000 | |||
Revenue products[Member] | ||||
Total revenue | 12,216,000 | 7,849,000 | 25,647,000 | 16,508,000 |
Revenue Cryptocurrency Mining Net [Member] | ||||
Total revenue | 8,368,000 | 3,976,000 | 15,715,000 | 7,524,000 |
Hotel Operations [Member] | ||||
Total revenue | 4,709,000 | 4,598,000 | 7,410,000 | 7,296,000 |
Crane Operations [Member] | ||||
Total revenue | 12,590,000 | 25,236,000 | ||
Lending and Trading Activities [Member] | ||||
Total revenue | $ 9,525,000 | $ 943,000 | $ 4,586,000 | $ 18,864,000 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] | Treasury Stocks [Member] | Total |
Beginning balance, value at Dec. 31, 2021 | $ 84,000 | $ 385,644,000 | $ (145,600,000) | $ (106,000) | $ 1,613,000 | $ (13,180,000) | $ 228,455,000 | |
Beginning balance, shares at Dec. 31, 2021 | 132,040 | 84,344,607 | ||||||
Preferred stock issued for cash | 3,666,000 | 3,666,000 | ||||||
Issuance of common stock for cash (in shares) | 162,175 | |||||||
Preferred stock offering costs | (537,000) | (537,000) | ||||||
Stock-based compensation | 3,627,000 | 77,000 | 3,704,000 | |||||
Financing cost in connection with sales of common stock | (4,024,000) | (4,024,000) | ||||||
Purchase of treasury stock - Ault Alpha | (7,459,000) | (7,459,000) | ||||||
Net loss | (54,536,000) | (54,536,000) | ||||||
Preferred dividends | (49,000) | (49,000) | ||||||
Foreign currency translation adjustments | (1,758,000) | (1,758,000) | ||||||
Net loss attributable to non-controlling interest | (336,000) | (336,000) | ||||||
Other | (1,000) | 1,000 | 1,000 | 2,000 | 3,000 | |||
Issuance of common stock for restricted stock awards | ||||||||
Issuance of common stock for restricted stock awards (in shares) | 441,879 | |||||||
Preferred stock issued for cash (in shares) | 146,618 | |||||||
Sale of common stock | $ 240,000 | 163,186,000 | 163,426,000 | |||||
Sale of common stock, shares | 239,654,093 | |||||||
Acquisition of non-controlling interests | (1,848,000) | (382,000) | (2,230,000) | |||||
Non-controlling interest from AVLP acquisition | 6,738,000 | 6,738,000 | ||||||
Non-controlling interest from SMC acquisition | 10,336,000 | 10,336,000 | ||||||
Ending balance, value at Jun. 30, 2022 | $ 324,000 | 549,713,000 | (200,184,000) | (1,863,000) | 18,048,000 | (20,639,000) | 345,399,000 | |
Ending balance, shares at Jun. 30, 2022 | 278,658 | 324,440,579 | ||||||
Beginning balance, value at Mar. 31, 2022 | $ 225,000 | 495,536,000 | (174,378,000) | (393,000) | 1,640,000 | (14,172,000) | 308,458,000 | |
Beginning balance, shares at Mar. 31, 2022 | 132,040 | 225,015,203 | ||||||
Preferred stock issued for cash | 3,666,000 | 3,666,000 | ||||||
Preferred stock offering costs | (537,000) | (537,000) | ||||||
Stock-based compensation | 983,000 | 36,000 | 1,019,000 | |||||
Financing cost in connection with sales of common stock | (1,266,000) | (1,266,000) | ||||||
Purchase of treasury stock - Ault Alpha | (6,467,000) | (6,467,000) | ||||||
Net loss | (25,764,000) | (25,764,000) | ||||||
Preferred dividends | (44,000) | (44,000) | ||||||
Foreign currency translation adjustments | (1,471,000) | (1,471,000) | ||||||
Net loss attributable to non-controlling interest | (321,000) | (321,000) | ||||||
Other | (1,000) | 2,000 | 1,000 | 1,000 | 3,000 | |||
Issuance of common stock for restricted stock awards | ||||||||
Issuance of common stock for restricted stock awards (in shares) | 429,379 | |||||||
Preferred stock issued for cash (in shares) | 146,618 | |||||||
Sale of common stock | $ 99,000 | 53,180,000 | 53,279,000 | |||||
Sale of common stock, shares | 98,995,997 | |||||||
Acquisition of non-controlling interests | (1,848,000) | (382,000) | (2,230,000) | |||||
Non-controlling interest from Avalanche International Corp. (“AVLP”) acquisition | 6,738,000 | 6,738,000 | ||||||
Non-controlling interest from The Singing Machine Company, Inc. (“SMC”) acquisition | 10,336,000 | 10,336,000 | ||||||
Ending balance, value at Jun. 30, 2022 | $ 324,000 | 549,713,000 | (200,184,000) | (1,863,000) | 18,048,000 | (20,639,000) | 345,399,000 | |
Ending balance, shares at Jun. 30, 2022 | 278,658 | 324,440,579 | ||||||
Beginning balance, value at Dec. 31, 2022 | $ 1,000 | 565,904,000 | (329,078,000) | (1,100,000) | 17,496,000 | (29,235,000) | 223,988,000 | |
Beginning balance, shares at Dec. 31, 2022 | 304,878 | 1,274,157 | ||||||
Preferred stock issued for cash | 6,309,000 | 6,309,000 | ||||||
Issuance of common stock for cash (in shares) | 209,787 | |||||||
Preferred stock offering costs | (3,431,000) | (3,431,000) | ||||||
Stock-based compensation | 4,683,000 | 1,924,000 | 6,607,000 | |||||
Issuance of common stock for cash | 4,912,000 | 4,912,000 | ||||||
Financing cost in connection with sales of common stock | (132,000) | (132,000) | ||||||
Issuance of common stock for conversion of preferred stock liabilities | 328,000 | 328,000 | ||||||
Issuance of common stock for conversion of preferred stock liabilities, shares | 37,493 | |||||||
Remeasurement of Ault Disruptive subsidiary temporary equity | (5,415,000) | (5,415,000) | ||||||
Increase in ownership interest of subsidiary | 13,000 | (1,245,000) | (1,232,000) | |||||
Sale of subsidiary stock to non-controlling interests | 3,572,000 | 3,572,000 | ||||||
Distribution to Circle 8 non-controlling interest | (500,000) | (500,000) | ||||||
Purchase of treasury stock - Ault Alpha | (685,000) | (685,000) | ||||||
Net loss | (109,329,000) | (109,329,000) | ||||||
Preferred dividends | (550,000) | (550,000) | ||||||
Foreign currency translation adjustments | (350,000) | (350,000) | ||||||
Net loss attributable to non-controlling interest | (3,752,000) | (3,752,000) | ||||||
Dividend payable in TurnOnGreen common stock ($3.52 per share) | (5,200,000) | (5,200,000) | ||||||
Other | 1,000 | 1,000 | 1,000 | 1,000 | 4,000 | |||
Issuance of common stock for restricted stock awards | ||||||||
Issuance of common stock for restricted stock awards (in shares) | 4,974 | |||||||
Preferred stock issued for cash (in shares) | 252,359 | |||||||
Acquisition of non-controlling interests | ||||||||
Non-controlling position at BitNile Metaverse, Inc. (“BMI”) subsidiary acquired | 6,357,000 | 6,357,000 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 2,000 | 573,386,000 | (444,371,000) | (1,450,000) | 23,853,000 | (29,919,000) | 121,501,000 | |
Ending balance, shares at Jun. 30, 2023 | 557,237 | 1,526,411 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 1,000 | 575,073,000 | (378,633,000) | (931,000) | 24,265,000 | (29,432,000) | 190,343,000 | |
Beginning balance, shares at Mar. 31, 2023 | 395,062 | 1,385,822 | ||||||
Preferred stock issued for cash | 5,090,000 | 5,090,000 | ||||||
Issuance of common stock for cash (in shares) | 103,096 | |||||||
Preferred stock offering costs | (3,388,000) | (3,388,000) | ||||||
Stock-based compensation | 752,000 | 1,307,000 | 2,059,000 | |||||
Issuance of common stock for cash | 754,000 | 754,000 | ||||||
Financing cost in connection with sales of common stock | (27,000) | (27,000) | ||||||
Issuance of common stock for conversion of preferred stock liabilities | 328,000 | 328,000 | ||||||
Issuance of common stock for conversion of preferred stock liabilities, shares | 37,493 | |||||||
Remeasurement of Ault Disruptive subsidiary temporary equity | (4,736,000) | (4,736,000) | ||||||
Increase in ownership interest of subsidiary | 2,000 | (1,223,000) | (1,221,000) | |||||
Sale of subsidiary stock to non-controlling interests | 3,572,000 | 3,572,000 | ||||||
Distribution to Circle 8 non-controlling interest | (500,000) | (500,000) | ||||||
Purchase of treasury stock - Ault Alpha | 488,000 | 488,000 | ||||||
Net loss | (60,683,000) | (60,683,000) | ||||||
Preferred dividends | (321,000) | (321,000) | ||||||
Foreign currency translation adjustments | (520,000) | (520,000) | ||||||
Net loss attributable to non-controlling interest | (3,569,000) | (3,569,000) | ||||||
Dividend payable in TurnOnGreen common stock ($3.52 per share) | (5,200,000) | (5,200,000) | ||||||
Other | 1,000 | 2,000 | 2,000 | 1,000 | 1,000 | 1,000 | 8,000 | |
Ending balance, value at Jun. 30, 2023 | $ 2,000 | $ 573,386,000 | $ (444,371,000) | $ (1,450,000) | $ 23,853,000 | $ (29,919,000) | $ 121,501,000 | |
Ending balance, shares at Jun. 30, 2023 | 557,237 | 1,526,411 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (113,081,000) | $ (54,872,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 14,383,000 | 6,618,000 |
Amortization of debt discount | 16,418,000 | 26,493,000 |
Amortization of right-of-use assets | 1,446,000 | 511,000 |
Impairment of goodwill and intangible assets | 35,570,000 | |
Stock-based compensation | 6,607,000 | 3,704,000 |
Gain on the sale of fixed assets | (2,761,000) | |
Impairment of equity securities | 11,555,000 | |
Impairment of cryptocurrencies | 263,000 | 2,415,000 |
Realized gain on the sale of cryptocurrencies | (348,000) | (261,000) |
Revenue, cryptocurrency mining | (15,715,000) | (7,524,000) |
Realized losses on sale of marketable securities | (2,946,000) | (18,585,000) |
Unrealized gains on marketable securities | (3,367,000) | 9,669,000 |
Unrealized losses on investments in common stock, related parties | 628,000 | 9,048,000 |
Unrealized gains on equity securities | (17,021,000) | |
Income from cash held in trust | (2,533,000) | |
Loss from investment in unconsolidated entity | 924,000 | |
Loss on remeasurement of investment in unconsolidated entity | 2,700,000 | |
Provision for loan losses | 1,180,000 | |
Change in the fair value of warrant liability | (3,217,000) | 24,000 |
Other | 54,000 | (712,000) |
Changes in operating assets and liabilities: | ||
Proceeds from the sale of cryptocurrencies | 15,040,000 | 4,377,000 |
Marketable equity securities | 41,197,000 | 50,734,000 |
Accounts receivable | 6,088,000 | (2,311,000) |
Inventories | 1,124,000 | (2,646,000) |
Prepaid expenses and other current assets | (1,077,000) | 2,399,000 |
Other assets | (211,000) | (384,000) |
Accounts payable and accrued expenses | 8,148,000 | 4,706,000 |
Lease liabilities | (1,532,000) | (626,000) |
Net cash provided by operating activities | 12,913,000 | 19,380,000 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (11,346,000) | (72,779,000) |
Investment in promissory notes and other, related parties | (2,200,000) | |
Investments in common stock and warrants, related parties | (4,663,000) | |
Purchase of SMC, net of cash received | (8,239,000) | |
Cash received upon acquisition of AVLP | 1,245,000 | |
Acquisition of non-controlling interests | (2,230,000) | |
Purchase of marketable equity securities | (1,981,000) | |
Sales of marketable equity securities | 11,733,000 | |
Investments in loans receivable | (181,000) | (2,728,000) |
Principal payments on loans receivable | 10,525,000 | |
Investments in equity securities | (10,544,000) | (15,820,000) |
Proceeds from the sale of fixed assets | 4,515,000 | |
Other | (1,310,000) | |
Net cash used in investing activities | (18,866,000) | (87,137,000) |
Cash flows from financing activities: | ||
Gross proceeds from sales of common stock | 4,912,000 | 163,426,000 |
Financing cost in connection with sales of common stock | (132,000) | (4,024,000) |
Proceeds from sales of preferred stock | 6,309,000 | 3,666,000 |
Financing cost in connection with sales of preferred stock | (3,431,000) | (537,000) |
Proceeds from subsidiaries’ sale of stock to non-controlling interests | 3,572,000 | |
Distribution to Circle 8 non-controlling interest | (500,000) | |
Proceeds from notes payable | 30,665,000 | 4,945,000 |
Repayment of margin accounts | (767,000) | (18,488,000) |
Payments on notes payable | (34,057,000) | (65,999,000) |
Payments of preferred dividends | (550,000) | (49,000) |
Purchase of treasury stock | (685,000) | (7,459,000) |
Proceeds from sales of convertible notes | 7,817,000 | |
Payments on convertible notes | (360,000) | |
Net cash provided by financing activities | 12,793,000 | 75,481,000 |
Effect of exchange rate changes on cash and cash equivalents | (98,000) | (152,000) |
Net increase in cash and cash equivalents and restricted cash | 6,742,000 | 7,572,000 |
Cash and cash equivalents and restricted cash at beginning of period | 14,055,000 | 21,233,000 |
Cash and cash equivalents and restricted cash at end of period | 20,797,000 | 28,805,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 4,658,000 | 4,104,000 |
Non-cash investing and financing activities: | ||
Settlement of accounts payable with digital currency | 13,000 | 413,000 |
Conversion of investment in unconsolidated entity for acquisition of AVLP | 23,406,000 | |
Conversion of convertible notes payable, related party into shares of common stock | 400,000 | 400,000 |
Conversion of debt and equity securities to marketable securities | 23,703,000 | 24,828,000 |
Conversion of loans receivable to marketable securities | 5,430,000 | 3,600,000 |
Conversion of interest receivable to marketable securities | 231,000 | |
Recognition of new operating lease right-of-use assets and lease liabilities | 2,188,000 | |
Remeasurement of Ault Disruptive temporary equity | 5,415,000 | |
Preferred stock exchanged for notes payable | 8,591,000 | |
Redeemable noncontrolling interests in equity of Ault Disruptive paid with cash and marketable securities held in trust account | 120,064,000 | |
Dividend payable in TurnOnGreen common stock in additional paid-in capital | $ 5,200,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS Ault Alliance, Inc., a Delaware corporation (“Ault Alliance” or the “Company”) is a diversified holding company pursuing growth by acquiring 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. Ault Alliance was founded by Milton “Todd” Ault, III, its Executive Chairman and is led by Milton “Todd” Ault, III, William B. Horne, its Chief Executive Officer and Vice Chairman and Henry Nisser, its President and General Counsel. Together, they constitute the Executive Committee, which manages the day-to-day operations of the Company. All major investment and capital allocation decisions are made for the Company by the Executive Committee. The Company has the following nine reportable segments: · Energy and Infrastructure (“Energy”) – crane operations, advanced textiles processing and oil exploration; · Technology and Finance (“Fintech”) –commercial lending, activist investing, stock trading, media, and digital learning; · The Singing Machine Company, Inc. (“SMC”) – consumer electronics; · Sentinum, Inc. (“Sentinum”) – cryptocurrency mining operations and colocation and hosting services for the emerging artificial intelligence ecosystems and other industries; · Giga-tronics Incorporated (“GIGA”) – defense industry; · Imperalis Holding Corp., d/b/a TurnOnGreen, Inc. (“TurnOnGreen”) – commercial electronics solutions; · BitNile Metaverse, Inc. (“BMI”) – immersive metaverse platform; · Ault Global Real Estate Equities, Inc. (“AGREE”) – hotel operations and other commercial real estate holdings; and · Ault Disruptive Technologies Corporation (“Ault Disruptive”) – a special purpose acquisition company. Reverse Stock Split On May 15, 2023, pursuant to the authorization provided by the Company’s stockholders at a special meeting of stockholders, the Company’s board of directors approved an amendment to the Certificate of Incorporation to effectuate a reverse stock split of the Company’s issued and outstanding common stock by a ratio of one-for-three hundred (the “Reverse Split”). The Reverse Split did not affect the number of authorized shares of common stock, preferred stock or their respective par value per share. As a result of the Reverse Split, each three hundred shares of common stock issued and outstanding prior to the Reverse Split were converted into one share of common stock. The Reverse Split became effective in the State of Delaware on May 17, 2023. All share amounts in these financial statements have been updated to reflect the Reverse Split. |
LIQUIDITY AND FINANCIAL CONDITI
LIQUIDITY AND FINANCIAL CONDITION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY AND FINANCIAL CONDITION | 2. LIQUIDITY AND FINANCIAL CONDITION As of June 30, 2023, the Company had cash and cash equivalents of $ 19.7 70.0 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 June 30, 2023, 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 and digital currencies, 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 its operations or cease operations altogether. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 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 amended Annual Report on Form 10-K/A for the year ended December 31, 2022 (the “2022 Annual Report”), filed with the Securities and Exchange Commission (the “SEC”) on May 22, 2023. The condensed consolidated balance sheet as of December 31, 2022 was derived from the Company’s audited 2022 financial statements contained in the above referenced 2022 Annual Report. Results of the three and six months ended June 30, 2023, are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 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 2022 Annual Report. Revenue Recognition – Bitcoin Mining The Company recognizes revenue from Bitcon Mining under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: · Step 1: Identify the contract with the customer, · Step 2: Identify the performance obligations in the contract, · Step 3: Determine the transaction price, · Step 4: Allocate the transaction price to the performance obligations in the contract, and · Step 5: Recognize revenue when the company satisfies a performance obligation. The Company has entered into a digital asset mining pool by executing a contract with a mining pool operator to provide computing power to the mining pool. The Company’s customer, as defined in ASC 606-10-20, is with the mining pool operator with whom the Company has agreed to the terms of service and user service agreement. The Company supplies computing power, in exchange for consideration, to the pool operator who in turn provides transaction verification services to third parties via a mining pool that includes other participants. The Company’s enforceable right to compensation begins only when, and lasts as long as, the Company provides computing power to the mining pool operator and is created as power is provided over time. The only consideration due to the Company relates to the provision of computing power. The contracts are terminable at any time by and at no cost to the Company, and by the pool operator. