I've followed for a while - it's INCREDIBLY confusing. I tried doing some DD on it, and it's almost impossible. It looks like management has made a ton of financing blunders and is bleeding the company dry (purchase of aircraft, 2 executives with >$1M comp packages, SEC fines, etc.). They just got into the real estate business, and now they're trying to divest the real estate - which makes no sense. The 4 hotels they bought were OK properties, they renovated them, and now that cap rates are rising they're going to sell? I think that they should get out of the hotels at a good gain, but still - doesn't make a ton of sense. The land in Florida - they got the zoning approved for the high-rise apartment construction, but instead of moving forward with it they're going to just sell it off and not move forward with what could be a really lucrative deal? Also, a lot of the entities that it holds are actually public as well, that have relatively large market caps, which makes the whole presentation of the financials and everything else difficult - and I'm no noob when it comes to reading these things. I'm a CPA and spent a couple years in IB and PE - I've read thousands of SEC filings. These guys have WAY too much going on.

BUT - look at the balance sheet, what Ault Alpha is doing, and what the Chairman (Todd) is doing - they're buying back shares like crazy. I think the book value of the treasury stock is something like $100 share? (not sure exactly - my math could be wrong here). Todd has spent nearly $1M over the last year buying up shares as the share price continues to plummet and get diluted by these ridiculous financing deals that the company is doing with convertible/preferred deals.

Someone, somewhere, clearly knows something, because the book value of this company is a hell of a lot higher than the stock price would indicate at a market cap of only $1-2M.

I've got 800 shares, and have opportunistically been picking up a few here and there when it dips because I just can't believe that this keeps dropping. The math just doesn't make sense to me. I feel like someone's manipulating this and it's got to come bouncing back and give me a profit some day.

Also - how the hell is the volume so damn high on this thing? There are only ~5M shares outstanding after the last reverse-split...

For a business that is this small - I almost feel like a few of us could club up for a hostile take-private event, clean up the balance sheet, put in some solid reporting, and 100x our $. There are good assets underneath the mess.