(Amendment No. )1
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).
CUSIP No. 82846H207
1 |
NAME OF REPORTING PERSONS
BitNile Holdings, Inc. |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP*(a) o
(b) o |
3 |
SEC USE ONLY
|
4 |
SOURCE OF FUNDS
WC |
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) o |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
7 |
SOLE VOTING POWER
0 |
8 |
SHARED VOTING POWER
493,000(1) |
9 |
SOLE DISPOSITIVE POWER
0 |
10 |
SHARED DISPOSITIVE POWER
493,000(1) |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,000 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.60% |
14 |
TYPE OF REPORTING PERSON
CO |
| (1) | Represents shares of Common Stock held by Digital Power Lending, LLC. |
CUSIP No. 82846H207
1 |
NAME OF REPORTING PERSONS
Digital Power Lending, LLC |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP*(a) o
(b) o |
3 |
SEC USE ONLY
|
4 |
SOURCE OF FUNDS
WC |
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)o |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
7 |
SOLE VOTING POWER
0 |
8 |
SHARED VOTING POWER
493,000 |
9 |
SOLE DISPOSITIVE POWER
0 |
10 |
SHARED DISPOSITIVE POWER
493,000 |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,000 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.60% |
14 |
TYPE OF REPORTING PERSON
OO |
CUSIP No. 82846H207
1 |
NAME OF REPORTING PERSONS
Milton C. Ault, III |
2 |
CHECK THE APPROPRIATE BOX IF A MEMBER
OF A GROUP*(a) o
(b) o |
3 |
SEC USE ONLY
|
4 |
SOURCE OF FUNDS
AF |
5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)o |
6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A. |
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH |
7 |
SOLE VOTING POWER
0 |
8 |
SHARED VOTING POWER
493,000(1) |
9 |
SOLE DISPOSITIVE POWER
0 |
10 |
SHARED DISPOSITIVE POWER
493,000(1) |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
493,000 |
12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARESo |
13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.60% |
14 |
TYPE OF REPORTING PERSON
IN |
| (1) | Represents shares of Common Stock held by Digital Power Lending, LLC. |
CUSIP No. 82846H207
The following constitutes the
Schedule 13D filed by the undersigned (the “Schedule 13D”).
| Item 1. | Security and Issuer. |
This statement relates to the
Common Stock, $0.00001 par value per share (the “Shares”), of SilverSun Technologies, Inc., a Delaware corporation
(the “Issuer”). The address of the principal executive offices of the Issuer is 120 Eagle Rock Ave., East Hanover,
NJ 07936.
| Item 2. | Identity and Background. |
| (a) | This statement is filed by: |
| (i) | BitNile Holdings, Inc., a Delaware corporation, with respect to the Shares beneficially owned by it through
its subsidiary Digital Power Lending, LLC; |
| (ii) | Digital Power Lending, LLC, a California limited liability company, with respect to the Shares directly
and beneficially owned by it; and |
| (iii) | Milton C. Ault, III, Founder and Executive Chairman of BitNile Holdings, Inc. |
Each of the foregoing is referred
to as a “Reporting Person” and collectively as the “Reporting Persons.” Each of the Reporting Persons
is party to that certain Joint Filing Agreement, attached hereto as Exhibit 99.1. Accordingly, the Reporting Persons are hereby filing
a joint Schedule 13D.
Set forth on Schedule A annexed
hereto (“Schedule A”) is the name and present principal occupation or employment, principal business address and citizenship
of the executive officers and directors of BitNile Holdings, Inc. To the best of the Reporting Persons’ knowledge, except as otherwise
set forth herein, none of the persons listed in Schedule A beneficially owns any securities of the Issuer or is a party to any contract,
agreement or understanding required to be disclosed herein.
Set forth on Schedule B annexed
hereto (“Schedule B”) is the name and present principal occupation or employment, principal business address and citizenship
of the executive officers and directors of Digital Power Lending, LLC. To the best of the Reporting Persons’ knowledge, except as
otherwise set forth herein, none of the persons listed in Schedule B beneficially owns any securities of the Issuer or is a party to any
contract, agreement or understanding required to be disclosed herein.
(b) The
principal business address of BitNile Holdings, Inc. is 11411 Southern Highlands Parkway, Suite 240, Las Vegas, Nevada 89141. The principal
business address of Digital Power Lending, LLC is 940 South Coast Drive, Suite 200, Costa Mesa, CA 92626. The principal business
address of Mr. Ault is c/o BitNile Holdings, Inc., 11411 Southern Highlands Parkway, Suite 240, Las Vegas, Nevada 89141.