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. Providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is non-cash consideration in the form of Bitcoin. Changes in the fair value of the non-cash consideration due to form of the consideration (changes in the market price of Bitcoin) are not included in the transaction price and therefore, are not included in revenue. The mining pool operator charges fees to cover the costs of maintaining the pool and are deducted from amounts the Company may otherwise earn and are treated as a reduction to the consideration received. Fees fluctuate and historically have been approximately 0.3% per reward earned, on average. In exchange for providing computing power, the Company is entitled to a Full-Pay-Per-Share payout of Bitcoin based on a contractual formula, which primarily calculates the hash rate provided by the Company to the mining pool as a percentage of total network hash rate, and other inputs. The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. The contract is in effect until terminated by either party. All consideration pursuant to this arrangement is variable. It is not probable that a significant reversal of cumulative revenue will occur and the Company is able to calculate the payout based on the contractual formula, non-cash revenue is estimated and recognized based on the spot price of the Company’s principal market for Bitcoin at the inception of each contract, which is determined to be daily. Non-cash consideration is measured at fair value at contract inception. Fair value of the crypto asset consideration is determined using the spot price of the Company’s principal market for Bitcoin at the beginning of the contract period. This amount is estimated and recognized in revenue upon inception, which is when hash rate is provided. There is no significant financing component in these transactions. Expenses associated with running the cryptocurrency mining business, such as equipment depreciation and electricity costs, are recorded as a component of cost of revenues. Preferred Stock Liabilities The Company follows Accounting Standards Codification (“ASC”) 480-10, “Distinguishing Liabilities from Equity” in its evaluation of the accounting for the Preferred Shares (as defined in Note 16). ASC 480-10-25-14 requires liability accounting for certain financial instruments, including shares that embody an unconditional obligation to transfer a variable number of shares, provided that the monetary value of the obligation is based solely or predominantly on one of the following three characteristics: · A fixed monetary amount known at inception; · Variations in something other than the fair value of the issuer’s equity shares; or · Variations in the fair value of the issuer’s equity shares, but the monetary value to the counterparty moves in the opposite direction as the value of the issuer’s shares. The number of shares delivered is determined on the basis of (1) the fixed monetary amount determined as the stated value and (2) the current stock price at settlement, so that the aggregate fair value of the shares delivered equals the monetary value of the obligation, which is fixed or predominantly fixed. Accordingly, the holder is not significantly exposed to gains and losses attributable to changes in the fair value of the Company’s equity shares. Instead, the Company is using its own equity shares as currency to settle a monetary obligation. 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 Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses,” (“ASU No. 2016-13”) to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. This guidance was effective for the Company beginning on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers.” The guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. |
REVENUE DISAGGREGATION
REVENUE DISAGGREGATION | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE DISAGGREGATION | 4. REVENUE DISAGGREGATION The following tables summarize disaggregated customer contract revenues and the source of the revenue for the three and six months ended June 30, 2023 and 2022. 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 June 30, 2023 (excludes Ault Disruptive, as that segment has no revenue): Schedule of disaggregated revenues GIGA TurnOn Green Fintech Sentinum AGREE SMC BMI Energy Total Primary Geographical Markets North America $ 2,856,000 $ 541,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,590,000 $ 31,734,000 Europe 2,270,000 7,000 - - - - - 82,000 2,359,000 Middle East and other 3,614,000 176,000 - - - - - - 3,790,000 Revenue from contracts with customers 8,740,000 724,000 - 8,693,000 4,384,000 2,625,000 45,000 12,672,000 37,883,000 Revenue, lending and trading activities (North America) - - 9,525,000 - - - - - 9,525,000 Total revenue $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 47,408,000 Major Goods or Services RF/microwave filters $ 1,972,000 $ - $ - $ - $ - $ - $ - $ - $ 1,972,000 Power supply units & systems 1,564,000 645,000 - - - - - - 2,209,000 Healthcare diagnostic systems 1,101,000 - - - - - - - 1,101,000 Defense systems 3,899,000 - - - - - - - 3,899,000 Digital currency mining - - - 8,368,000 - - - - 8,368,000 Hotel and real estate operations - - - 325,000 4,384,000 - - - 4,709,000 Karaoke machines and related consumer goods - - - - - 2,625,000 - - 2,625,000 Crane rental - - - - - - - 12,590,000 12,590,000 Other 204,000 79,000 - - - - 45,000 82,000 410,000 Revenue from contracts with customers 8,740,000 724,000 - 8,693,000 4,384,000 2,625,000 45,000 12,672,000 37,883,000 Revenue, lending and trading activities - - 9,525,000 - - - - - 9,525,000 Total revenue $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 47,408,000 Timing of Revenue Recognition Goods transferred at a point in time $ 4,720,000 $ 722,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 82,000 $ 21,271,000 Services transferred over time 4,020,000 2,000 - - - - - 12,590,000 16,612,000 Revenue from contracts with customers $ 8,740,000 $ 724,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 37,883,000 The Company’s disaggregated revenues consisted of the following for the six months ended June 30, 2023 (excludes Ault Disruptive, as that segment has no revenue): GIGA TurnOn Green Fintech Sentinum AGREE SMC BMI Energy Total Primary Geographical Markets North America $ 5,190,000 $ 1,326,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,675,000 $ 61,369,000 Europe 4,711,000 11,000 - - - - - 107,000 4,829,000 Middle East and other 7,547,000 263,000 - - - - - - 7,810,000 Revenue from contracts with customers 17,448,000 1,600,000 - 16,498,000 6,627,000 6,008,000 45,000 25,782,000 74,008,000 Revenue, lending and trading activities (North America) - - 4,586,000 - - - - - 4,586,000 Total revenue $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 78,594,000 Major Goods or Services RF/microwave filters $ 3,219,000 $ - $ - $ - $ - $ - $ - $ - $ 3,219,000 Power supply units & systems 4,678,000 1,470,000 - - - - - - 6,148,000 Healthcare diagnostic systems 2,238,000 - - - - - - - 2,238,000 Defense systems 6,564,000 - - - - - - - 6,564,000 Digital currency mining - - - 15,715,000 - - - - 15,715,000 Hotel and real estate operations - - - 783,000 6,627,000 - - - 7,410,000 Karaoke machines and related consumer goods - - - - - 6,008,000 - - 6,008,000 Crane rental - - - - - - - 25,236,000 25,236,000 Other 749,000 130,000 - - - - 45,000 546,000 1,470,000 Revenue from contracts with customers 17,448,000 1,600,000 - 16,498,000 6,627,000 6,008,000 45,000 25,782,000 74,008,000 Revenue, lending and trading activities - - 4,586,000 - - - - - 4,586,000 Total revenue $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 78,594,000 Timing of Revenue Recognition Goods transferred at a point in time $ 10,126,000 $ 1,595,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 546,000 $ 41,445,000 Services transferred over time 7,322,000 5,000 - - - - - 25,236,000 32,563,000 Revenue from contracts with customers $ 17,448,000 $ 1,600,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 74,008,000 The Company’s disaggregated revenues consisted of the following for the three months ended June 30, 2022: Three months ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Total Primary Geographical Markets North America $ 1,111,000 $ 822,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 10,791,000 Europe 2,540,000 28,000 - - - 2,568,000 Middle East and other 2,852,000 212,000 - - - 3,064,000 Revenue from contracts with customers 6,503,000 1,062,000 12,000 4,248,000 4,598,000 16,423,000 Revenue, lending and trading activities (North America) - - 943,000 - - 943,000 Total revenue $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ 17,366,000 Major Goods or Services RF/microwave filters $ 559,000 $ - $ - $ - $ - $ 559,000 Power supply units & systems 2,307,000 1,016,000 - - - 3,323,000 Healthcare diagnostic systems 1,992,000 - - - - 1,992,000 Defense systems 953,000 - - - - 953,000 Digital currency mining - - - 3,976,000 - 3,976,000 Hotel and real estate operations - - - 272,000 4,598,000 4,870,000 Other 692,000 46,000 12,000 - - 750,000 Revenue from contracts with customers 6,503,000 1,062,000 12,000 4,248,000 4,598,000 16,423,000 Revenue, lending and trading activities - - 943,000 - - 943,000 Total revenue $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ 17,366,000 Timing of Revenue Recognition Goods transferred at a point in time $ 3,601,000 $ 1,062,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 13,521,000 Services transferred over time 2,902,000 - - - - 2,902,000 Revenue from contracts with customers $ 6,503,000 $ 1,062,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 16,423,000 The Company’s disaggregated revenues consisted of the following for the six months ended June 30, 2022: Six months ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Total Primary Geographical Markets North America $ 2,622,000 $ 1,834,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 19,845,000 Europe 4,719,000 47,000 - - - 4,766,000 Middle East and other 6,407,000 310,000 - - - 6,717,000 Revenue from contracts with customers 13,748,000 2,191,000 19,000 8,074,000 7,296,000 31,328,000 Revenue, lending and trading activities (North America) - - 18,864,000 - - 18,864,000 Total revenue $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ 50,192,000 Major Goods or Services RF/microwave filters $ 2,070,000 $ - $ - $ - $ - $ 2,070,000 Power supply units & systems 4,786,000 2,112,000 - - - 6,898,000 Healthcare diagnostic systems 1,992,000 - - - - 1,992,000 Defense systems 4,208,000 - - - - 4,208,000 Digital currency mining - - - 7,524,000 - 7,524,000 Hotel and real estate operations - - - 550,000 7,296,000 7,846,000 Other 692,000 79,000 19,000 - - 790,000 Revenue from contracts with customers 13,748,000 2,191,000 19,000 8,074,000 7,296,000 31,328,000 Revenue, lending and trading activities - - 18,864,000 - - 18,864,000 Total revenue $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ 50,192,000 Timing of Revenue Recognition Goods transferred at a point in time $ 7,113,000 $ 2,191,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 24,693,000 Services transferred over time 6,635,000 - - - - 6,635,000 Revenue from contracts with customers $ 13,748,000 $ 2,191,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 31,328,000 |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy: Fair value, assets measured on recurring basis Fair Value Measurement at June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Investment in common stock of Alzamend Neuro, Inc. (“Alzamend”) – a related party $ 5,836,000 $ 5,836,000 $ - $ - Investments in marketable equity securities 653,000 653,000 - - Cash and marketable securities held in trust account 2,143,000 2,143,000 - - Total assets measured at fair value $ 8,632,000 $ 8,632,000 $ - $ - Liabilities: Series E and G preferred stock liabilities $ 8,263,000 $ - $ - $ 8,263,000 Warrant and embedded conversion feature liabilities 5,605,000 - - 5,605,000 Convertible promissory notes 15,275,000 - - 15,275,000 Total liabilities measured at fair value $ 29,143,000 $ - $ - $ 29,143,000 Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Investment in common stock of Alzamend – a related party $ 6,449,000 $ 6,449,000 $ - $ - Investments in marketable equity securities 6,590,000 6,590,000 - - Cash and marketable securities held in trust account 118,193,000 118,193,000 - - Investments in other equity securities 13,340,000 - - 13,340,000 Total assets measured at fair value $ 144,572,000 $ 131,232,000 $ - $ 13,340,000 Liabilities: Warrant and embedded conversion feature liabilities $ 2,967,000 $ - $ - $ 2,967,000 Convertible promissory notes 12,776,000 - - 12,776,000 Total liabilities measured at fair value $ 15,743,000 $ - $ - $ 15,743,000 The Company assesses the inputs used to measure fair value using the three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market. For investments where little or no public market exists, management’s determination of fair value is based on the best available information which may incorporate management’s own assumptions and involves a significant degree of judgment, taking into consideration various factors including earnings history, financial condition, recent sales prices of the issuer’s securities and liquidity risks. The following table summarizes the changes in investments in other equity securities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2023: Schedule of investments Investments in Balance at January 1, 2023 $ 13,340,000 Conversion to Level 1 marketable securities (13,340,000 ) Balance at June 30, 2023 $ - Equity Investments for Which Measurement Alternative Has Been Selected As of June 30, 2023 and December 31, 2022, the Company held equity investments in other securities, which consisted of investments in preferred stock, valued at $ 25.9 29.2 Measurement Alternative Impairment The Company has made cumulative downward adjustments for impairments for equity securities that do not have readily determinable fair values as of June 30, 2023, totaling $ 11.6 9.6 2.0 |
Marketable EQUITY Securities
Marketable EQUITY Securities | 6 Months Ended |
Jun. 30, 2023 | |
Marketable Equity Securities | |
Marketable EQUITY Securities | 6. Marketable EQUITY Securities Marketable equity securities with readily determinable market prices consisted of the following as of June 30, 2023 and December 31, 2022: Schedule of marketable securities Marketable equity securities at June 30, 2023 Gross unrealized Gross unrealized Cost gains losses Fair value Common shares $ 5,131,000 $ 9,000 $ (4,487,000 ) $ 653,000 Marketable equity securities at December 31, 2022 Gross unrealized Gross unrealized Cost gains losses Fair value Common shares $ 10,271,000 $ 383,000 $ (4,064,000 ) $ 6,590,000 The Company’s investment in marketable equity securities is revalued on each balance sheet date. |
DIGITAL CURRENCIES
DIGITAL CURRENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Digital Currencies | |
DIGITAL CURRENCIES | 7. DIGITAL CURRENCIES The following table presents the activities of the digital currencies (included in prepaid expenses and other current assets) for the six months ended June 30, 2023 and 2022: Schedule of activities of the digital currencies Digital Balance at January 1, 2023 $ 554,000 Additions of mined digital currencies 14,714,000 Payments to vendors (13,000 ) Impairment of mined cryptocurrency (263,000 ) Sale of digital currencies (15,040,000 ) Realized gain on sale of digital currencies 348,000 Balance at June 30, 2023 $ 300,000 Digital Balance at January 1, 2022 $ 2,165,000 Additions of mined digital currencies 7,524,000 Payments to vendors (412,000 ) Impairment of mined cryptocurrency (2,415,000 ) Sale of digital currencies (4,377,000 ) Realized gain on sale of digital currencies 260,000 Balance at June 30, 2022 $ 2,745,000 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 8. PROPERTY AND EQUIPMENT, NET At June 30, 2023 and December 31, 2022, property and equipment consisted of: Schedule of property and equipment June 30, 2023 December 31, 2022 Building and improvements $ 87,159,000 $ 81,102,000 Bitcoin mining equipment 50,640,000 42,438,000 Crane rental equipment 32,681,000 32,453,000 Land 25,646,000 25,646,000 Computer, software and related equipment 27,358,000 23,168,000 Aircraft 15,983,000 15,983,000 Vehicles 4,702,000 3,314,000 Office furniture and equipment 3,210,000 2,854,000 Oil and natural gas properties, unproved properties 3,564,000 972,000 250,943,000 227,930,000 Accumulated depreciation and amortization (23,083,000 ) (9,344,000 ) Property and equipment placed in service, net 227,860,000 218,586,000 Deposits on cryptocurrency machines - 11,328,000 Property and equipment, net $ 227,860,000 $ 229,914,000 Summary of depreciation expense: Schedule of depreciation For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation expense $ 7,966,000 $ 3,725,000 $ 13,876,000 $ 6,287,000 |
INTANGIBLE ASSETS, NET
INTANGIBLE ASSETS, NET | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS, NET | 9. INTANGIBLE ASSETS, NET At June 30, 2023 and December 31, 2022, intangible assets consisted of: Schedule of intangible asset Useful Life June 30, 2023 December 31, Developed technology 3 8 $ 7,984,000 $ 24,584,000 Customer list 8 10 5,829,000 5,865,000 Trade names 5 10 3,916,000 4,316,000 Trade name and trademark Indefinite life 1,513,000 1,493,000 Domain name and other intangible assets 5 599,000 630,000 19,841,000 36,888,000 Accumulated amortization (2,551,000 ) (2,102,000 ) Intangible assets, net $ 17,290,000 $ 34,786,000 The Company’s trade names and trademarks were determined to have an indefinite life. The remaining definite lived intangible assets are primarily being amortized on a straight-line basis over their estimated useful lives. Schedule of indefinite-lived intangible assets For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amortization expense $ 254,000 $ 79,000 $ 507,000 $ 158,000 As of June 30, 2023, intangible assets subject to amortization have an average remaining useful life of 8.2 Schedule of estimated amortization expense 2023 $ 1,029,000 2024 2,026,000 2025 1,926,000 2026 1,826,000 2027 1,826,000 Thereafter 7,144,000 $ 15,777,000 Impairment of AVLP Intangible Assets Due to indicators of impairment, AVLP intangible assets were tested for impairment as of June 30, 2023. Based on internally developed forecasts of undiscounted expected future cash flows, it was determined that the carrying amount of the assets were not recoverable and, based on an assessment of the fair value of the assets, impairment of $17.0 million was recognized as a non-cash impairment charge during the six months ended June 30, 2023. The tradenames and patents/developed technology intangible assets were valued using the relief-from-royalty method. The relief-from-royalty method is one of the methods under the income approach wherein estimates of a company’s earnings attributable to the intangible asset are based on the royalty rate the company would have paid for the use of the asset if it did not own it. Royalty payments are estimated by applying royalty rates of 18% for patents and developed technology and 0.25% for trademarks. The resulting net annual royalty payments are then discounted to present value using a discount factor of 25.7%. |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Goodwill Abstract | |
