UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
AULT Inc.
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(NAME OF ISSUER)
COMMON STOCK
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(TITLE OF CLASS OF SECURITIES)
O51503100
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(CUSIP NUMBER)
LEONIDAS OPPORTUNITY FUND
601 MONTGOMERY STREET, SUITE 1112
SAN FRANCISCO, CA 94111
(415) 391-5929
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(NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICES AND
COMMUNICATIONS)
August 5, 2004
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(DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13-1(e), 240.13d-(f) or 240.13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7(b) for
other parties to whom copies are to be sent.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Leonidas Opportunity Fund I.R.S. Identification No.:74-3056978
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY 271,721
OWNED BY EACH --- -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH N/A
--- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
271,721
--- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
N/A
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,721
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.78%
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14 TYPE OF REPORTING PERSON
PN
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
SKIRITAI Capital LLC I.R.S. Identification No.: 47-0861757
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
------------------- --- -----------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY 271,721
OWNED BY EACH --- -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH N/A
--- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
271,721
--- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
N/A
------ ----------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,721
------ ----------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
------ ----------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.78%
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14 TYPE OF REPORTING PERSON
IA
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Russell Silvestri
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
------------------- --- -----------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY 271,721
OWNED BY EACH --- -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH N/A
--- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
271,721
--- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
N/A
------ ----------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,721
------ ----------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
------ ----------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.78%
------ ----------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Lyron Bentovim
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) [ ]
(B) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E) [ ]
N/A
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Israel
------------------- --- -----------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY 271,721
OWNED BY EACH --- -----------------------------------------------------------------------------
REPORTING PERSON 8 SHARED VOTING POWER
WITH N/A
--- -----------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
271,721
--- -----------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
N/A
------ ----------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
271,721
------ ----------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
------ ----------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.78%
------ ----------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
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This schedule 13D ("the Original Schedule 13D") is being filed on behalf of the
Leonidas Opportunity Fund, a Delaware limited partnership, SKIRITAI Capital LLC,
a Delaware limited liability company, Russell Silvestri, an individual, and Lyron
Bentovim, an individual ("Mr. Silvestri, Mr. Bentovim together with SKIRITAI Capital
and the Leonidas Opportunity Fund, the "Reporting Persons"). Russell Silvestri
and Lyron Bentovim are both Managing Directors of SKIRITAI Capital LLC and hold the
sole voting and dispositive power of shares owned by the Leonidas Opportunity Fund
as granted to them by SKIRITAI Capital LLC, the general partner of the Leonidas
Opportunity Fund. The original Schedule 13D relates to the common stock of AULT
Inc., a Minnesota corporation ("the issuer" or "The Company"). Unless the context
otherwise requires, references herein to the "Common Stock" are to such common stock
of The Company. SKIRITAI Capital is the investment adviser and manager to, and
general partner of The Leonidas Opportunity Fund. The Leonidas Opportunity Fund
directly owns the common stock beneficially owned by the Reporting Persons and to
which the original schedule 13D relates, and the Reporting Persons may be deemed
to have beneficial ownership over such Common Stock by virtue of the authority
granted to them by the Leonidas Opportunity Fund to vote and dispose of the
securities held by the Leonidas Opportunity Fund, including the Common Stock.
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (this "Statement") relates to the
common stock of AULT Inc., a Minnesota corporation
("AULT"). The principal executive offices of AULT Inc.
are located at 7105 Northland Terrace, Minneapolis, MN
55428.
ITEM 2 IDENTITY AND BACKGROUND.
This statement is being filed by the Leonidas Opportunity Fund,
(the "Reporting Person") managed
by SKIRITAI Capital, LLC a Delaware
limited liability company.
The Leonidas Opportunity Fund was formed to engage in the business
of acquiring, holding and disposing of investments in various
companies. SKIRITAI Capital LLC’s present principal business is
serving as the general partner of the Leonidas Opportunity Fund. The
address of SKIRITAI Capital LLC's principal office is 601 Montgomery
Street, Suite 1112, San Francisco, CA 94111.
The address of SKIRITAI Capital LLC's executive offices is the
same as the address of its principal office.
None of the Reporting Persons is required to disclose legal
proceedings pursuant to Items 2(d) or 2(e).
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
All purchases of the common stock, of AULT ("Common Stock")
by the Reporting Persons were made in the open market and
were funded by working capital, which may have, at any given
time, included margin loans made by brokerage firms in the ordinary
course of business.
The amount of funds expended by the Reporting Persons for such
purchases were as follows:
- $808,772 by the Leonidas Opportunity Fund;
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired beneficial ownership of
the shares of Common Stock to which this statement relates for
the purpose of investment and to gain an equity interest in AULT.
The Reporting Persons are engaged in the investment business.
The Leonidas Opportunity Fund's personnel analyze the operations,
financial structure, and markets of companies, including AULT, on
a daily basis. The Leonidas Opportunity fund seeks to invest in
companies with a foundation of assets creating a platform for growth.
Each of the Reporting Persons may acquire additional shares or
other securities of AULT or sell or otherwise dispose of
any or all of the shares or other securities of AULT they
beneficially own.
