On May 20, 2024, Milton C. Ault (also known as Milton Todd Ault III) informed the SEC that Ault Alliance achieved profitability in the first quarter of this year. It's noteworthy that while unaudited statements indicate a net profit to common stakeholders of $2.5 million, just five days prior, on May 15, 2024, he disclosed a net loss of $15 million to the SEC.
A closer look at these unaudited statements reveals an entry labeled "Gain on conversion of investment in equity securities to marketable equity securities," which is responsible for the sudden positive profit. This suggests that Ault Alliance isn't genuinely profiting from their strategic plan but instead diluting the stock. Notably, the number of stocks sold in the last quarter surged to 30,065,339 as of March 31, 2024, from 4,483,459 at December 31, 2023.
Beware of charlatans.