Digital Power Corp (DPW)

[hobowilly]

They've had a $70 million backlog for at least 6 months and just keep reporting it over and over and over. Biggest issue and reason for backlog is that they have no cash to fund operations and have been acquiring TOXIC debt, then stiffing the lenders and restructuring.The Fat Slob POS ceo ran this company into the ground. He has built nothing but TOXIC debt and share count. It was a jewel before the incompetent slimy slug took over and gave himself $33k a month over compensation and over compensated all his Toadies on the BoD as well.

The assets they have will soon be sitting out on the front lawn under a YUUUUUUUUUUUUUUUUUUUUUGE Yard Sale sign

DPW Holdings Issues Corporate Update
BY GlobeNewswire
— 7:07 AM ET 04/22/2019
Newport Beach, Calif., April 22, 2019 (GLOBE NEWSWIRE) -- DPW Holdings, Inc. , a diversified holding company (the “Company,” or “DPW”), today announced a corporate update of its press release published on April 17, 2019 along with a few other topics. The Company stated that its current order backlog is approximately $70,800,000. The Company also reported that it anticipates resolving the remaining outstanding short-term debt of approximately $4,000,000 before the close of the third quarter this current fiscal year. The reduction in short-term debt prior to this next payment totals approximately $10,500,000 to date for this year and constitutes one component of its effort to improve its capital structure and strengthen its balance sheet.

The Company noted that it plans to fund the reduction in short-term debt from a few sources, including the proceeds from the sale of assets and possible spinoffs, anticipated to occur over the next few months or fiscal quarters. DPW reiterated that this reduction in short-term debt will mark significant progress in restructuring its total debt that supports the Company’s growth initiatives and will continue to work with its creditors to service and manage its debt while moving forward with profitability and other objectives for the year. As stated during its Investor Conference on February 25, 2019, the Company’s goals for this year include decreasing its short-term liabilities, increasing revenue growth and improving financial and operational performance.

DPW’s CEO and Chairman, Milton “Todd” Ault, III said, “With approximately $50M in assets, we are moving forward to significantly reduce our debt as this will improve our balance sheet. We have a strong asset base to support our efforts and goals for the year, which include increasing the Company’s revenue growth and profitability, reducing our overhead and improving operational performance. We believe we will begin to report positive results starting in the second quarter of fiscal 2019.” Ault continued, “With J.R. Read leading DPW Technology Group and the restructuring underway with DPW Financial Group led by Darren Magot, the Company has begun to set the spinoff of Digital Farms and a number of other initiatives to be completed this year dedicated to attaining our stated goals.”

As previously disclosed in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the Securities and Exchange Commission on April 16, 2019, the Company’s audited financial statements contained a going concern explanatory paragraph in the audit opinion from its independent registered public accounting firm. This announcement does not represent any change or amendment to the Company’s financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2018.

For more information on DPW Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other intereste