<SEC-DOCUMENT>0001214659-22-010250.txt : 20220815
<SEC-HEADER>0001214659-22-010250.hdr.sgml : 20220815
<ACCEPTANCE-DATETIME>20220815180128
ACCESSION NUMBER:		0001214659-22-010250
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220815
DATE AS OF CHANGE:		20220815
EFFECTIVENESS DATE:		20220815

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BitNile Holdings, Inc.
		CENTRAL INDEX KEY:			0000896493
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRONIC COMPONENTS, NEC [3679]
		IRS NUMBER:				941721931
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12711
		FILM NUMBER:		221167346

	BUSINESS ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 240
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141
		BUSINESS PHONE:		(949) 444-5464 3679

	MAIL ADDRESS:	
		STREET 1:		11411 SOUTHERN HIGHLANDS PARKWAY
		STREET 2:		SUITE 240
		CITY:			LAS VEGAS
		STATE:			NV
		ZIP:			89141

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ault Global Holdings, Inc.
		DATE OF NAME CHANGE:	20210119

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DPW Holdings, Inc.
		DATE OF NAME CHANGE:	20171229

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIGITAL POWER CORP
		DATE OF NAME CHANGE:	19960823
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>r815220nt10q.htm
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<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt">SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">FORM 12b-25</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">Commission File Number: 001-12711</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">NOTIFICATION OF LATE FILING</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Form 10-K</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Form 11-K</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&yacute;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Form 10-Q</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-weight: bold"><FONT STYLE="font-family: Wingdings; font-size: 10pt; font-weight: normal">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-weight: normal">Form 10-D</FONT></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold"><FONT STYLE="font-family: Wingdings; font-size: 10pt; font-weight: normal">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-weight: normal">Form N-CEN</FONT></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold"><FONT STYLE="font-family: Wingdings; font-size: 10pt; font-weight: normal">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt; font-weight: normal">Form N-CSR</FONT></TD>
    <TD STYLE="white-space: nowrap; font-weight: bold">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">For Period Ended: June 30, 2022</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 39%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Transition Report on Form 10-K</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 47%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Transition Report on Form 11-K</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Transition Report on Form 20-F</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT> <FONT STYLE="font-family: Times New Roman; font-size: 10pt">Transition Report on Form 10-Q</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">For the Transition Period Ended: _______________________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Nothing in this form shall be construed
to imply that the Commission has verified any information contained herein.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: left; text-indent: 0.5in">If the notification relates to a portion
of the filing checked above, identify the item(s) to which the notification relates: ________________________________</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">PART I</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>REGISTRANT INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 28%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Full name of registrant </FONT></TD>
    <TD STYLE="width: 72%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">BitNile Holdings, Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Address of principal executive office </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 10pt">11411 Southern Highlands Parkway, Suite 240</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">City, state and zip code </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Las Vegas, NV 89141</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>RULE 12b-25 (b) AND (c)</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the subject report could not be filed
without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25 (b), the following should be completed.
(Check box if appropriate.)</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"></P>
    <P STYLE="font: 10pt Wingdings; margin: 0pt 0; text-align: justify">x</P></TD>
    <TD STYLE="width: 90%">
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    subject annual report, semi-annual report, transition report on Form10-K, Form 20-F, Form11-K, Form N-CEN or Form N-CSR, or portion thereof,
    will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition
    report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or before the fifth calendar day
    following the prescribed due date; and</P>
    <P STYLE="font: 10pt Times New Roman; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
    accountant&rsquo;s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="margin-top: 8pt; margin-bottom: 6pt; border-bottom: Black 2px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">PART III</P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center">NARRATIVE</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">State below in reasonable detail the reasons
why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-CEN, N-CSR, or the transition report or portion thereof, could not be filed within the prescribed
time period.</P>

<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">The compilation,
dissemination and review of the information required to be presented in the Form 10-Q for the fiscal quarter ended June 30, 2022 has imposed
requirements that have rendered timely filing of the Form 10-Q impracticable without undue hardship and expense to the registrant. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Part IV</FONT></P>