GOODWILL | 10. GOODWILL The following table summarizes the changes in the Company’s goodwill for the six months ended June 30, 2023: Schedule of goodwill Goodwill Balance as of January 1, 2023 $ 27,902,000 Acquisition of BMI 17,000 Impairment of goodwill (18,570,000 ) Effect of exchange rate changes (191,000 ) Balance as of June 30, 2023 $ 9,158,000 Impairment of AVLP Goodwill The Company tests the recorded amount of goodwill for impairment on an annual basis on December 31 or more frequently if there are indicators that the carrying amount of the goodwill exceeds its carried value. The Company performed a goodwill impairment test as of June 30, 2023 related to AVLP as there were indicators of impairment related to certain unforeseen business developments and changes in financial projections. The valuation of the AVLP reporting unit was determined using a market and income approach methodology of valuation. The income approach was based on the projected cash flows discounted to their present value using discount rates, that in the Company’s judgment, consider the timing and risk of the forecasted cash flows using internally developed forecasts and assumptions. Under the income approach, the discount rate used is the average estimated value of a market participant’s cost of capital and debt, derived using customary market metrics. The analysis included assumptions regarding AVLP’s revenue forecast and discount rates of 26.7% The 18.6 |
CONSOLIDATED VARIABLE INTEREST
CONSOLIDATED VARIABLE INTEREST ENTITY - SMC | 6 Months Ended |
Jun. 30, 2023 | |
Consolidated Variable Interest Entity - Smc | |
CONSOLIDATED VARIABLE INTEREST ENTITY - SMC | 11. CONSOLIDATED VARIABLE INTEREST ENTITY - SMC During the quarter ended June 30, 2023, the Company’s voting interest in SMC was less than 50%. As a result, the Company assessed its interest in SMC under the Variable Interest Entity Model. As a result of that assessment, the Company consolidates SMC as a variable interest entity (a “VIE”) due to the Company’s significant level of influence and control of SMC, the size of its investment, and its ability to participate in policy making decisions. As a result, the Company is considered the primary beneficiary of the VIE. |
BUSINESS COMBINATION
BUSINESS COMBINATION | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATION | 12. BUSINESS COMBINATION BMI Acquisition On March 6, 2023, the Company closed a Share Exchange Agreement (the “Agreement”) with BMI and sold to BMI all of the outstanding shares of capital stock of the Company’s subsidiary, BitNile.com, Inc. (“BitNile.com”) as well as Ault Iconic, Inc. (formerly Ault Media Group, Inc.) and the securities of Earnity, Inc. (“Earnity”) beneficially owned by BitNile.com as of the date of the Agreement (the “Transaction”). As consideration for the acquisition, BMI issued shares of preferred stock convertible into common stock of BMI representing approximately 73.2% of BMI’s outstanding common stock. Pending approval of the transaction by the Nasdaq Stock Market and BMI’s shareholders, the preferred stock combined are subject to a 19.9% beneficial ownership limitation. The Transaction benefits the Company as BMI is a publicly traded company and provides BitNile.com access to capital markets as the primary focus for BMI to fund the expected growth of the BMI metaverse platform. In addition, there are certain synergies between the Company’s Bitcoin mining operations and BMI’s Agora Digital mining business. The holders of preferred stock will be entitled to receive dividends at a rate of 5% of the stated value of the preferred stock. The Company is entitled to appoint three members to the board of directors of BMI and, following shareholder approval, a majority of the board, in each case subject to the approval of the Nasdaq Stock Market. The Company consolidates BMI as a VIE due to its significant level of influence and control of BMI, the size of its investment, and its ability to participate in policy making decisions. The Company is considered the primary beneficiary of the VIE. Schedule of variable interest entities Ault Alliance investment in BMI Amount Common stock $ 287,000 The total purchase price to acquire BMI has been allocated to the assets acquired and assumed liabilities based upon preliminary estimated fair values, with any excess purchase price allocated to goodwill. The goodwill resulting from this acquisition is not tax deductible. The fair value of the acquired assets and assumed liabilities as of the date of acquisition are based on preliminary estimates provided, in part, by a third-party valuation expert. The estimates are subject to change upon the finalization of appraisals and other valuation analyses, which are expected to be completed no later than one year from the date of acquisition. Although the completion of the valuation activities may result in asset and liability fair values that are different from the preliminary estimates included herein, it is not expected that those differences would alter the understanding of the impact of the Transaction on the consolidated financial position and results of operations of the Company. The preliminary purchase price allocation is as follows: Schedule of recognized identified assets acquired and liabilities assumed Preliminary Allocation Fair value of Company interest $ 287,000 Fair value of non-controlling interest 6,357,000 Total consideration $ 6,644,000 Identifiable net assets acquired: Cash $ 67,000 Investment in equity securities 8,076,000 Prepaid expenses and other current assets 172,000 Property and equipment, net 4,109,000 Right-of-use assets 339,000 Accounts payable and accrued expenses (5,790,000 ) Lease liabilities (346,000 ) Net assets acquired 6,627,000 Goodwill $ 17,000 |
INVESTMENTS _ RELATED PARTIES
INVESTMENTS – RELATED PARTIES | 6 Months Ended |
Jun. 30, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
INVESTMENTS – RELATED PARTIES | 13. INVESTMENTS – RELATED PARTIES Investments in Alzamend and Ault & Company, Inc. (“Ault & Company”) at June 30, 2023 and December 31, 2022, were comprised of the following: Investment in Promissory Notes, Related Parties – Ault & Company Schedule of investment Interest June 30, December 31, rate Due Date 2023 2022 Investment in promissory note of Ault & Company 8% December 31, 2023 $ 2,500,000 $ 2,500,000 Accrued interest receivable, Ault & Company 468,000 368,000 Total investment in promissory note, related party $ 2,968,000 $ 2,868,000 Summary of interest income, related party, recorded within interest and other income on the condensed consolidated statement of operations: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income, related party $ 50,000 $ 50,000 $ 100,000 $ 100,000 Investment in Common Stock, Related Parties – Alzamend Schedule of investment in common stock Investments in common stock, related parties at June 30, 2023 Cost Gross unrealized losses Fair value Common shares $ 24,688,000 $ (18,852,000 ) $ 5,836,000 Investments in common stock, related parties at December 31, 2022 Cost Gross unrealized losses Fair value Common shares $ 24,673,000 $ (18,224,000 ) $ 6,449,000 The following table summarizes the changes in the Company’s investments in Alzamend common stock during the three months ended June 30, 2023 and 2023: Schedule of investment in warrants and common stock For the Three Months Ended June 30, 2023 2022 Balance at April 1 $ 4,856,000 $ 8,729,000 Investment in common stock of Alzamend 10,000 4,469,000 Unrealized gain (loss) in common stock of Alzamend 970,000 (4,353,000 ) Balance at June 30 $ 5,836,000 $ 8,845,000 The following table summarizes the changes in the Company’s investments in Alzamend common stock during the six months ended June 30, 2023 and 2023: For the Six Months Ended June 30, 2023 2022 Balance at January 1 $ 6,449,000 $ 13,230,000 Investment in common stock of Alzamend 15,000 4,663,000 Unrealized loss in common stock of Alzamend (628,000 ) (9,048,000 ) Balance at June 30 $ 5,836,000 $ 8,845,000 Unrealized loss in common stock of Alzamend is recorded within revenue from lending and trading activities on the condensed consolidated statements of operations. |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 14. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Other current liabilities at June 30, 2023 and December 31, 2022 consisted of: Schedule of other current liabilities June 30, December 31, 2023 2022 Accounts payable $ 30,841,000 $ 21,347,000 Accrued payroll and payroll taxes 11,625,000 9,939,000 Accrued legal 5,736,000 3,168,000 Short position marketable equity securities 5,253,000 - Interest payable 4,064,000 3,207,000 Warrant derivative liabilities 3,028,000 651,000 Accrued lender profit participation rights 2,497,000 6,000,000 Related party advances 213,000 352,000 Other accrued expenses 17,874,000 17,980,000 $ 81,131,000 $ 62,644,000 |
DIVIDEND PAYABLE IN TURNONGREEN
DIVIDEND PAYABLE IN TURNONGREEN COMMON STOCK | 6 Months Ended |
Jun. 30, 2023 | |
Dividend Payable In Turnongreen Common Stock | |
DIVIDEND PAYABLE IN TURNONGREEN COMMON STOCK | 15. DIVIDEND PAYABLE IN TURNONGREEN COMMON STOCK On June 26, 2023, the Company established a record date for its initial distribution of TurnOnGreen securities. Stockholders as of this date were entitled to 40 shares of TurnOnGreen common stock, along with warrants to purchase 40 shares of TurnOnGreen common stock (the “TurnOnGreen Securities”) for every share of the Company's common stock they held on the record date. The initial distribution was finalized in July 2023. The Company recorded a dividend payable, which was directly offset against equity based on the recorded value of the TurnOnGreen Securities of $ 5.2 |
PREFERRED STOCK LIABILITY
PREFERRED STOCK LIABILITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
PREFERRED STOCK LIABILITY | 16. PREFERRED STOCK LIABILITY March 28, 2023 Security Purchase Agreement On March 28, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (the “Investors”), pursuant to which the Company sold, in a private placement (the “Offering”), an aggregate of 100,000 100.00 83,000 1,000 16,000 The purchase price of the Series E Preferred Stock and the Series F Preferred Stock was paid for by the Investors’ canceling outstanding secured promissory notes in the principal amount of $8.4 million, whereas the purchase price of the shares of Series G Preferred Stock consisted primarily of accrued but unpaid interest on these notes. The Company recorded a loss on extinguishment of debt of $ 0.1 In June 2023, the Investors converted 1,000 1,792 37,493 91,000 Preferred stock liability at June 30, 2023 was comprised of the following: Schedule of preferred stock liability Preferred Type Shares Conversion Stated Fair Value Series E Convertible Preferred Liability 83,000 See below* $ 8,300,000 $ 7,055,000 Series G Convertible Preferred Liability 14,208 See below* 1,421,000 1,208,000 Total 97,208 $ 9,721,000 $ 8,263,000 * Each Preferred Share is convertible into such number of shares of the Company’s common stock equal to the stated value per share divided by the conversion price, which is equal to 85% of the closing sale price of the common stock on the trading day prior to the date of conversion, subject to a floor price of $0.10, which floor price is not affected by the recently consummated reverse split. The following table summarizes the changes in the Company’s preferred stock liability for the six months ended June 30, 2023: Schedule of changes in preferred stock liability Preferred Stock Balance at December 31, 2022 $ - Preferred stock issued upon extinguishment of debt 8,500,000 Conversion of preferred stock to common stock (328,000 ) Change in fair value 91,000 Balance at June 30, 2023 $ 8,263,000 Subsequent Event – Exchange of Preferred Shares for Secured Debt and Assignment of Secured Note In August 2023, the Company and the Investors entered into an Exchange Agreement (the “Exchange Agreement”) pursuant to which the Investors exchanged all of their Preferred Shares as well as their demand notes (the “Demand Notes”) with each Demand Note having a principal outstanding amount of approximately $0.8 million for two new 10% Secured OID Promissory Notes (the “Exchange Notes”), each with a principal face amount of $5.3 million, for an aggregate of amount owed of $10.5 million (the “Principal Amount”). The Company and Milton “Todd” Ault, III, the Company’s Executive Chairman, entered into guaranty agreements with the Investors guaranteeing Ault & Company’s repayment of the Exchange Notes. Further, the Company assigned the Exchange Notes to Ault & Company. As consideration for Ault & Company assuming the Exchange Notes from the Company, the Company issued a 10% demand promissory note in the principal face amount of $10.5 million to Ault & Company. |
REDEEMABLE NONCONTROLLING INTER
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF SUBSIDIARY LIABILITY | 6 Months Ended |
Jun. 30, 2023 | |
Redeemable Noncontrolling Interests In Equity Of Subsidiary Liability | |
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF SUBSIDIARY LIABILITY | 17. REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF SUBSIDIARY LIABILITY The Company records redeemable noncontrolling interests in equity of subsidiaries to reflect the economic interests of the common stockholders in Ault Disruptive. As of June 30, 2023, the carrying amount of the redeemable noncontrolling interest in equity of subsidiaries was recorded at its redemption value of $ 2.0 11.3 10.61 120.0 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 18. NOTES PAYABLE Notes payable at June 30, 2023 and December 31, 2022, were comprised of the following: Schedule of notes payable Collateral Guarantors Interest Due date June 30, December 31, AGREE secured construction loans AGREE hotels - 7.0% January 1, 2025 $ 67,359,000 $ 62,395,000 Circle 8 Crane Services, LLC (“Circle 8”) revolving credit facility Circle 8 cranes - 8.4% December 16, 2025 16,616,000 14,724,000 8.5% secured promissory notes 19,389 Antminers, BNI Montana assets, Circle 8 membership interests, Florida property, Michigan property, aircraft Ault & Company, Ault Lending, Milton C. Ault, III 8.5% May 7, 2024 16,001,000 17,389,000 16% senior secured promissory notes* 12,000 Antminers, Ault Lending securities, Ault & Company, Sentinum, Ault Lending, Milton C. Ault, III 16.0% September 15, 2023 12,034,000 17,456,000 Circle 8 equipment financing notes Circle 8 equipment - 7.2% November 16, 2026 6,715,000 10,677,000 3% secured promissory notes** Certain Ault Lending securities - 3.0% May 18, 2023 5,455,000 5,672,000 8% demand loans - - 8.0% Upon demand 4,500,000 - Short-term bank credit facilities - - 5.6% Renews monthly 2,129,000 1,702,000 XBTO note payable 2,482 Antminers - 12.5% December 30, 2023 1,645,000 2,749,000 Note payable, related party - - 9.5% On demand 750,000 - 10% secured promissory notes - - 10.0% August 10, 2023 - 8,789,000 SMC line of credit SMC assets - 8.0% October 14, 2025 - 1,761,000 Other*** - Ault & Company 4,595,000 858,000 Total notes payable - - $ 137,799,000 $ 144,172,000 Less: - - Unamortized debt discounts - - (3,804,000 ) (13,087,000 ) Total notes payable, net - - $ 133,995,000 $ 131,085,000 Less: current portion - - (46,434,000 ) (39,621,000 ) Notes payable – long-term portion - - $ 87,561,000 $ 91,464,000 * Defaults on payment terms in July 2023. Payments subsequent to June 30, 2023 of $10.3 million. Currently the loan maturity date was extended to September 15, 2023 and automatically extends for an additional 30 days for a $0.25 million extension fee for each extension period, with an interest rate of 16% and principal amount outstanding of $2.5 million. ** Defaults on payment term as of June 30, 2023. Paid in July 2023. *** $3.4 million defaults on payment terms. $3.1 million paid off in July 2023. $0.3 million TurnOnGreen note payable remains in default. Notes Payable Maturities The contractual maturities of the Company’s notes payable, assuming the exercise of all extensions that are exercisable solely at the Company’s option, as of June 30, 2023 were: Schedule of maturities Year 2023 $ 36,339,000 2024 15,307,000 2025 85,712,000 2026 441,000 $ 137,799,000 Interest Expense Schedule of interest expense For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Contractual interest expense $ 2,547,000 $ 1,999,000 $ 5,942,000 $ 2,920,000 Forbearance fees 6,198,000 - 7,538,000 1,203,000 Amortization of debt discount 7,182,000 32,000 16,177,000 27,732,000 Total interest expense $ 15,927,000 $ 2,031,000 $ 29,657,000 $ 31,855,000 Ault & Company Loan Agreement On June 8, 2023, the Company entered into a loan agreement with Ault & Company as lender. The loan agreement provides for an unsecured, non-revolving credit facility in an aggregate principal amount of up to $ 10 9.5% 750,000 Summary of interest expense, related party, recorded within interest expense on the condensed consolidated statement of operations: Schedule of interest expense, related party For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income, related party $ 5,000 $ - $ 5,000 $ - Amendment to 8.5% Secured Promissory Notes On July 19, 2023, the Company and certain of its subsidiaries entered into an amendment agreement with the institutional investors and increased the principal balance of the secured promissory notes by an additional $8.8 million. The net proceeds to the Company from the amendment agreement were $7.5 million. 10% Secured Promissory Notes The 10% secured promissory notes were retired in March 2023 and converted into the Preferred Shares, as described in Note 16 – Preferred Stock Liability. Amendments to 16% Secured Promissory Notes The Company entered into several amendments subsequent to the initial lending due to certain defaults on payment terms. The amendments included $4.6 million in extension fees and payments subsequent to June 30, 2023 of $10.3 million. Currently the loan maturity date was extended to September 15, 2023 and automatically extends for an additional 30 days for a $0.25 million extension fee for each extension period, with an interest rate of 16% and principal amount outstanding of $2.5 million. 3% Secured Promissory Notes During the quarter ended June 30, 2023, the holders of the 3% secured promissory notes exercised their rights of future participation whereby Sentinum issued additional promissory notes with a face amount of $10.4 million under the same terms as the existing notes, of which $5.5 million was outstanding and past due as of June 30, 2023. The 3% secured promissory notes were fully paid in July 2023. 8% Demand Promissory Notes On May 29, 2023, the Company issued two demand promissory notes with a total principal amount of $ 4.5 8% 2.0 |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Notes | |