The Reporting Persons do not have any present plans or proposals
that relate to or would result in any of the actions required
to be described in Item 4 of Schedule 13D. Each of the Reporting
Persons may, at any time, review or reconsider its position
with respect to The Company and formulate plans or proposals with
respect any of such matters, but has no present intention of doing so.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
As of the date hereof, the Reporting Persons own an aggregate of
271,721 shares of Common Stock which, based upon the 4,687,597
shares of Common Stock outstanding as of August 5, 2004 (as
disclosed by AULT in its most recent filing with the
Securities and Exchange Commission), represent 5.78 percent of the
outstanding shares of Common Stock.
The following transactions have been effected by the Reporting Persons:
TRADE UNIT MARKET
DATE QUANTITY COST
9/24/2003 10,900 2.66520
9/25/2003 700 2.77257
10/01/2003 9,800 2.50440
10/02/2003 1,000 2.78690
10/03/2003 1,000 2.75120
10/07/2003 1,200 2.76547
10/08/2003 900 2.71112
10/14/2003 5,800 2.55820
10/16/2003 4,500 2.55980
10/23/2003 2,100 2.45620
10/27/2003 1,700 2.48586
10/28/2003 1,900 2.43843
10/29/2003 2,100 2.52000
10/30/2003 2,200 2.46230
10/31/2003 2,400 2.55710
11/03/2003 1,400 2.47049
11/13/2003 2,000 2.46750
11/14/2003 300 2.37667
11/17/2003 1,300 2.43428
11/28/2003 1,000 2.74500
12/16/2003 2,200 2.64182
1/13/2004 6,700 3.10654
1/20/2004 3,200 3.26809
1/26/2004 7,800 3.27312
1/27/2004 700 3.44283
1/28/2004 1,800 3.37113
1/29/2004 2,500 3.32560
2/02/2004 3,300 3.26275
2/03/2004 1,000 3.36800
2/06/2004 1,400 3.45921
2/09/2004 2,400 3.50205
2/11/2004 2,100 3.42504
2/12/2004 7,647 3.37856
2/20/2004 10,000 3.13280
2/27/2004 700 3.08713
3/02/2004 3,500 3.17669
3/04/2004 900 3.24227
3/05/2004 300 3.36000
3/08/2004 1,200 3.31670
3/11/2004 400 3.38750
3/12/2004 790 3.50289
3/23/2004 8,200 3.39073
3/24/2004 1,000 3.43500
4/12/2004 400 3.44530
4/19/2004 1,300 3.26620
4/20/2004 1,000 3.28100
4/22/2004 400 3.33750
4/23/2004 900 3.25780
4/26/2004 3,844 3.25810
4/27/2004 400 3.41750
4/28/2004 300 3.49330
4/29/2004 600 3.45000
4/30/2004 1,100 3.45004
5/03/2004 6,514 3.37970
5/27/2004 500 3.01200
5/28/2004 1,100 2.97091
6/07/2004 300 3.08333
6/23/2004 3,000 2.72030
6/24/2004 5,800 2.81939
6/25/2004 2,000 2.93500
6/28/2004 3,500 2.91519
6/29/2004 2,400 2.98205
6/30/2004 800 2.98235
7/01/2004 600 3.03000
7/02/2004 2,500 3.02760
7/06/2004 2,000 3.02750
7/07/2004 1,300 2.93194
7/08/2004 3,200 3.02699
7/12/2004 6,100 2.91546
7/13/2004 2,900 2.86177
7/14/2004 1,703 2.87251
7/15/2004 400 2.92000
7/16/2004 2,630 2.73802
7/16/2004 3,400 2.84701
7/19/2004 11,600 2.78309
7/20/2004 3,100 2.87214
7/22/2004 4,400 2.88341
7/23/2004 3,100 2.89244
7/26/2004 900 2.98107
7/27/2004 2,293 2.86611
7/28/2004 37,100 3.03130
7/29/2004 7,300 3.01365
7/30/2004 500 3.05000
8/02/2004 1,100 3.05274
8/03/2004 3,100 3.02484
8/04/2004 8,900 3.01202
8/05/2004 1,500 3.06933
----------------- ------------ --------------
AULT 271,721 2.97648
The above transactions were effected by the Reporting Persons on the
NASDAQ Market
The Reporting Persons have the sole power to vote or direct the vote of,
and to dispose of direct the disposition of, the shares of Common Stock
beneficially owned by them.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except as may be set forth in this statement, to the knowledge of
the Reporting Persons, there are no other contracts,
arrangements, understandings or relationships (legal or
otherwise) among the persons named in Item 2 and between such
persons and any person with respect to any securities of
AULT, including but not limited to transfer or voting of
any of the securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of
proxies.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
There are no exhibits to be submitted with this filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: August 10, 2004
Leonidas Opportunity Fund SKIRITAI CAPITAL LLC
By: /s/ Lyron Bentovim By: /s/ Russell Silvestri
Lyron Bentovim Russell Silvestri
Managing Director Managing Director
SKIRITAI Capital, SKIRITAI Capital
General Partner of General Partner of
Leonidas Opportunity Fund Leonidas Opportunity Fund
Lyron Bentovim Russell
Silvestri
By: /s/ Lyron Bentovim By: /s/ Russell Silvestri