<P STYLE="font: bold 10pt Times New Roman; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">Other Information</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">(1) Name and telephone number of person to contact in regard to this notification</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><U>Kenneth S. Cragun</U></FONT></TD>
    <TD STYLE="text-align: center; width: 2%"></TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><U>(949)</U></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><U>444-5464</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Name) </TD>
    <TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: center">(Area Code)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">(Telephone Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">(2) Have all other periodic reports required under Section 13
or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or
for such shorter period that the registrant was required to file such report(s) been filed? If the answer is no, identify report(s).</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 2.25in"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Times New Roman">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Times New Roman">No</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">(3) Is it anticipated that any significant change in results
of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the
subject report or portion thereof?</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-indent: 2.25in"><FONT STYLE="font-family: Wingdings">x</FONT> <FONT STYLE="font-family: Times New Roman">Yes
</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT> <FONT STYLE="font-family: Times New Roman">No</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The registrant&rsquo;s revenue decreased to approximately $50.2
million for the six months ended June 30, 2022, representing a decrease of $25.2 million compared to approximately $75.4 million for the
six months ended June 30, 2021. The registrant&rsquo;s loss from operations was approximately $22.9 million for the six months ended June
30, 2022, a decrease of $70.0 million compared to income from operations of approximately $47.0 million for the six months ended June
30, 2021.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The decrease in revenue from the six months ended June 30, 2022,
was due to lower revenue from lending and trading activities of approximately $39.6 million, compared to the six months ended June 30,
2021. Revenue from lending and trading activities during the six months ended June 30, 2021 included an approximate $40 million unrealized
gain from the registrant&rsquo;s investment in Alzamend Neuro, Inc., a related party. The decline in revenue from lending and trading
activities was partially offset by an increase in the registrant&rsquo;s cryptocurrency mining operations of $7.1 million, and an increase
in revenue from hotel operations of $7.3 million. The registrant acquired the hotel assets in December 2021.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The registrant&rsquo;s operating expenses increased to approximately
$50.0 million for the six months ended June&nbsp;30, 2022, representing an increase of $33.0 million compared to approximately $17.0 million
for the six months ended June 30, 2021.</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The increase in operating expenses from the six months ended
June 30, 2022, was due to the following:</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman">Research and development expenses increased by $0.3 million
to $1.4 million for the six months ended June 30, 2022, from $1.1 million for the six months ended June 30, 2021. The increase in research
and development expenses is due to product development efforts at the registrant&rsquo;s TurnOnGreen and Gresham Worldwide defense business
segments.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman">Selling and marketing expenses were $13.5 million for the six
months ended June 30, 2022, compared to $2.7 million for the six months ended June 30, 2021, an increase of $10.7 million, or 390%. The
increase was the result of higher marketing costs related to an advertising sponsorship agreement as well as increases in sales and marketing
personnel, consultants primarily at the registrant&rsquo;s Ault Alliance business segment. The increase is also attributable to costs
incurred at to grow the registrant&rsquo;s selling and marketing infrastructure related to its electric vehicle charger products.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman">General and administrative expenses were $32.7 million for
the six months ended June 30, 2022, compared to $13.1 million for the six months ended June 30, 2021, an increase of $19.6 million, or
150%. General and administrative expenses increased from the comparative prior period, mainly due to general and administrative costs
of $3.7 million from the registrant&rsquo;s hotel operations, which were acquired in December 2021, non-cash stock compensation costs
of $3.6 million, increased costs related to the Michigan data center, and higher legal expense, salaries and audit fees.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Interest expense was $31.9 million for the six months ended
June 30, 2022, compared to $0.3 million for the six months ended June 30, 2021. The increase in interest expense relates to the $66.0
million of secured promissory notes issued in December 2021, which were fully paid in March 2022. Interest expense from these notes included
the amortization of debt discount of $26.3 million from the issuance of warrants, a non-cash charge, and original issue discount, in connection
with these secured promissory notes. In addition, the increase in interest expense is due, in part, to interest on the $55.1 million construction
loans related to the December 2021 acquisition of hotel properties.</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">The registrant&rsquo;s net loss available to common stockholders
was approximately $52.1 million for the six months ended June 30, 2022, representing an decline of $96.3 million, compared to net income
available to common stockholders of approximately $44.2 million for the six months ended June 30, 2021.</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center"><B>BITNILE HOLDINGS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Charter)</P>

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<P STYLE="font: 10pt Times New Roman; margin: 0pt 0; text-align: justify">Has caused this notification to be signed on its behalf by the
undersigned thereunto duly authorized.</P>

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    <TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Dated: August 15, 2022</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 47%"><FONT STYLE="font-family: Times New Roman; font-size: 10pt"><U>/s/ Kenneth S. Cragun</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 10pt">By: Kenneth S. Cragun</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman; font-size: 10pt">Title:&nbsp;&nbsp;Chief Financial Officer</FONT></TD></TR>
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