CONVERTIBLE NOTES | 19. CONVERTIBLE NOTES Convertible notes payable at June 30, 2023 and December 31, 2022, were comprised of the following: Schedule of convertible notes payable Conversion price per Interest Due date June 30, December Convertible promissory note $ 4.00 4% May 10, 2024 $ 300,000 $ 660,000 AVLP convertible promissory notes $ 0.35 7% August 22, 2025 9,911,000 9,911,000 GIGA senior secured convertible notes - in default $ 0.25 18% October 11, 2023 2,317,000 - BMI senior secured convertible notes $ 3.28 OID Only April 27, 2024 6,875,000 - Fair value of embedded conversion options 2,577,000 2,316,000 Total convertible notes payable $ 21,980,000 $ 12,887,000 Less: unamortized debt discounts (6,705,000 ) (111,000 ) Total convertible notes payable, net of financing cost, long term $ 15,275,000 $ 12,776,000 Less: current portion (3,326,000 ) (1,325,000 ) Convertible notes payable, net of financing cost – long-term portion $ 11,949,000 $ 11,451,000 The contractual maturities of the Company’s convertible notes payable, assuming the exercise of all extensions that are exercisable solely at the Company’s option, as of June 30, 2023 were: Schedule of contractual maturities Year Principal 2023 $ 2,317,000 2024 7,175,000 2025 12,488,000 $ 21,980,000 Significant inputs associated with the AVLP embedded conversion option include: Schedule of weighted average assumptions June 30, 2023 December 31, 2022 Exercise price Variable Variable Contractual term in years 2.2 2.7 Volatility 75 % 82 % Dividend yield 0 % 0 % Risk-free interest rate 4.2 % 4.0 % BMI Senior Secured Convertible Notes On April 27, 2023, BMI sold $ 6.9 5.5 April 27, 2024 3.28 As BMI does not have sufficient authorized shares to fulfill the conversion option, the conversion option meets the criteria of a derivative instrument, and the convertible note has been discounted $ 4.1 1.4 0.2 Activity related to the embedded conversion option derivative liability for the three months ended June 30, 2023 is as follows: Schedule of option derivative liability April 27, 2023 issuances of convertible note – derivative liability $ 1,352,000 Change in fair value of convertible note derivative liability (1,029,000 ) Ending balance as of June 30, 2023 $ 323,000 Significant Level 3 inputs associated with the BMI embedded conversion option include: Schedule of assumptions June 30, 2023 Inception Contractual term in years 0.8 1.0 Volatility 113% 111% Dividend yield 0% 0% Risk-free interest rate 3.8% 3.5% |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Contingencies Litigation Matters The Company is involved in litigation arising from other matters in the ordinary course of business. The Company is regularly subject to claims, suits, regulatory and government investigations, and other proceedings involving labor and employment, commercial disputes, and other matters. Such claims, suits, regulatory and government investigations, and other proceedings could result in fines, civil penalties, or other adverse consequences. Certain of these outstanding matters include speculative, substantial or indeterminate monetary amounts. The Company records a liability when it believes that it is probable that a loss has been incurred and the amount can be reasonably estimated. If the Company determines that a loss is reasonably possible and the loss or range of loss can be estimated, the Company discloses the reasonably possible loss. The Company evaluates developments in its legal matters that could affect the amount of liability that has been previously accrued, and the matters and related reasonably possible losses disclosed, and makes adjustments as appropriate. Significant judgment is required to determine both likelihood of there being and the estimated amount of a loss related to such matters. With respect to the Company’s other outstanding matters, based on the Company’s current knowledge, the Company believes that the amount or range of reasonably possible loss will not, either individually or in aggregate, have a material adverse effect on the Company’s business, consolidated financial position, results of operations, or cash flows. However, the outcome of such matters is inherently unpredictable and subject to significant uncertainties. As of June 30, 2023, the Company had accrued $ 5.3 SEC Investigation The Company and certain affiliates and related parties received several subpoenas from the SEC for the production of documents and testimony in the non-public fact-finding investigation referred to as In re DPW Holdings, Inc. Under terms of the settlement, announced on August 15, 2023, the Company, Executive Chairman Milton “Todd” Ault, III, and Chief Executive Officer William B. Horne neither admit nor deny the SEC’s findings, which do not entail intentional misconduct. The Company will pay a civil penalty of $0.7 million that was fully accrued in the fourth quarter of 2022; Mr. Ault will pay disgorgement of $85,504 and a civil penalty of $150,000; and Mr. Horne will pay a civil penalty of $20,720. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | 21. STOCKHOLDERS’ EQUITY 2023 Issuances 2022 Common ATM Offering On February 25, 2022, the Company entered into an At-The-Market issuance sales agreement with Ascendiant Capital Markets, LLC (“Ascendiant Capital”) to sell shares of common stock having an aggregate offering price of up to $ 200 4.2 2022 Preferred ATM Offering On June 14, 2022, the Company entered into an At-The-Market sales agreement with Ascendiant Capital under which it may sell, from time to time, shares of its Series D Preferred Stock for aggregate gross proceeds of up to $ 46.4 252,359 2.9 2023 ATM Offering – Common Stock On June 9, 2023, the Company entered into an At-The-Market issuance sales agreement with Ascendiant Capital to sell shares of common stock having an aggregate offering price of up to $ 10 0.1 0.8 Issuance of Common Stock Upon Conversion of Preferred Stock During June 2023, the Investors converted 1,000 1,792 37,493 Issuance of Common Stock for Restricted Stock Awards During the six months ended June 30, 2023, the Company issued 4,974 Series C Preferred Purchase Agreement On May 1, 2023, the Company entered into a securities purchase agreement (the “Agreement”) with Ault & Company, pursuant to which the Company agreed to sell to Ault & Company up to 40,000 shares of Series C convertible preferred stock and warrants to purchase up to 1.3 million shares of common stock for a total purchase price of up to $ 40 Proceeds from Subsidiaries’ Sale of Stock to Non-Controlling Interests During the six months ended June 30, 2023, SMC and BMI sold an aggregate of $ 2.3 at-the-market issuance sales agreements. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 22. INCOME TAXES The Company calculates its interim income tax provision in accordance with ASC Topic 270, Interim Reporting, and ASC Topic 740, Income Taxes. The Company’s effective tax rate (“ETR”) from continuing operations was 3.0% 0.8% 1.2% 0.4% 1.4 0.2 1.1 0.2 21% |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
NET LOSS PER SHARE | 23. NET LOSS PER SHARE Net loss per share is computed by dividing the net loss to common stockholders by the weighted average number of common shares outstanding. The calculation of the basic and diluted earnings per share is the same for all periods presented as the effect of the potential common stock equivalents is anti-dilutive due to the Company’s net loss position for all periods presented. Anti-dilutive securities, which are convertible into or exercisable for the Company’s common stock, consisted of the following at June 30, 2023 and 2022: Schedule of anti-dilutive securities June 30, 2023 2022 Stock options 19,000 21,000 Restricted stock grants - 7,000 Warrants 52,000 67,000 Convertible notes 1,000 1,000 Total 72,000 96,000 |
SEGMENT AND CUSTOMERS INFORMATI
SEGMENT AND CUSTOMERS INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT AND CUSTOMERS INFORMATION | 24. SEGMENT AND CUSTOMERS INFORMATION The Company had nine reportable segments as of June 30, 2023 and seven as of June 30, 2022; see Note 1 for a brief description of the Company’s business. The following data presents the revenues, expenditures and other operating data of the Company and its operating segments for the three and six months ended June 30, 2023: Schedule of operating segments Six Months Ended June 30, 2023 GWW TurnOn Fintech Sentinum AGREE Ault SMC Energy BMI Holding Co. Total Revenue $ 17,448,000 $ 1,600,000 $ - $ - $ - $ - $ 6,008,000 $ 546,000 $ 45,000 $ - $ 25,647,000 Revenue, cryptocurrency mining - - - 15,715,000 - - - - - - 15,715,000 Revenue, commercial real estate leases - - - 783,000 - - - - - - 783,000 Revenue, lending and trading activities - - 4,586,000 - - - - - - - 4,586,000 Revenue, crane operations - - - - - - - 25,236,000 - - 25,236,000 Revenue, hotel operations - - - - 6,627,000 - - - - - 6,627,000 Total revenues $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ - $ 6,008,000 $ 25,782,000 $ 45,000 $ - $ 78,594,000 Depreciation and amortization expense $ 566,000 $ 44,000 $ - $ 8,570,000 $ 1,634,000 $ - $ 441,000 $ 1,980,000 $ 120,000 $ 1,028,000 $ 14,383,000 Income (loss) from operations $ (5,117,000 ) $ (2,569,000 ) $ 2,130,000 $ (1,702,000 ) $ (1,399,000 ) $ (838,000 ) $ (4,779,000 ) $ (32,721,000 ) $ (20,275,000 ) $ (14,653,000 ) $ (81,923,000 ) Capital expenditures $ 135,000 $ 10,000 $ - $ 1,165,000 $ 5,517,000 $ - $ 184,000 $ 1,336,000 $ 407,000 $ 2,592,000 $ 11,346,000 Identifiable assets $ 37,175,000 $ 5,704,000 $ 38,914,000 $ 65,919,000 $ 98,588,000 $ 2,860,000 $ 18,912,000 $ 60,070,000 $ 8,385,000 $ 42,863,000 $ 378,390,000 Three Months Ended June 30, 2023 GWW TurnOn Fintech Sentinum AGREE Ault SMC Energy BMI Holding Co. Total Revenue $ 8,740,000 $ 724,000 $ - $ - $ - $ - $ 2,625,000 $ 82,000 $ 45,000 $ - $ 12,216,000 Revenue, cryptocurrency mining - - - 8,368,000 - - - - - - 8,368,000 Revenue, commercial real estate leases - - - 325,000 - - - - - - 325,000 Revenue, lending and trading activities - - 9,525,000 - - - - - - - 9,525,000 Revenue, crane operations - - - - - - - 12,590,000 - - 12,590,000 Revenue, hotel operations - - - - 4,384,000 - - - - - 4,384,000 Total revenues $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ - $ 2,625,000 $ 12,672,000 $ 45,000 $ - $ 47,408,000 Depreciation and amortization expense $ (24,000 ) $ (99,000 ) $ - $ 5,235,000 $ 796,000 $ - $ 70,000 $ 910,000 $ 37,000 $ 418,000 $ 7,343,000 Income (loss) from operations $ (2,445,000 ) $ (1,589,000 ) $ 9,115,000 $ (1,227,000 ) $ 156,000 $ (455,000 ) $ (2,528,000 ) $ (34,691,000 ) $ (12,219,000 ) $ (4,622,000 ) $ (50,505,000 ) Capital expenditures $ 89,000 $ - $ - $ 113,000 $ 2,818,000 $ - $ 42,000 $ 1,005,000 $ - $ 258,000 $ 4,325,000 Segment information for the three and six months ended June 30, 2022: Three Months Ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Ault Holding Total Revenue $ 6,503,000 $ 1,062,000 $ 12,000 $ - $ - $ - $ - $ 7,577,000 Revenue, cryptocurrency mining - - - 3,976,000 - - - 3,976,000 Revenue, commercial real estate leases - - - 272,000 - - - 272,000 Revenue, lending and trading activities - - 943,000 - - - - 943,000 Revenue, hotel operations - - - - 4,598,000 - - 4,598,000 Total revenues $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ - $ - $ 17,366,000 Depreciation and amortization expense $ 298,000 $ 4,000 $ 34,000 $ 2,613,000 $ 827,000 $ - $ 711,000 $ 4,487,000 Loss from operations $ (1,076,000 ) $ (445,000 ) $ (11,486,000 ) $ (3,454,000 ) $ (166,000 ) $ (489,000 ) $ (6,603,000 ) $ (23,719,000 ) Capital expenditures $ 156,000 $ 50,000 $ 761,000 $ 36,397,000 $ (15,000 ) $ - $ 71,000 $ 37,420,000 Six Months Ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Ault Holding Total Revenue $ 13,748,000 $ 2,191,000 $ 19,000 $ - $ - $ - $ - $ 15,958,000 Revenue, cryptocurrency mining - - - 7,524,000 - - - 7,524,000 Revenue, commercial real estate leases - - - 550,000 - - - 550,000 Revenue, lending and trading activities - - 18,864,000 - - - - 18,864,000 Revenue, hotel operations - - - - 7,296,000 - - 7,296,000 Total revenues $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ - $ - $ 50,192,000 Depreciation and amortization expense $ 519,000 $ 183,000 $ 68,000 $ 4,140,000 $ 1,655,000 $ - $ 53,000 $ 6,618,000 Income (loss) from operations $ (1,220,000 ) $ (1,620,000 ) $ 426,000 $ (3,817,000 ) $ (1,548,000 ) $ (786,000 ) $ (14,124,000 ) $ (22,689,000 ) Capital expenditures $ 285,000 $ 125,000 $ 849,000 $ 71,384,000 $ 19,000 $ - $ 117,000 $ 72,779,000 |
CONCENTRATIONS OF CREDIT AND RE
CONCENTRATIONS OF CREDIT AND REVENUE RISK | 6 Months Ended |
Jun. 30, 2023 | |
Concentrations Of Credit And Revenue Risk | |
CONCENTRATIONS OF CREDIT AND REVENUE RISK | 25. CONCENTRATIONS OF CREDIT AND REVENUE RISK The following table summarizes accounts receivable that are concentrated with certain large customers as of June 30, 2023 and December 31, 2022: Schedule of concentrations of credit risk June 30, 2023 December 31, 2022 Customer A 15 % 13 % Customer B 2 % 14 % The following table provides the percentage of total revenues attributable to customers from which 10% For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Customer X (Mining Pool Operator) Less than 10% 23% 15% 15% Customer Y Less than 10% 13% Less than 10% Less than 10% |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 26. SUBSEQUENT EVENTS 2023 Common ATM Offering The Company and Ascendiant Capital entered into an amendment to the At-The-Market issuance sales agreement to increase the size of the 2023 Common ATM Offering from $10.0 million to $20.0 million. During the period between July 1, 2023 through August 18, 2023, the Company sold an aggregate of 3.9 15.6 Advances under Ault & Company Loan Agreement An additional $ 3.9 Assignment of Term Note Effective August 10, 2023, the Company assigned the Term Note to Ault & Company. As consideration for Ault & Company assuming the Term Note from the Company, the Company issued a 12% demand promissory note in the principal face amount of $ 1.1 Second Partial Distribution of TurnOnGreen Securities On July 24, 2023, the Company established a record date for its second partial distribution of TurnOnGreen Securities. Stockholders as of this date were entitled to 40 shares of TurnOnGreen Securities for every share of the Company’s common stock they held on the record date. The second distribution was finalized on August 7, 2023, whereby the Company relinquished control of voting interests of TurnOnGreen. The Company distributed 56.4 million TurnOnGreen Securities in the second distribution. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 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 2022 Annual Report. Revenue Recognition – Bitcoin Mining The Company recognizes revenue from Bitcon Mining under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of ASC 606 is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: · Step 1: Identify the contract with the customer, · Step 2: Identify the performance obligations in the contract, · Step 3: Determine the transaction price, · Step 4: Allocate the transaction price to the performance obligations in the contract, and · Step 5: Recognize revenue when the company satisfies a performance obligation. The Company has entered into a digital asset mining pool by executing a contract with a mining pool operator to provide computing power to the mining pool. The Company’s customer, as defined in ASC 606-10-20, is with the mining pool operator with whom the Company has agreed to the terms of service and user service agreement. The Company supplies computing power, in exchange for consideration, to the pool operator who in turn provides transaction verification services to third parties via a mining pool that includes other participants. The Company’s enforceable right to compensation begins only when, and lasts as long as, the Company provides computing power to the mining pool operator and is created as power is provided over time. The only consideration due to the Company relates to the provision of computing power. The contracts are terminable at any time by and at no cost to the Company, and by the pool operator. Providing computing power in digital asset transaction verification services is an output of the Company’s ordinary activities. Providing such computing power is the only performance obligation in the Company’s contracts with mining pool operators. The transaction consideration the Company receives, if any, is non-cash consideration in the form of Bitcoin. Changes in the fair value of the non-cash consideration due to form of the consideration (changes in the market price of Bitcoin) are not included in the transaction price and therefore, are not included in revenue. The mining pool operator charges fees to cover the costs of maintaining the pool and are deducted from amounts the Company may otherwise earn and are treated as a reduction to the consideration received. Fees fluctuate and historically have been approximately 0.3% per reward earned, on average. In exchange for providing computing power, the Company is entitled to a Full-Pay-Per-Share payout of Bitcoin based on a contractual formula, which primarily calculates the hash rate provided by the Company to the mining pool as a percentage of total network hash rate, and other inputs. The Company is entitled to consideration even if a block is not successfully placed by the mining pool operator. The contract is in effect until terminated by either party. All consideration pursuant to this arrangement is variable. It is not probable that a significant reversal of cumulative revenue will occur and the Company is able to calculate the payout based on the contractual formula, non-cash revenue is estimated and recognized based on the spot price of the Company’s principal market for Bitcoin at the inception of each contract, which is determined to be daily. Non-cash consideration is measured at fair value at contract inception. Fair value of the crypto asset consideration is determined using the spot price of the Company’s principal market for Bitcoin at the beginning of the contract period. This amount is estimated and recognized in revenue upon inception, which is when hash rate is provided. There is no significant financing component in these transactions. Expenses associated with running the cryptocurrency mining business, such as equipment depreciation and electricity costs, are recorded as a component of cost of revenues. |
Preferred Stock Liabilities | Preferred Stock Liabilities The Company follows Accounting Standards Codification (“ASC”) 480-10, “Distinguishing Liabilities from Equity” in its evaluation of the accounting for the Preferred Shares (as defined in Note 16). ASC 480-10-25-14 requires liability accounting for certain financial instruments, including shares that embody an unconditional obligation to transfer a variable number of shares, provided that the monetary value of the obligation is based solely or predominantly on one of the following three characteristics: · A fixed monetary amount known at inception; · Variations in something other than the fair value of the issuer’s equity shares; or · Variations in the fair value of the issuer’s equity shares, but the monetary value to the counterparty moves in the opposite direction as the value of the issuer’s shares. The number of shares delivered is determined on the basis of (1) the fixed monetary amount determined as the stated value and (2) the current stock price at settlement, so that the aggregate fair value of the shares delivered equals the monetary value of the obligation, which is fixed or predominantly fixed. Accordingly, the holder is not significantly exposed to gains and losses attributable to changes in the fair value of the Company’s equity shares. Instead, the Company is using its own equity shares as currency to settle a monetary obligation. |
Reclassifications | 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 Adopted Accounting Standards | Recently Adopted Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses,” (“ASU No. 2016-13”) to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. This guidance was effective for the Company beginning on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, “Revenue from Contracts with Customers.” The guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. The guidance should be applied prospectively to acquisitions occurring on or after the effective date. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. |
REVENUE DISAGGREGATION (Tables)
REVENUE DISAGGREGATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregated revenues | Schedule of disaggregated revenues GIGA TurnOn Green Fintech Sentinum AGREE SMC BMI Energy Total Primary Geographical Markets North America $ 2,856,000 $ 541,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,590,000 $ 31,734,000 Europe 2,270,000 7,000 - - - - - 82,000 2,359,000 Middle East and other 3,614,000 176,000 - - - - - - 3,790,000 Revenue from contracts with customers 8,740,000 724,000 - 8,693,000 4,384,000 2,625,000 45,000 12,672,000 37,883,000 Revenue, lending and trading activities (North America) - - 9,525,000 - - - - - 9,525,000 Total revenue $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 47,408,000 Major Goods or Services RF/microwave filters $ 1,972,000 $ - $ - $ - $ - $ - $ - $ - $ 1,972,000 Power supply units & systems 1,564,000 645,000 - - - - - - 2,209,000 Healthcare diagnostic systems 1,101,000 - - - - - - - 1,101,000 Defense systems 3,899,000 - - - - - - - 3,899,000 Digital currency mining - - - 8,368,000 - - - - 8,368,000 Hotel and real estate operations - - - 325,000 4,384,000 - - - 4,709,000 Karaoke machines and related consumer goods - - - - - 2,625,000 - - 2,625,000 Crane rental - - - - - - - 12,590,000 12,590,000 Other 204,000 79,000 - - - - 45,000 82,000 410,000 Revenue from contracts with customers 8,740,000 724,000 - 8,693,000 4,384,000 2,625,000 45,000 12,672,000 37,883,000 Revenue, lending and trading activities - - 9,525,000 - - - - - 9,525,000 Total revenue $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 47,408,000 Timing of Revenue Recognition Goods transferred at a point in time $ 4,720,000 $ 722,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 82,000 $ 21,271,000 Services transferred over time 4,020,000 2,000 - - - - - 12,590,000 16,612,000 Revenue from contracts with customers $ 8,740,000 $ 724,000 $ - $ 8,693,000 $ 4,384,000 $ 2,625,000 $ 45,000 $ 12,672,000 $ 37,883,000 The Company’s disaggregated revenues consisted of the following for the six months ended June 30, 2023 (excludes Ault Disruptive, as that segment has no revenue): GIGA TurnOn Green Fintech Sentinum AGREE SMC BMI Energy Total Primary Geographical Markets North America $ 5,190,000 $ 1,326,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,675,000 $ 61,369,000 Europe 4,711,000 11,000 - - - - - 107,000 4,829,000 Middle East and other 7,547,000 263,000 - - - - - - 7,810,000 Revenue from contracts with customers 17,448,000 1,600,000 - 16,498,000 6,627,000 6,008,000 45,000 25,782,000 74,008,000 Revenue, lending and trading activities (North America) - - 4,586,000 - - - - - 4,586,000 Total revenue $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 78,594,000 Major Goods or Services RF/microwave filters $ 3,219,000 $ - $ - $ - $ - $ - $ - $ - $ 3,219,000 Power supply units & systems 4,678,000 1,470,000 - - - - - - 6,148,000 Healthcare diagnostic systems 2,238,000 - - - - - - - 2,238,000 Defense systems 6,564,000 - - - - - - - 6,564,000 Digital currency mining - - - 15,715,000 - - - - 15,715,000 Hotel and real estate operations - - - 783,000 6,627,000 - - - 7,410,000 Karaoke machines and related consumer goods - - - - - 6,008,000 - - 6,008,000 Crane rental - - - - - - - 25,236,000 25,236,000 Other 749,000 130,000 - - - - 45,000 546,000 1,470,000 Revenue from contracts with customers 17,448,000 1,600,000 - 16,498,000 6,627,000 6,008,000 45,000 25,782,000 74,008,000 Revenue, lending and trading activities - - 4,586,000 - - - - - 4,586,000 Total revenue $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 78,594,000 Timing of Revenue Recognition Goods transferred at a point in time $ 10,126,000 $ 1,595,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 546,000 $ 41,445,000 Services transferred over time 7,322,000 5,000 - - - - - 25,236,000 32,563,000 Revenue from contracts with customers $ 17,448,000 $ 1,600,000 $ - $ 16,498,000 $ 6,627,000 $ 6,008,000 $ 45,000 $ 25,782,000 $ 74,008,000 The Company’s disaggregated revenues consisted of the following for the three months ended June 30, 2022: Three months ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Total Primary Geographical Markets North America $ 1,111,000 $ 822,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 10,791,000 Europe 2,540,000 28,000 - - - 2,568,000 Middle East and other 2,852,000 212,000 - - - 3,064,000 Revenue from contracts with customers 6,503,000 1,062,000 12,000 4,248,000 4,598,000 16,423,000 Revenue, lending and trading activities (North America) - - 943,000 - - 943,000 Total revenue $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ 17,366,000 Major Goods or Services RF/microwave filters $ 559,000 $ - $ - $ - $ - $ 559,000 Power supply units & systems 2,307,000 1,016,000 - - - 3,323,000 Healthcare diagnostic systems 1,992,000 - - - - 1,992,000 Defense systems 953,000 - - - - 953,000 Digital currency mining - - - 3,976,000 - 3,976,000 Hotel and real estate operations - - - 272,000 4,598,000 4,870,000 Other 692,000 46,000 12,000 - - 750,000 Revenue from contracts with customers 6,503,000 1,062,000 12,000 4,248,000 4,598,000 16,423,000 Revenue, lending and trading activities - - 943,000 - - 943,000 Total revenue $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ 17,366,000 Timing of Revenue Recognition Goods transferred at a point in time $ 3,601,000 $ 1,062,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 13,521,000 Services transferred over time 2,902,000 - - - - 2,902,000 Revenue from contracts with customers $ 6,503,000 $ 1,062,000 $ 12,000 $ 4,248,000 $ 4,598,000 $ 16,423,000 The Company’s disaggregated revenues consisted of the following for the six months ended June 30, 2022: Six months ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Total Primary Geographical Markets North America $ 2,622,000 $ 1,834,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 19,845,000 Europe 4,719,000 47,000 - - - 4,766,000 Middle East and other 6,407,000 310,000 - - - 6,717,000 Revenue from contracts with customers 13,748,000 2,191,000 19,000 8,074,000 7,296,000 31,328,000 Revenue, lending and trading activities (North America) - - 18,864,000 - - 18,864,000 Total revenue $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ 50,192,000 Major Goods or Services RF/microwave filters $ 2,070,000 $ - $ - $ - $ - $ 2,070,000 Power supply units & systems 4,786,000 2,112,000 - - - 6,898,000 Healthcare diagnostic systems 1,992,000 - - - - 1,992,000 Defense systems 4,208,000 - - - - 4,208,000 Digital currency mining - - - 7,524,000 - 7,524,000 Hotel and real estate operations - - - 550,000 7,296,000 7,846,000 Other 692,000 79,000 19,000 - - 790,000 Revenue from contracts with customers 13,748,000 2,191,000 19,000 8,074,000 7,296,000 31,328,000 Revenue, lending and trading activities - - 18,864,000 - - 18,864,000 Total revenue $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ 50,192,000 Timing of Revenue Recognition Goods transferred at a point in time $ 7,113,000 $ 2,191,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 24,693,000 Services transferred over time 6,635,000 - - - - 6,635,000 Revenue from contracts with customers $ 13,748,000 $ 2,191,000 $ 19,000 $ 8,074,000 $ 7,296,000 $ 31,328,000 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis | Fair value, assets measured on recurring basis Fair Value Measurement at June 30, 2023 Total Level 1 Level 2 Level 3 Assets: Investment in common stock of Alzamend Neuro, Inc. (“Alzamend”) – a related party $ 5,836,000 $ 5,836,000 $ - $ - Investments in marketable equity securities 653,000 653,000 - - Cash and marketable securities held in trust account 2,143,000 2,143,000 - - Total assets measured at fair value $ 8,632,000 $ 8,632,000 $ - $ - Liabilities: Series E and G preferred stock liabilities $ 8,263,000 $ - $ - $ 8,263,000 Warrant and embedded conversion feature liabilities 5,605,000 - - 5,605,000 Convertible promissory notes 15,275,000 - - 15,275,000 Total liabilities measured at fair value $ 29,143,000 $ - $ - $ 29,143,000 Fair Value Measurement at December 31, 2022 Total Level 1 Level 2 Level 3 Assets: Investment in common stock of Alzamend – a related party $ 6,449,000 $ 6,449,000 $ - $ - Investments in marketable equity securities 6,590,000 6,590,000 - - Cash and marketable securities held in trust account 118,193,000 118,193,000 - - Investments in other equity securities 13,340,000 - - 13,340,000 Total assets measured at fair value $ 144,572,000 $ 131,232,000 $ - $ 13,340,000 Liabilities: Warrant and embedded conversion feature liabilities $ 2,967,000 $ - $ - $ 2,967,000 Convertible promissory notes 12,776,000 - - 12,776,000 Total liabilities measured at fair value $ 15,743,000 $ - $ - $ 15,743,000 |
Schedule of investments | Schedule of investments Investments in Balance at January 1, 2023 $ 13,340,000 Conversion to Level 1 marketable securities (13,340,000 ) Balance at June 30, 2023 $ - |
Marketable EQUITY Securities (T
Marketable EQUITY Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Marketable Equity Securities | |
Schedule of marketable securities | Schedule of marketable securities Marketable equity securities at June 30, 2023 Gross unrealized Gross unrealized Cost gains losses Fair value Common shares $ 5,131,000 $ 9,000 $ (4,487,000 ) $ 653,000 Marketable equity securities at December 31, 2022 Gross unrealized Gross unrealized Cost gains losses Fair value Common shares $ 10,271,000 $ 383,000 $ (4,064,000 ) $ 6,590,000 |
DIGITAL CURRENCIES (Tables)
DIGITAL CURRENCIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Digital Currencies | |
Schedule of activities of the digital currencies | Schedule of activities of the digital currencies Digital Balance at January 1, 2023 $ 554,000 Additions of mined digital currencies 14,714,000 Payments to vendors (13,000 ) Impairment of mined cryptocurrency (263,000 ) Sale of digital currencies (15,040,000 ) Realized gain on sale of digital currencies 348,000 Balance at June 30, 2023 $ 300,000 Digital Balance at January 1, 2022 $ 2,165,000 Additions of mined digital currencies 7,524,000 Payments to vendors (412,000 ) Impairment of mined cryptocurrency (2,415,000 ) Sale of digital currencies (4,377,000 ) Realized gain on sale of digital currencies 260,000 Balance at June 30, 2022 $ 2,745,000 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Schedule of property and equipment June 30, 2023 December 31, 2022 Building and improvements $ 87,159,000 $ 81,102,000 Bitcoin mining equipment 50,640,000 42,438,000 Crane rental equipment 32,681,000 32,453,000 Land 25,646,000 25,646,000 Computer, software and related equipment 27,358,000 23,168,000 Aircraft 15,983,000 15,983,000 Vehicles 4,702,000 3,314,000 Office furniture and equipment 3,210,000 2,854,000 Oil and natural gas properties, unproved properties 3,564,000 972,000 250,943,000 227,930,000 Accumulated depreciation and amortization (23,083,000 ) (9,344,000 ) Property and equipment placed in service, net 227,860,000 218,586,000 Deposits on cryptocurrency machines - 11,328,000 Property and equipment, net $ 227,860,000 $ 229,914,000 |
Schedule of depreciation | Schedule of depreciation For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Depreciation expense $ 7,966,000 $ 3,725,000 $ 13,876,000 $ 6,287,000 |
INTANGIBLE ASSETS, NET (Tables)
INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible asset | Schedule of intangible asset Useful Life June 30, 2023 December 31, Developed technology 3 8 $ 7,984,000 $ 24,584,000 Customer list 8 10 5,829,000 5,865,000 Trade names 5 10 3,916,000 4,316,000 Trade name and trademark Indefinite life 1,513,000 1,493,000 Domain name and other intangible assets 5 599,000 630,000 19,841,000 36,888,000 Accumulated amortization (2,551,000 ) (2,102,000 ) Intangible assets, net $ 17,290,000 $ 34,786,000 |
Schedule of indefinite-lived intangible assets | Schedule of indefinite-lived intangible assets For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Amortization expense $ 254,000 $ 79,000 $ 507,000 $ 158,000 |
Schedule of estimated amortization expense | Schedule of estimated amortization expense 2023 $ 1,029,000 2024 2,026,000 2025 1,926,000 2026 1,826,000 2027 1,826,000 Thereafter 7,144,000 $ 15,777,000 Impairment of AVLP Intangible Assets Due to indicators of impairment, AVLP intangible assets were tested for impairment as of June 30, 2023. Based on internally developed forecasts of undiscounted expected future cash flows, it was determined that the carrying amount of the assets were not recoverable and, based on an assessment of the fair value of the assets, impairment of $17.0 million was recognized as a non-cash impairment charge during the six months ended June 30, 2023. The tradenames and patents/developed technology intangible assets were valued using the relief-from-royalty method. The relief-from-royalty method is one of the methods under the income approach wherein estimates of a company’s earnings attributable to the intangible asset are based on the royalty rate the company would have paid for the use of the asset if it did not own it. Royalty payments are estimated by applying royalty rates of 18% for patents and developed technology and 0.25% for trademarks. The resulting net annual royalty payments are then discounted to present value using a discount factor of 25.7%. |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure Goodwill Abstract | |
Schedule of goodwill | Schedule of goodwill Goodwill Balance as of January 1, 2023 $ 27,902,000 Acquisition of BMI 17,000 Impairment of goodwill (18,570,000 ) Effect of exchange rate changes (191,000 ) Balance as of June 30, 2023 $ 9,158,000 |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of variable interest entities | Schedule of variable interest entities Ault Alliance investment in BMI Amount Common stock $ 287,000 |
Schedule of recognized identified assets acquired and liabilities assumed | Schedule of recognized identified assets acquired and liabilities assumed Preliminary Allocation Fair value of Company interest $ 287,000 Fair value of non-controlling interest 6,357,000 Total consideration $ 6,644,000 Identifiable net assets acquired: Cash $ 67,000 Investment in equity securities 8,076,000 Prepaid expenses and other current assets 172,000 Property and equipment, net 4,109,000 Right-of-use assets 339,000 Accounts payable and accrued expenses (5,790,000 ) Lease liabilities (346,000 ) Net assets acquired 6,627,000 Goodwill $ 17,000 |
INVESTMENTS _ RELATED PARTIES (
INVESTMENTS – RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule of investment | Schedule of investment Interest June 30, December 31, rate Due Date 2023 2022 Investment in promissory note of Ault & Company 8% December 31, 2023 $ 2,500,000 $ 2,500,000 Accrued interest receivable, Ault & Company 468,000 368,000 Total investment in promissory note, related party $ 2,968,000 $ 2,868,000 Summary of interest income, related party, recorded within interest and other income on the condensed consolidated statement of operations: For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income, related party $ 50,000 $ 50,000 $ 100,000 $ 100,000 |
Schedule of investment in common stock | Schedule of investment in common stock Investments in common stock, related parties at June 30, 2023 Cost Gross unrealized losses Fair value Common shares $ 24,688,000 $ (18,852,000 ) $ 5,836,000 Investments in common stock, related parties at December 31, 2022 Cost Gross unrealized losses Fair value Common shares $ 24,673,000 $ (18,224,000 ) $ 6,449,000 |
Schedule of investment in warrants and common stock | Schedule of investment in warrants and common stock For the Three Months Ended June 30, 2023 2022 Balance at April 1 $ 4,856,000 $ 8,729,000 Investment in common stock of Alzamend 10,000 4,469,000 Unrealized gain (loss) in common stock of Alzamend 970,000 (4,353,000 ) Balance at June 30 $ 5,836,000 $ 8,845,000 The following table summarizes the changes in the Company’s investments in Alzamend common stock during the six months ended June 30, 2023 and 2023: For the Six Months Ended June 30, 2023 2022 Balance at January 1 $ 6,449,000 $ 13,230,000 Investment in common stock of Alzamend 15,000 4,663,000 Unrealized loss in common stock of Alzamend (628,000 ) (9,048,000 ) Balance at June 30 $ 5,836,000 $ 8,845,000 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of other current liabilities | Schedule of other current liabilities June 30, December 31, 2023 2022 Accounts payable $ 30,841,000 $ 21,347,000 Accrued payroll and payroll taxes 11,625,000 9,939,000 Accrued legal 5,736,000 3,168,000 Short position marketable equity securities 5,253,000 - Interest payable 4,064,000 3,207,000 Warrant derivative liabilities 3,028,000 651,000 Accrued lender profit participation rights 2,497,000 6,000,000 Related party advances 213,000 352,000 Other accrued expenses 17,874,000 17,980,000 $ 81,131,000 $ 62,644,000 |
PREFERRED STOCK LIABILITY (Tabl
PREFERRED STOCK LIABILITY (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of preferred stock liability | Schedule of preferred stock liability Preferred Type Shares Conversion Stated Fair Value Series E Convertible Preferred Liability 83,000 See below* $ 8,300,000 $ 7,055,000 Series G Convertible Preferred Liability 14,208 See below* 1,421,000 1,208,000 Total 97,208 $ 9,721,000 $ 8,263,000 * Each Preferred Share is convertible into such number of shares of the Company’s common stock equal to the stated value per share divided by the conversion price, which is equal to 85% of the closing sale price of the common stock on the trading day prior to the date of conversion, subject to a floor price of $0.10, which floor price is not affected by the recently consummated reverse split. |
Schedule of changes in preferred stock liability | Schedule of changes in preferred stock liability Preferred Stock Balance at December 31, 2022 $ - Preferred stock issued upon extinguishment of debt 8,500,000 Conversion of preferred stock to common stock (328,000 ) Change in fair value 91,000 Balance at June 30, 2023 $ 8,263,000 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of notes payable | Schedule of notes payable Collateral Guarantors Interest Due date June 30, December 31, AGREE secured construction loans AGREE hotels - 7.0% January 1, 2025 $ 67,359,000 $ 62,395,000 Circle 8 Crane Services, LLC (“Circle 8”) revolving credit facility Circle 8 cranes - 8.4% December 16, 2025 16,616,000 14,724,000 8.5% secured promissory notes 19,389 Antminers, BNI Montana assets, Circle 8 membership interests, Florida property, Michigan property, aircraft Ault & Company, Ault Lending, Milton C. Ault, III 8.5% May 7, 2024 16,001,000 17,389,000 16% senior secured promissory notes* 12,000 Antminers, Ault Lending securities, Ault & Company, Sentinum, Ault Lending, Milton C. Ault, III 16.0% September 15, 2023 12,034,000 17,456,000 Circle 8 equipment financing notes Circle 8 equipment - 7.2% November 16, 2026 6,715,000 10,677,000 3% secured promissory notes** Certain Ault Lending securities - 3.0% May 18, 2023 5,455,000 5,672,000 8% demand loans - - 8.0% Upon demand 4,500,000 - Short-term bank credit facilities - - 5.6% Renews monthly 2,129,000 1,702,000 XBTO note payable 2,482 Antminers - 12.5% December 30, 2023 1,645,000 2,749,000 Note payable, related party - - 9.5% On demand 750,000 - 10% secured promissory notes - - 10.0% August 10, 2023 - 8,789,000 SMC line of credit SMC assets - 8.0% October 14, 2025 - 1,761,000 Other*** - Ault & Company 4,595,000 858,000 Total notes payable - - $ 137,799,000 $ 144,172,000 Less: - - Unamortized debt discounts - - (3,804,000 ) (13,087,000 ) Total notes payable, net - - $ 133,995,000 $ 131,085,000 Less: current portion - - (46,434,000 ) (39,621,000 ) Notes payable – long-term portion - - $ 87,561,000 $ 91,464,000 |
Schedule of maturities | Schedule of maturities Year 2023 $ 36,339,000 2024 15,307,000 2025 85,712,000 2026 441,000 $ 137,799,000 |
Schedule of interest expense | Schedule of interest expense For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Contractual interest expense $ 2,547,000 $ 1,999,000 $ 5,942,000 $ 2,920,000 Forbearance fees 6,198,000 - 7,538,000 1,203,000 Amortization of debt discount 7,182,000 32,000 16,177,000 27,732,000 Total interest expense $ 15,927,000 $ 2,031,000 $ 29,657,000 $ 31,855,000 |
Schedule of interest expense, related party | Schedule of interest expense, related party For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Interest income, related party $ 5,000 $ - $ 5,000 $ - |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Convertible Notes | |
Schedule of convertible notes payable | Schedule of convertible notes payable Conversion price per Interest Due date June 30, December Convertible promissory note $ 4.00 4% May 10, 2024 $ 300,000 $ 660,000 AVLP convertible promissory notes $ 0.35 7% August 22, 2025 9,911,000 9,911,000 GIGA senior secured convertible notes - in default $ 0.25 18% October 11, 2023 2,317,000 - BMI senior secured convertible notes $ 3.28 OID Only April 27, 2024 6,875,000 - Fair value of embedded conversion options 2,577,000 2,316,000 Total convertible notes payable $ 21,980,000 $ 12,887,000 Less: unamortized debt discounts (6,705,000 ) (111,000 ) Total convertible notes payable, net of financing cost, long term $ 15,275,000 $ 12,776,000 Less: current portion (3,326,000 ) (1,325,000 ) Convertible notes payable, net of financing cost – long-term portion $ 11,949,000 $ 11,451,000 |
Schedule of contractual maturities | Schedule of contractual maturities Year Principal 2023 $ 2,317,000 2024 7,175,000 2025 12,488,000 $ 21,980,000 |
Schedule of weighted average assumptions | Schedule of weighted average assumptions June 30, 2023 December 31, 2022 Exercise price Variable Variable Contractual term in years 2.2 2.7 Volatility 75 % 82 % Dividend yield 0 % 0 % Risk-free interest rate 4.2 % 4.0 % |
Schedule of option derivative liability | Schedule of option derivative liability April 27, 2023 issuances of convertible note – derivative liability $ 1,352,000 Change in fair value of convertible note derivative liability (1,029,000 ) Ending balance as of June 30, 2023 $ 323,000 |
Schedule of assumptions | Schedule of assumptions June 30, 2023 Inception Contractual term in years 0.8 1.0 Volatility 113% 111% Dividend yield 0% 0% Risk-free interest rate 3.8% 3.5% |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of anti-dilutive securities | Schedule of anti-dilutive securities June 30, 2023 2022 Stock options 19,000 21,000 Restricted stock grants - 7,000 Warrants 52,000 67,000 Convertible notes 1,000 1,000 Total 72,000 96,000 |
SEGMENT AND CUSTOMERS INFORMA_2
SEGMENT AND CUSTOMERS INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of operating segments | Schedule of operating segments Six Months Ended June 30, 2023 GWW TurnOn Fintech Sentinum AGREE Ault SMC Energy BMI Holding Co. Total Revenue $ 17,448,000 $ 1,600,000 $ - $ - $ - $ - $ 6,008,000 $ 546,000 $ 45,000 $ - $ 25,647,000 Revenue, cryptocurrency mining - - - 15,715,000 - - - - - - 15,715,000 Revenue, commercial real estate leases - - - 783,000 - - - - - - 783,000 Revenue, lending and trading activities - - 4,586,000 - - - - - - - 4,586,000 Revenue, crane operations - - - - - - - 25,236,000 - - 25,236,000 Revenue, hotel operations - - - - 6,627,000 - - - - - 6,627,000 Total revenues $ 17,448,000 $ 1,600,000 $ 4,586,000 $ 16,498,000 $ 6,627,000 $ - $ 6,008,000 $ 25,782,000 $ 45,000 $ - $ 78,594,000 Depreciation and amortization expense $ 566,000 $ 44,000 $ - $ 8,570,000 $ 1,634,000 $ - $ 441,000 $ 1,980,000 $ 120,000 $ 1,028,000 $ 14,383,000 Income (loss) from operations $ (5,117,000 ) $ (2,569,000 ) $ 2,130,000 $ (1,702,000 ) $ (1,399,000 ) $ (838,000 ) $ (4,779,000 ) $ (32,721,000 ) $ (20,275,000 ) $ (14,653,000 ) $ (81,923,000 ) Capital expenditures $ 135,000 $ 10,000 $ - $ 1,165,000 $ 5,517,000 $ - $ 184,000 $ 1,336,000 $ 407,000 $ 2,592,000 $ 11,346,000 Identifiable assets $ 37,175,000 $ 5,704,000 $ 38,914,000 $ 65,919,000 $ 98,588,000 $ 2,860,000 $ 18,912,000 $ 60,070,000 $ 8,385,000 $ 42,863,000 $ 378,390,000 Three Months Ended June 30, 2023 GWW TurnOn Fintech Sentinum AGREE Ault SMC Energy BMI Holding Co. Total Revenue $ 8,740,000 $ 724,000 $ - $ - $ - $ - $ 2,625,000 $ 82,000 $ 45,000 $ - $ 12,216,000 Revenue, cryptocurrency mining - - - 8,368,000 - - - - - - 8,368,000 Revenue, commercial real estate leases - - - 325,000 - - - - - - 325,000 Revenue, lending and trading activities - - 9,525,000 - - - - - - - 9,525,000 Revenue, crane operations - - - - - - - 12,590,000 - - 12,590,000 Revenue, hotel operations - - - - 4,384,000 - - - - - 4,384,000 Total revenues $ 8,740,000 $ 724,000 $ 9,525,000 $ 8,693,000 $ 4,384,000 $ - $ 2,625,000 $ 12,672,000 $ 45,000 $ - $ 47,408,000 Depreciation and amortization expense $ (24,000 ) $ (99,000 ) $ - $ 5,235,000 $ 796,000 $ - $ 70,000 $ 910,000 $ 37,000 $ 418,000 $ 7,343,000 Income (loss) from operations $ (2,445,000 ) $ (1,589,000 ) $ 9,115,000 $ (1,227,000 ) $ 156,000 $ (455,000 ) $ (2,528,000 ) $ (34,691,000 ) $ (12,219,000 ) $ (4,622,000 ) $ (50,505,000 ) Capital expenditures $ 89,000 $ - $ - $ 113,000 $ 2,818,000 $ - $ 42,000 $ 1,005,000 $ - $ 258,000 $ 4,325,000 Segment information for the three and six months ended June 30, 2022: Three Months Ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Ault Holding Total Revenue $ 6,503,000 $ 1,062,000 $ 12,000 $ - $ - $ - $ - $ 7,577,000 Revenue, cryptocurrency mining - - - 3,976,000 - - - 3,976,000 Revenue, commercial real estate leases - - - 272,000 - - - 272,000 Revenue, lending and trading activities - - 943,000 - - - - 943,000 Revenue, hotel operations - - - - 4,598,000 - - 4,598,000 Total revenues $ 6,503,000 $ 1,062,000 $ 955,000 $ 4,248,000 $ 4,598,000 $ - $ - $ 17,366,000 Depreciation and amortization expense $ 298,000 $ 4,000 $ 34,000 $ 2,613,000 $ 827,000 $ - $ 711,000 $ 4,487,000 Loss from operations $ (1,076,000 ) $ (445,000 ) $ (11,486,000 ) $ (3,454,000 ) $ (166,000 ) $ (489,000 ) $ (6,603,000 ) $ (23,719,000 ) Capital expenditures $ 156,000 $ 50,000 $ 761,000 $ 36,397,000 $ (15,000 ) $ - $ 71,000 $ 37,420,000 Six Months Ended June 30, 2022 GWW TurnOnGreen Fintech Sentinum AGREE Ault Holding Total Revenue $ 13,748,000 $ 2,191,000 $ 19,000 $ - $ - $ - $ - $ 15,958,000 Revenue, cryptocurrency mining - - - 7,524,000 - - - 7,524,000 Revenue, commercial real estate leases - - - 550,000 - - - 550,000 Revenue, lending and trading activities - - 18,864,000 - - - - 18,864,000 Revenue, hotel operations - - - - 7,296,000 - - 7,296,000 Total revenues $ 13,748,000 $ 2,191,000 $ 18,883,000 $ 8,074,000 $ 7,296,000 $ - $ - $ 50,192,000 Depreciation and amortization expense $ 519,000 $ 183,000 $ 68,000 $ 4,140,000 $ 1,655,000 $ - $ 53,000 $ 6,618,000 Income (loss) from operations $ (1,220,000 ) $ (1,620,000 ) $ 426,000 $ (3,817,000 ) $ (1,548,000 ) $ (786,000 ) $ (14,124,000 ) $ (22,689,000 ) Capital expenditures $ 285,000 $ 125,000 $ 849,000 $ 71,384,000 $ 19,000 $ - $ 117,000 $ 72,779,000 |
CONCENTRATIONS OF CREDIT AND _2
CONCENTRATIONS OF CREDIT AND REVENUE RISK (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Concentrations Of Credit And Revenue Risk | |
Schedule of concentrations of credit risk | Schedule of concentrations of credit risk June 30, 2023 December 31, 2022 Customer A 15 % 13 % Customer B 2 % 14 % The following table provides the percentage of total revenues attributable to customers from which 10% For the Three Months Ended For the Six Months Ended June 30, June 30, 2023 2022 2023 2022 Customer X (Mining Pool Operator) Less than 10% 23% 15% 15% Customer Y Less than 10% 13% Less than 10% Less than 10% |
LIQUIDITY AND FINANCIAL CONDI_2
LIQUIDITY AND FINANCIAL CONDITION (Details Narrative) | Jun. 30, 2023 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Cash and cash equivalents | $ 19,700,000 |
Working capital | $ 70,000,000 |
REVENUE DISAGGREGATION (Details
REVENUE DISAGGREGATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 47,408,000 | $ 17,366,000 | $ 78,594,000 | $ 50,192,000 |
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21,271,000 | 13,521,000 | 41,445,000 | 24,693,000 |
Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 37,883,000 | 16,423,000 | 74,008,000 | 31,328,000 |
RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,972,000 | 559,000 | 3,219,000 | 2,070,000 |
Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,209,000 | 3,323,000 | 6,148,000 | 6,898,000 |
Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,101,000 | 1,992,000 | 2,238,000 | 1,992,000 |
Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,899,000 | 953,000 | 6,564,000 | 4,208,000 |
Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,368,000 | 3,976,000 | 15,715,000 | 7,524,000 |
Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,709,000 | 4,870,000 | 7,410,000 | 7,846,000 |
Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,590,000 | 25,236,000 | ||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 410,000 | 750,000 | 1,470,000 | 790,000 |
Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 37,883,000 | 16,423,000 | 74,008,000 | 31,328,000 |
Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 47,408,000 | 17,366,000 | 78,594,000 | 50,192,000 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 16,612,000 | 2,902,000 | 32,563,000 | 6,635,000 |
Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 37,883,000 | 16,423,000 | 74,008,000 | 31,328,000 |
North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 31,734,000 | 10,791,000 | 61,369,000 | 19,845,000 |
North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,359,000 | 2,568,000 | 4,829,000 | 4,766,000 |
Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,790,000 | 3,064,000 | 7,810,000 | 6,717,000 |
GIGA [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,740,000 | 17,448,000 | ||
GIGA [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,720,000 | 10,126,000 | ||
GIGA [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,020,000 | 7,322,000 | ||
GIGA [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,740,000 | 17,448,000 | ||
GIGA [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,972,000 | 3,219,000 | ||
GIGA [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,564,000 | 4,678,000 | ||
GIGA [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,101,000 | 2,238,000 | ||
GIGA [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,899,000 | 6,564,000 | ||
GIGA [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 204,000 | 749,000 | ||
GIGA [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,740,000 | 17,448,000 | ||
GIGA [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,740,000 | 17,448,000 | ||
GIGA [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,740,000 | 17,448,000 | ||
GIGA [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,856,000 | 5,190,000 | ||
GIGA [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GIGA [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,270,000 | 4,711,000 | ||
GIGA [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,614,000 | 7,547,000 | ||
Turn On Green [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Turn On Green [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 722,000 | 1,062,000 | 1,595,000 | 2,191,000 |
Turn On Green [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,000 | 5,000 | ||
Turn On Green [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Turn On Green [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 645,000 | 1,016,000 | 1,470,000 | 2,112,000 |
Turn On Green [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 79,000 | 46,000 | 130,000 | 79,000 |
Turn On Green [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Turn On Green [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Turn On Green [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Turn On Green [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 541,000 | 822,000 | 1,326,000 | 1,834,000 |
Turn On Green [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Turn On Green [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 7,000 | 28,000 | 11,000 | 47,000 |
Turn On Green [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 176,000 | 212,000 | 263,000 | 310,000 |
Fintech [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 955,000 | 4,586,000 | 18,883,000 |
Fintech [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Fintech [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 955,000 | 4,586,000 | 18,883,000 |
Fintech [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,000 | 19,000 | ||
Fintech [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Fintech [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Fintech [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,368,000 | 3,976,000 | 15,715,000 | 7,524,000 |
Sentinum [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 325,000 | 272,000 | 783,000 | 550,000 |
Sentinum [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Sentinum [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Sentinum [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 7,296,000 | |
AGREE [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
AGREE [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
AGREE [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,625,000 | 6,008,000 | ||
SMC [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
SMC [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 45,000 | 45,000 | ||
BMI [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
BMI [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,672,000 | 25,782,000 | ||
Energy [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 82,000 | 546,000 | ||
Energy [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,672,000 | 25,782,000 | ||
Energy [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Karaoke Machines And Rleated Consumer Goods [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Crane rental [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,590,000 | 25,236,000 | ||
Energy [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 82,000 | 546,000 | ||
Energy [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,672,000 | 25,782,000 | ||
Energy [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,672,000 | 25,782,000 | ||
Energy [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,590,000 | 25,236,000 | ||
Energy [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,672,000 | 25,782,000 | ||
Energy [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 12,590,000 | 25,675,000 | ||
Energy [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
Energy [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 82,000 | 107,000 | ||
Energy [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GWW [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,503,000 | 13,748,000 | ||
GWW [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,601,000 | 7,113,000 | ||
GWW [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,902,000 | 6,635,000 | ||
GWW [Member] | Revenue From Contracts With Customer [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,503,000 | 13,748,000 | ||
GWW [Member] | RF/microwave filters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 559,000 | 2,070,000 | ||
GWW [Member] | Power supply units and systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,307,000 | 4,786,000 | ||
GWW [Member] | Healthcare Diagnostic Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,992,000 | 1,992,000 | ||
GWW [Member] | Defense Systems [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 953,000 | 4,208,000 | ||
GWW [Member] | Digital Currency Mining [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GWW [Member] | Hotel And Real Estate Operations [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GWW [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 692,000 | 692,000 | ||
GWW [Member] | Revenue from contracts with customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,503,000 | 13,748,000 | ||
GWW [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GWW [Member] | Total [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,503,000 | 13,748,000 | ||
GWW [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 6,503,000 | 13,748,000 | ||
GWW [Member] | North America [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,111,000 | 2,622,000 | ||
GWW [Member] | North America [Member] | Revenue Lending and Trading Activities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | ||||
GWW [Member] | Europe [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,540,000 | 4,719,000 | ||
GWW [Member] | Middle East [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,852,000 | $ 6,407,000 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 8,632,000 | $ 144,572,000 |
Total liabilities measured at fair value | 29,143,000 | 15,743,000 |
Series E And G Preferred Stock Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 8,263,000 | |
Warrant And Embedded Conversion Feature Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 5,605,000 | 2,967,000 |
Convertible promissory notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 15,275,000 | 12,776,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 8,632,000 | 131,232,000 |
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Series E And G Preferred Stock Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Warrant And Embedded Conversion Feature Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 1 [Member] | Convertible promissory notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Series E And G Preferred Stock Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Warrant And Embedded Conversion Feature Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 2 [Member] | Convertible promissory notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 13,340,000 | |
Total liabilities measured at fair value | 29,143,000 | 15,743,000 |
Fair Value, Inputs, Level 3 [Member] | Series E And G Preferred Stock Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 8,263,000 | |
Fair Value, Inputs, Level 3 [Member] | Warrant And Embedded Conversion Feature Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 5,605,000 | 2,967,000 |
Fair Value, Inputs, Level 3 [Member] | Convertible promissory notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 15,275,000 | 12,776,000 |
Alzamend Neuro Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 5,836,000 | 6,449,000 |
Alzamend Neuro Inc [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 5,836,000 | 6,449,000 |
Alzamend Neuro Inc [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Alzamend Neuro Inc [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Marketable equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 653,000 | 6,590,000 |
Marketable equity securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 653,000 | 6,590,000 |
Marketable equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Marketable equity securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Cash and marketable securities held in trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,143,000 | 118,193,000 |
Cash and marketable securities held in trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 2,143,000 | 118,193,000 |
Cash and marketable securities held in trust [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Cash and marketable securities held in trust [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Investments in other equity securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 13,340,000 | |
Investments in other equity securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Investments in other equity securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | ||
Investments in other equity securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 13,340,000 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Balance at Beginning | $ 13,340,000 |
Conversion to Level 1 marketable securities | (13,340,000) |
Balance at End |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Alternative investment | $ 25,900,000 | $ 29,200,000 |
Impairments for equity securities | 11,600,000 | |
Other Income Expense [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Impairments for equity securities | 9,600,000 | |
Revenue From Lending And Trading Activitie [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Impairments for equity securities | $ 2,000,000 |
Marketable EQUITY Securities (D
Marketable EQUITY Securities (Details) - Common Stock [Member] - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Cost | $ 5,131,000 | $ 10,271,000 |
Gross unrealized gains | 9,000 | 383,000 |
Gross unrealized losses | (4,487,000) | (4,064,000) |
Fair value | $ 653,000 | $ 6,590,000 |
DIGITAL CURRENCIES (Details)
DIGITAL CURRENCIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of mined cryptocurrency | $ 124,000 | $ 1,976,000 | $ 263,000 | $ 2,415,000 |
Digital currencies [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Beginning balance | 554,000 | 2,165,000 | ||
Additions of mined digital currencies | 14,714,000 | 7,524,000 | ||
Payments to vendors | (13,000) | (412,000) | ||
Impairment of mined cryptocurrency | (263,000) | (2,415,000) | ||
Sale of digital currencies | (15,040,000) | (4,377,000) | ||
Realized gain on sale of digital currencies | 348,000 | 260,000 | ||
Ending balance | $ 300,000 | $ 2,745,000 | $ 300,000 | $ 2,745,000 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 250,943,000 | $ 227,930,000 |
Accumulated depreciation and amortization | (23,083,000) | (9,344,000) |
Property and equipment placed in service, net | 227,860,000 | 218,586,000 |
Deposits on cryptocurrency machines | 11,328,000 | |
Property, plant and equipment, net | 227,860,000 | 229,914,000 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 87,159,000 | 81,102,000 |
Bitcoin mining equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 50,640,000 | 42,438,000 |
Crane rental equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 32,681,000 | 32,453,000 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,646,000 | 25,646,000 |
Computer Software, Intangible Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 27,358,000 | 23,168,000 |
Aircraft [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,983,000 | 15,983,000 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 4,702,000 | 3,314,000 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 3,210,000 | 2,854,000 |
Oil and Gas [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 3,564,000 | $ 972,000 |
PROPERTY AND EQUIPMENT, NET (_2
PROPERTY AND EQUIPMENT, NET (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 7,966,000 | $ 3,725,000 | $ 13,876,000 | $ 6,287,000 |
INTANGIBLE ASSETS, NET (Details
INTANGIBLE ASSETS, NET (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 8 years 2 months 12 days | |
Intangible assets, gross | $ 19,841,000 | $ 36,888,000 |
Accumulated amortization | (2,551,000) | (2,102,000) |
Intangible assets, net | 17,290,000 | 34,786,000 |
Developed technology [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 7,984,000 | 24,584,000 |
Developed technology [Member] | Minimum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 3 years | |
Developed technology [Member] | Maximum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 8 years | |
Customer Lists [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,829,000 | 5,865,000 |
Customer Lists [Member] | Minimum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 8 years | |
Customer Lists [Member] | Maximum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 3,916,000 | 4,316,000 |
Trade Names [Member] | Minimum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | |
Trade Names [Member] | Maximum [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 10 years | |
Trademarks and Trade Names [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 1,513,000 | 1,493,000 |
Domain name and other intangible assets [Member] | ||
Indefinite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | |
Intangible assets, gross | $ 599,000 | $ 630,000 |
INTANGIBLE ASSETS, NET (Detai_2
INTANGIBLE ASSETS, NET (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 254,000 | $ 79,000 | $ 507,000 | $ 158,000 |
INTANGIBLE ASSETS, NET (Detai_3
INTANGIBLE ASSETS, NET (Details 2) | Jun. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 1,029,000 |
2024 | 2,026,000 |
2025 | 1,926,000 |
2026 | 1,826,000 |
2027 | 1,826,000 |
Thereafter | 7,144,000 |
Finite-Lived Intangible Assets, Net | $ 15,777,000 |
INTANGIBLE ASSETS, NET (Detai_4
INTANGIBLE ASSETS, NET (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible asset, useful life | 8 years 2 months 12 days |
Royalty payments description | Royalty payments are estimated by applying royalty rates of 18% for patents and developed technology and 0.25% for trademarks. The resulting net annual royalty payments are then discounted to present value using a discount factor of 25.7%. |
GOODWILL (Details)
GOODWILL (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Disclosure Goodwill Abstract | |
Beginning balance | $ 27,902,000 |
Acquisition of BMI | 17,000 |
Impairment of goodwill | (18,570,000) |
Effect of exchange rate changes | (191,000) |
Ending balance | $ 9,158,000 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Goodwill | $ 9,158,000 | $ 27,902,000 |
AVLP Convertible Promissory Notes [Member] | ||
Debt Instrument [Line Items] | ||
Discount rates | 26.70% | |
Goodwill | $ 18,600,000 |
BUSINESS COMBINATION (Details)
BUSINESS COMBINATION (Details) | Mar. 06, 2023 USD ($) |
BMI Acquisition [Member] | |
Business Acquisition [Line Items] | |
Common stock | $ 287,000 |
BUSINESS COMBINATION (Details 1
BUSINESS COMBINATION (Details 1) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Total purchase consideration | $ 287,000 |
Fair value of non-controlling interest | 6,357,000 |
Total consideration | 6,644,000 |
Cash | 67,000 |
Investment in equity securities | 8,076,000 |
Prepaid expenses and other current assets | 172,000 |
Property and equipment, net | 4,109,000 |
Right-of-use assets | 339,000 |
Accounts payable and accrued expenses | (5,790,000) |
Lease liabilities | (346,000) |
Net assets acquired | 6,627,000 |
Goodwill | $ 17,000 |
INVESTMENTS - RELATED PARTIES (
INVESTMENTS - RELATED PARTIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||||
Interest income, related party | $ 5,000 | $ 5,000 | |||
Avalanche international Corp and Alzamend [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Investment interest rate | 8% | 8% | |||
Investment due date | Dec. 31, 2023 | Dec. 31, 2023 | |||
Investment in promissory note of Ault & Company | $ 2,500,000 | $ 2,500,000 | |||
Accrued interest receivable Ault & Company | 468,000 | 368,000 | |||
Total investment in promissory notes, related parties | 2,968,000 | $ 2,868,000 | |||
Interest income, related party | $ 50,000 | $ 50,000 | $ 100,000 | $ 100,000 |
INVESTMENTS - RELATED PARTIES_2
INVESTMENTS - RELATED PARTIES (Details 1) - Common Stock [Member] - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | ||
Cost | $ 24,688,000 | $ 24,673,000 |
Gross unrealized losses | (18,852,000) | (18,224,000) |
Cost | $ 5,836,000 | $ 6,449,000 |
INVESTMENTS - RELATED PARTIES_3
INVESTMENTS - RELATED PARTIES (Details 2) - Alzamend [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||
Beginning Balance | $ 4,856,000 | $ 8,729,000 | $ 6,449,000 | $ 13,230,000 |
Investment in common stock of Alzamend | 10,000 | 4,469,000 | 15,000 | 4,663,000 |
Unrealized loss in common stock of Alzamend | 970,000 | (4,353,000) | (628,000) | (9,048,000) |
Ending Balance | $ 5,836,000 | $ 8,845,000 | $ 5,836,000 | $ 8,845,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 30,841,000 | $ 21,347,000 |
Accrued payroll and payroll taxes | 11,625,000 | 9,939,000 |
Accrued legal | 5,736,000 | 3,168,000 |
Short position marketable equity securities | 5,253,000 | |
Interest payable | 4,064,000 | 3,207,000 |
Warrant derivative liabilities | 3,028,000 | 651,000 |
Accrued lender profit participation rights | 2,497,000 | 6,000,000 |
Related party advances | 213,000 | 352,000 |
Other accrued expenses | 17,874,000 | 17,980,000 |
Total | $ 81,131,000 | $ 62,644,000 |
DIVIDEND PAYABLE IN TURNONGRE_2
DIVIDEND PAYABLE IN TURNONGREEN COMMON STOCK (Details Narrative) | Jun. 30, 2023 USD ($) |
Dividend Payable In Turnongreen Common Stock | |
Dividend payable | $ 5,200,000 |
PREFERRED STOCK LIABILITY (Deta
PREFERRED STOCK LIABILITY (Details) | Jun. 30, 2023 USD ($) $ / shares shares |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Preferred stock liability, shares | shares | 97,208 |
Preferred stock liability, stated value | $ / shares | $ 9,721,000 |
Preferred stock liability, fair value | $ | $ 8,263,000 |
Series E Convertible Preferred Liability [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Preferred stock liability, shares | shares | 83,000 |
Preferred stock liability, stated value | $ / shares | $ 8,300,000 |
Preferred stock liability, fair value | $ | $ 7,055,000 |
Series G Convertible Preferred Liability [Member] | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Preferred stock liability, shares | shares | 14,208 |
Preferred stock liability, stated value | $ / shares | $ 1,421,000 |
Preferred stock liability, fair value | $ | $ 1,208,000 |
PREFERRED STOCK LIABILITY (De_2
PREFERRED STOCK LIABILITY (Details 1) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Equity [Abstract] | |
Preferred Stock Liability, Beginning | |
Preferred stock issued upon extinguishment of debt | 8,500,000 |
Conversion of preferred stock to common stock | (328,000) |
Change in fair value | 91,000 |
Preferred Stock Liability, Ending | $ 8,263,000 |
PREFERRED STOCK LIABILITY (De_3
PREFERRED STOCK LIABILITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, stated value | $ 9,721,000 | $ 9,721,000 | $ 9,721,000 | |||
Preferred stock liability, shares | 97,208 | 97,208 | 97,208 | |||
Loss on extinguishment of debt | $ 100,000 | |||||
Net loss | $ (60,683,000) | $ (25,764,000) | $ (109,329,000) | $ (54,536,000) | ||
Series E Convertible Preferred Liability [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, stated value | $ 8,300,000 | $ 8,300,000 | $ 8,300,000 | |||
Preferred stock liability, shares | 83,000 | 83,000 | 83,000 | |||
Series G Convertible Preferred Liability [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, stated value | $ 1,421,000 | $ 1,421,000 | $ 1,421,000 | |||
Preferred stock liability, shares | 14,208 | 14,208 | 14,208 | |||
Securities Purchase Agreement [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Shares sold | 100,000 | |||||
Preferred stock liability, stated value | $ 100 | |||||
Securities Purchase Agreement [Member] | Series E Convertible Preferred Liability [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, shares | 83,000 | 83,000 | 83,000 | |||
Securities Purchase Agreement [Member] | Series F Convertible Preferred Liability [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, shares | 1,000 | 1,000 | 1,000 | |||
Shares converted | 1,000 | |||||
Net loss | $ 91,000 | |||||
Securities Purchase Agreement [Member] | Series G Convertible Preferred Liability [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock liability, shares | 16,000 | 16,000 | 16,000 | |||
Shares converted | 1,792 | |||||
Net loss | $ 91,000 | |||||
Securities Purchase Agreement [Member] | Companys Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Converted aggregate share | 37,493 |
REDEEMABLE NONCONTROLLING INT_2
REDEEMABLE NONCONTROLLING INTERESTS IN EQUITY OF SUBSIDIARY LIABILITY (Details Narrative) | 1 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Redeemable Noncontrolling Interests In Equity Of Subsidiary Liability | |
Redeemable noncontrolling interests in equity of subsidiaries | $ 2,000,000 |
Stock redeemed during the period, shares | shares | 11,300,000 |
Share Price | $ / shares | $ 10.61 |
Stock redeemed during the period, value | $ 120,000,000 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | ||
Short-Term Debt [Line Items] | |||
Total notes payable | $ 137,799,000 | $ 144,172,000 | |
Unamortized debt discounts | (3,804,000) | (13,087,000) | |
Total notes payable, net | 133,995,000 | 131,085,000 | |
Less: current portion | (46,434,000) | (39,621,000) | |
Notes payable - long-term portion | $ 87,561,000 | 91,464,000 | |
AGREE Secured Construction Loans [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | AGREE hotels | ||
Interest rate | 7% | ||
Due date | Jan. 01, 2025 | ||
Total notes payable | $ 67,359,000 | 62,395,000 | |
Circle 8 Cran E Services LLC [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | Circle 8 cranes | ||
Interest rate | 8.40% | ||
Due date | Dec. 16, 2025 | ||
Total notes payable | $ 16,616,000 | 14,724,000 | |
Secured promissory notes 8.5 percent [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | 19,389 Antminers, BNI Montana assets, Circle 8 membership interests, Florida property, Michigan property, aircraft | ||
Interest rate | 8.50% | ||
Due date | May 07, 2024 | ||
Total notes payable | $ 16,001,000 | 17,389,000 | |
Guarantors | Ault & Company, Ault Lending, Milton C. Ault, III | ||
Senior secured promissory note 16 percent [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | [1] | 12,000 Antminers, Ault Lending securities, | |
Interest rate | [1] | 16% | |
Due date | [1] | Sep. 15, 2023 | |
Total notes payable | [1] | $ 12,034,000 | 17,456,000 |
Guarantors | [1] | Ault & Company, Sentinum, Ault Lending, Milton C. Ault, III | |
Circle 8 equipment financing notes [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | Circle 8 equipment | ||
Interest rate | 7.20% | ||
Due date | Nov. 16, 2026 | ||
Total notes payable | $ 6,715,000 | 10,677,000 | |
Secured promissory notes 3 percent [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | [2] | Certain Ault Lending securities | |
Interest rate | [2] | 3% | |
Due date | [2] | May 18, 2023 | |
Total notes payable | [2] | $ 5,455,000 | 5,672,000 |
Secured Promissory Notes 8 Percent [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 8% | ||
Total notes payable | $ 4,500,000 | ||
Shortrm Bank Credit Facilities [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 5.60% | ||
Total notes payable | $ 2,129,000 | 1,702,000 | |
XBTO Trading Note Payable [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | 2,482 Antminers | ||
Interest rate | 12.50% | ||
Due date | Dec. 30, 2023 | ||
Total notes payable | $ 1,645,000 | 2,749,000 | |
Note Payable Related Party [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 9.50% | ||
Total notes payable | $ 750,000 | ||
Secured promissory notes 10 percent [Member] | |||
Short-Term Debt [Line Items] | |||
Interest rate | 10% | ||
Due date | Aug. 10, 2023 | ||
Total notes payable | 8,789,000 | ||
SMCLine of Credit [Member] | |||
Short-Term Debt [Line Items] | |||
Collateral | SMC assets | ||
Interest rate | 8% | ||
Due date | Oct. 14, 2025 | ||
Total notes payable | 1,761,000 | ||
Other [Member] | |||
Short-Term Debt [Line Items] | |||
Total notes payable | [3] | $ 4,595,000 | $ 858,000 |
Guarantors | [3] | Ault & Company | |
[1]Defaults on payment terms in July 2023. Payments subsequent to June 30, 2023 of $10.3 million. Currently the loan maturity date was extended to September 15, 2023 and automatically extends for an additional 30 days for a $0.25 million extension fee for each extension period, with an interest rate of 16% and principal amount outstanding of $2.5 million.[2]Defaults on payment term as of June 30, 2023. Paid in July 2023.[3]$3.4 million defaults on payment terms. $3.1 million paid off in July 2023. $0.3 million TurnOnGreen note payable remains in default. |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 36,339,000 |
2024 | 15,307,000 |
2025 | 85,712,000 |
2026 | 441,000 |
Total | $ 137,799,000 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Contractual interest expense | $ 2,547,000 | $ 1,999,000 | $ 5,942,000 | $ 2,920,000 |
Forbearance fees | 6,198,000 | 7,538,000 | 1,203,000 | |
Amortization of debt discount | 7,182,000 | 32,000 | 16,177,000 | 27,732,000 |
Total interest expense | $ 15,927,000 | $ 2,031,000 | $ 29,657,000 | $ 31,855,000 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Disclosure [Abstract] | ||||
Interest income, related party | $ 5,000 | $ 5,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jun. 08, 2023 | Jul. 19, 2023 | May 29, 2023 | Jun. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Advance from related party | $ 3,900,000 | $ 750,000 | ||
Secured promissory notes 16 percent [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Amendment to 16% secured promissory notes, Description | Company entered into several amendments subsequent to the initial lending due to certain defaults on payment terms. The amendments included $4.6 million in extension fees and payments subsequent to June 30, 2023 of $10.3 million. Currently the loan maturity date was extended to September 15, 2023 and automatically extends for an additional 30 days for a $0.25 million extension fee for each extension period, with an interest rate of 16% and principal amount outstanding of $2.5 million. | |||
Secured promissory notes 3 percent [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Amendment to 3% secured promissory notes, description | the quarter ended June 30, 2023, the holders of the 3% secured promissory notes exercised their rights of future participation whereby Sentinum issued additional promissory notes with a face amount of $10.4 million under the same terms as the existing notes, of which $5.5 million was outstanding and past due as of June 30, 2023. The 3% secured promissory notes were fully paid in July 2023. | |||
Secured Promissory Notes 8 Percent [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Interest rate | 8% | |||
Principal amount | $ 4,500,000 | |||
Net proceeds | $ 2,000,000 | |||
Subsequent Event [Member] | Secured promissory notes 8.5 percent [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Amendment to 8.5% secured promissory notes, description | Company and certain of its subsidiaries entered into an amendment agreement with the institutional investors and increased the principal balance of the secured promissory notes by an additional $8.8 million. The net proceeds to the Company from the amendment agreement were $7.5 million. | |||
Ault And Company [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Principal amount | $ 10,000 | |||
Interest rate | 9.50% |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Apr. 27, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Total convertible notes payable | $ 21,980,000 | $ 12,887,000 | |
Debt Instrument, Unamortized Discount, Current | (6,705,000) | (111,000) | |
Convertible Notes Payable Net of Financing Cost | 15,275,000 | 12,776,000 | |
Convertible Notes Payable Net of Financing Cost Current | (3,326,000) | (1,325,000) | |
Convertible Notes Payable Net of Financing Cost Long Term | $ 11,949,000 | 11,451,000 | |
Convertible Promissory Note [Member] | |||
Debt Instrument [Line Items] | |||
Conversion price (in dollars per share) | $ 4 | ||
Weighted average interest rate | 4% | ||
Due date | May 10, 2024 | ||
Total convertible notes payable | $ 300,000 | 660,000 | |
AVLP Convertible Promissory Notes [Member] | |||
Debt Instrument [Line Items] | |||
Conversion price (in dollars per share) | $ 0.35 | ||
Weighted average interest rate | 7% | ||
Due date | Aug. 22, 2025 | ||
Total convertible notes payable | $ 9,911,000 | 9,911,000 | |
GIGA senior secured convertible notes [Member] | |||
Debt Instrument [Line Items] | |||
Conversion price (in dollars per share) | $ 0.25 | ||
Weighted average interest rate | 18% | ||
Due date | Oct. 11, 2023 | ||
Total convertible notes payable | $ 2,317,000 | ||
B M I A Senior Secured Convertible [Member] | |||
Debt Instrument [Line Items] | |||
Conversion price (in dollars per share) | $ 3.28 | ||
BMI Senior Secured Convertible [Member] | |||
Debt Instrument [Line Items] | |||
Conversion price (in dollars per share) | $ 3,280,000 | ||
Due date | Apr. 27, 2024 | ||
Total convertible notes payable | $ 6,875,000 | ||
Fair Value Of Embedded Derivative [Member] | |||
Debt Instrument [Line Items] | |||
Total convertible notes payable | $ 2,577,000 | $ 2,316,000 |
CONVERTIBLE NOTES (Details 1)
CONVERTIBLE NOTES (Details 1) | Jun. 30, 2023 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 36,339,000 |
2024 | 15,307,000 |
2025 | 85,712,000 |
Convertible notes payable | 137,799,000 |
Convertible Debt [Member] | |
Debt Instrument [Line Items] | |
2023 | 2,317,000 |
2024 | 7,175,000 |
2025 | 12,488,000 |
Convertible notes payable | $ 21,980,000 |
CONVERTIBLE NOTES (Details 2)
CONVERTIBLE NOTES (Details 2) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2022 | |
Exercise price | Variable | Variable |
Contractual term in years | 2 years 2 months 12 days | 2 years 8 months 12 days |
Volatility | 75% | |
Dividend yield | 0% | 0% |
Risk-free interest rate | 4.20% | 4% |
Maximum [Member] | ||
Volatility | 82% |
CONVERTIBLE NOTES (Details 3)
CONVERTIBLE NOTES (Details 3) - BMI [Member] | 2 Months Ended |
Jun. 30, 2023 USD ($) | |
Derivative liability, beginning balance | $ 1,352,000 |
Change in fair value of convertible note derivative liability | (1,029,000) |
Derivative liability, ending balance | $ 323,000 |
CONVERTIBLE NOTES (Details 4)
CONVERTIBLE NOTES (Details 4) | 2 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Contractual term in years | 2 years 2 months 12 days | 2 years 8 months 12 days | ||
Volatility | 75% | |||
Risk-free interest rate | 4.20% | 4% | ||
BMI [Member] | ||||
Contractual term in years | 1 year | 9 months 18 days | ||
Volatility | 111% | 113% | ||
Dividend yield | 0% | 0% | ||
Risk-free interest rate | 3.50% | 3.80% |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Apr. 27, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Maturity Date | Apr. 27, 2024 | |||
Amortization of discount | $ 200,000 | $ 16,418,000 | $ 26,493,000 | |
BMI Senior Secured Convertible [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 6,900,000 | |||
Proceeds from Debt, Net of Issuance Costs | $ 5,500,000 | |||
Debt Instrument, Convertible, Conversion Price | $ 3,280,000 | |||
Derivative instrument, and the convertible note discounted amount | $ 4,100,000 | |||
Embedded derivative liability | $ 1,400,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Accrued contingent loss | $ 5,300,000 |
Penality description | The Company will pay a civil penalty of $0.7 million that was fully accrued in the fourth quarter of 2022; Mr. Ault will pay disgorgement of $85,504 and a civil penalty of $150,000; and Mr. Horne will pay a civil penalty of $20,720. |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
May 02, 2023 | Jun. 14, 2022 | Jun. 09, 2022 | Feb. 25, 2022 | Jun. 30, 2023 | Mar. 28, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||||||
Issuance of common stock for restricted stock awards | 4,974 | |||||||
Preferred purchase agreement description | Company entered into a securities purchase agreement (the “Agreement”) with Ault & Company, pursuant to which the Company agreed to sell to Ault & Company up to 40,000 shares of Series C convertible preferred stock and warrants to purchase up to 1.3 million shares of common stock for a total purchase price of up to $40 million. The consummation of the transactions contemplated by the Agreement are subject to various customary closing conditions and the receipt of certain third party consents. | |||||||
Purchase price | $ 40,000 | |||||||
S M C And B M I [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sale of common stock | $ 2,300,000 | |||||||
At The Market Issuance Sales Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 10,000,000 | $ 800,000 | ||||||
Sold an aggregate shares | 100,000 | |||||||
At The Market Issuance Sales Agreement [Member] | Series D Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 46,400,000 | 2,900,000 | ||||||
Sold an aggregate shares | 252,359 | |||||||
At The Market Issuance Sales Agreement [Member] | Wilson Davis And Co Inc [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of common stock | $ 200,000,000 | $ 4,200,000 | ||||||
Securities Purchase Agreement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Sold an aggregate shares | 100,000 | |||||||
Securities Purchase Agreement [Member] | Series F Convertible Preferred Liability [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares converted | 1,000 | |||||||
Securities Purchase Agreement [Member] | Series G Convertible Preferred Liability [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares converted | 1,792 | |||||||
Securities Purchase Agreement [Member] | Companys Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Converted aggregate share | 37,493 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income Tax Rate | 3% | 0.80% | 1.20% | 0.40% |
Income tax provision | $ 1,400,000 | $ 200,000 | $ 1,100,000 | $ 200,000 |
Federal statutory income tax rate | 21% |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 72,000 | 96,000 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 19,000 | 21,000 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 7,000 | |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 52,000 | 67,000 |
Convertible notes [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 1,000 | 1,000 |
SEGMENT AND CUSTOMERS INFORMA_3
SEGMENT AND CUSTOMERS INFORMATION (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Revenue, cryptocurrency mining | $ (15,715,000) | $ (7,524,000) | ||
Income (loss) from operations | $ (50,505,000) | $ (23,719,000) | (81,923,000) | (22,689,000) |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12,216,000 | 7,577,000 | 25,647,000 | 15,958,000 |
Revenue, cryptocurrency mining | 8,368,000 | 3,976,000 | 15,715,000 | 7,524,000 |
Revenue, commercial real estate leases | 325,000 | 272,000 | 783,000 | 550,000 |
Revenue, lending and trading activities | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Revenue, crane operations | 12,590,000 | 25,236,000 | ||
Revenue, hotel operations | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
Total revenues | 47,408,000 | 17,366,000 | 78,594,000 | 50,192,000 |
Depreciation and amortization expense | 7,343,000 | 4,487,000 | 14,383,000 | 6,618,000 |
Income (loss) from operations | (50,505,000) | (23,719,000) | (81,923,000) | (22,689,000) |
Capital expenditures | 4,325,000 | 37,420,000 | 11,346,000 | 72,779,000 |
Identifiable assets | 378,390,000 | |||
Operating Segments [Member] | GWW [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,740,000 | 6,503,000 | 17,448,000 | 13,748,000 |
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 8,740,000 | 6,503,000 | 17,448,000 | 13,748,000 |
Depreciation and amortization expense | (24,000) | 298,000 | 566,000 | 519,000 |
Income (loss) from operations | (2,445,000) | (1,076,000) | (5,117,000) | (1,220,000) |
Capital expenditures | 89,000 | 156,000 | 135,000 | 285,000 |
Identifiable assets | 37,175,000 | |||
Operating Segments [Member] | Turn On Green [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 724,000 | 1,062,000 | 1,600,000 | 2,191,000 |
Depreciation and amortization expense | (99,000) | 4,000 | 44,000 | 183,000 |
Income (loss) from operations | (1,589,000) | (445,000) | (2,569,000) | (1,620,000) |
Capital expenditures | 50,000 | 10,000 | 125,000 | |
Identifiable assets | 5,704,000 | |||
Operating Segments [Member] | Fintech [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 12,000 | 19,000 | ||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | 9,525,000 | 943,000 | 4,586,000 | 18,864,000 |
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 9,525,000 | 955,000 | 4,586,000 | 18,883,000 |
Depreciation and amortization expense | 34,000 | 68,000 | ||
Income (loss) from operations | 9,115,000 | (11,486,000) | 2,130,000 | 426,000 |
Capital expenditures | 761,000 | 849,000 | ||
Identifiable assets | 38,914,000 | |||
Operating Segments [Member] | BNI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | ||||
Revenue, cryptocurrency mining | 8,368,000 | 3,976,000 | 15,715,000 | 7,524,000 |
Revenue, commercial real estate leases | 325,000 | 272,000 | 783,000 | 550,000 |
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 8,693,000 | 4,248,000 | 16,498,000 | 8,074,000 |
Depreciation and amortization expense | 5,235,000 | 2,613,000 | 8,570,000 | 4,140,000 |
Income (loss) from operations | (1,227,000) | (3,454,000) | (1,702,000) | (3,817,000) |
Capital expenditures | 113,000 | 36,397,000 | 1,165,000 | 71,384,000 |
Identifiable assets | 65,919,000 | |||
Operating Segments [Member] | AGREE [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | ||||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
Total revenues | 4,384,000 | 4,598,000 | 6,627,000 | 7,296,000 |
Depreciation and amortization expense | 796,000 | 827,000 | 1,634,000 | 1,655,000 |
Income (loss) from operations | 156,000 | (166,000) | (1,399,000) | (1,548,000) |
Capital expenditures | 2,818,000 | (15,000) | 5,517,000 | 19,000 |
Identifiable assets | 98,588,000 | |||
Operating Segments [Member] | Ault Disoerative [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | ||||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | ||||
Depreciation and amortization expense | ||||
Income (loss) from operations | (455,000) | (489,000) | (838,000) | (786,000) |
Capital expenditures | ||||
Identifiable assets | 2,860,000 | |||
Operating Segments [Member] | SMC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,625,000 | 6,008,000 | ||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 2,625,000 | 6,008,000 | ||
Depreciation and amortization expense | 70,000 | 441,000 | ||
Income (loss) from operations | (2,528,000) | (4,779,000) | ||
Capital expenditures | 42,000 | 184,000 | ||
Identifiable assets | 18,912,000 | |||
Operating Segments [Member] | Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 82,000 | 546,000 | ||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | 12,590,000 | 25,236,000 | ||
Revenue, hotel operations | ||||
Total revenues | 12,672,000 | 25,782,000 | ||
Depreciation and amortization expense | 910,000 | 1,980,000 | ||
Income (loss) from operations | (34,691,000) | (32,721,000) | ||
Capital expenditures | 1,005,000 | 1,336,000 | ||
Identifiable assets | 60,070,000 | |||
Operating Segments [Member] | BMI [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 45,000 | 45,000 | ||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | 45,000 | 45,000 | ||
Depreciation and amortization expense | 37,000 | 120,000 | ||
Income (loss) from operations | (12,219,000) | (20,275,000) | ||
Capital expenditures | 407,000 | |||
Identifiable assets | 8,385,000 | |||
Operating Segments [Member] | Holding Company 1 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | ||||
Revenue, cryptocurrency mining | ||||
Revenue, commercial real estate leases | ||||
Revenue, lending and trading activities | ||||
Revenue, crane operations | ||||
Revenue, hotel operations | ||||
Total revenues | ||||
Depreciation and amortization expense | 418,000 | 711,000 | 1,028,000 | 53,000 |
Income (loss) from operations | (4,622,000) | (6,603,000) | (14,653,000) | (14,124,000) |
Capital expenditures | $ 258,000 | $ 71,000 | 2,592,000 | $ 117,000 |
Identifiable assets | $ 42,863,000 |
CONCENTRATIONS OF CREDIT AND _3
CONCENTRATIONS OF CREDIT AND REVENUE RISK (Details) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts Receivable [Member] | Customer A [Member] | |||||
Product Information [Line Items] | |||||
Percentage of revenue | 15% | 13% | |||
Accounts Receivable [Member] | Customer B [Member] | |||||
Product Information [Line Items] | |||||
Percentage of revenue | 2% | 14% | |||
Revenue Benchmark [Member] | Customer X [Member] | |||||
Product Information [Line Items] | |||||
Percentage of revenue | 10% | 23% | 15% | 15% | |
Revenue Benchmark [Member] | Customer Y [Member] | |||||
Product Information [Line Items] | |||||
Percentage of revenue | 10% | 13% | 10% | 10% |
CONCENTRATIONS OF CREDIT AND _4
CONCENTRATIONS OF CREDIT AND REVENUE RISK (Details Narrative) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer [Member] | |
Product Information [Line Items] | |
Percentage of revenue | 10% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |||
Jun. 08, 2023 | Aug. 18, 2023 | Jul. 24, 2023 | Jun. 30, 2023 | Aug. 10, 2023 | |
Subsequent Event [Line Items] | |||||
Advance from related party | $ 3,900,000 | $ 750,000 | |||
Subsequent Event [Member] | Sales Agreement [Member] | Preferred ATM Offering [Member] | |||||
Subsequent Event [Line Items] | |||||
Sold an aggregate shares | 3,900,000 | ||||
Gross Proceeds from Issuance or Sale of Equity | $ 15,600,000 | ||||
Subsequent Event [Member] | Second Demand Note [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Annual Principal Payment | $ 1,100,000 | ||||
Subsequent Event [Member] | Second Partial Distribution of TurnOnGreen Securities [Member] | |||||
Subsequent Event [Line Items] | |||||
Description of shares distribution | The Company distributed 56.4 million TurnOnGreen Securities in the second distribution. |