(c) BitNile
Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a
global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile Holdings owns and operates a data
center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace,
industrial, automotive, medical/biopharma, and textiles. The principal business of Digital Power Lending, LLC is investing in securities.
The principal occupation of Mr. Ault is serving as the Executive Chairman of BitNile Holdings, Inc.
(d) No
Reporting Person nor any person listed in Schedules A or B has, during the last five years, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors).
(e) No
Reporting Person nor any person listed in Schedules A or B has, during the last five years, been party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation
with respect to such laws.
CUSIP No. 82846H207
(f) BitNile
Holdings, Inc. is organized under the laws of the State of Delaware. Digital Power Lending, LLC is organized under the laws of the State
of California. Mr. Ault is a citizen of the United States of America. The citizenship of the persons listed in Schedules A and B
is set forth therein.
| Item 3. | Source and Amount of Funds or Other Consideration. |
The Shares purchased by Digital
Power Lending, LLC were purchased with working capital in open market purchases. Digital Power Lending, LLC expended an aggregate of $1,873,608.86
for the purchase of the Shares.
| Item 4. | Purpose of Transaction. |
The Reporting Persons purchased
the Shares based on such Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive
investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and
the availability of Shares at prices that would make the purchase or sale of Shares desirable, the Reporting Persons may endeavor to increase
or, eventually, decrease its position in the Issuer through, among other things, the purchase or sale of Shares on the open market or
in private transactions or otherwise, on such terms and at such times as such Reporting Persons may deem advisable.
The Reporting Persons have no
present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule
13D except as set forth herein or such as would occur upon or in connection with completion of, or following, any of the actions discussed
herein. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including,
without limitation, the Issuer’s financial position and investment strategy, the price levels of the Shares, conditions in the securities
markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their
investment in the Issuer as they deem appropriate including, without limitation, engaging in communications with management and the Board
of Directors of the Issuer, engaging in discussions with stockholders of the Issuer or other third parties about the Issuer and the Reporting
Persons’ investment, including potential business combinations or dispositions involving the Issuer or certain of its businesses,
making recommendations or proposals to the Issuer concerning changes to the capitalization, ownership structure, board structure (including
board composition), potential business combinations or dispositions involving the Issuer or certain of its businesses, or suggestions
for improving the Issuer’s financial and/or operational performance, purchasing additional Shares, selling some or all of its Shares,
engaging in short selling of or any hedging or similar transaction with respect to the Shares, including swaps and other derivative instruments,
or changing its intention with respect to any and all matters referred to in Item 4.
| Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage of
Shares reported owned by each Reporting Person herein is based upon 5,136,177 Shares outstanding, which is the total number of Shares
outstanding as of August 11, 2022, as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange
Commission on August 12, 2022.
| (a) | As of August 22, 2022, BitNile Holdings, Inc. may be deemed to beneficially own 493,000 Shares, consisting
of Shares held by Digital Power Lending, LLC. BitNile Holdings, Inc. may be deemed to beneficially own the Shares beneficially owned by
Digital Power Lending, LLC by virtue of its relationship with such entity described in Item 2. |
Percentage: 9.60%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote:
493,000
3. Sole power to dispose or direct the
disposition: 0
4. Shared power to dispose or direct
the disposition: 493,000
|
| (c) | BitNile Holdings, Inc. has not entered into any transactions in the Shares during the past sixty days. |
CUSIP No. 82846H207
| B. | Digital Power Lending, LLC |
| (a) | As of August 22, 2022, Digital Power Lending, LLC beneficially owns 493,000 Shares held directly by it. |
Percentage: 9.60%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote:
493,000
3. Sole power to dispose or direct the
disposition: 0
4. Shared power to dispose or direct
the disposition: 493,000
|
| (c) | The transactions in the Shares by Digital Power Lending, LLC during the past sixty days are set forth
in Schedule C and are incorporated herein by reference. All of such transactions were effected in the open market. |
| (a) | As of August 22, 2022, Mr. Ault may be deemed to beneficially own 493,000 Shares, consisting of Shares
held by Digital Power Lending, LLC. Mr. Ault may be deemed to beneficially own the Shares beneficially owned by Digital Power Lending,
LLC by virtue of his relationship with such entity described in Item 2. |
Percentage: 9.60%
| (b) | 1. Sole power to vote or direct vote: 0
2. Shared power to vote or direct vote:
493,000
3. Sole power to dispose or direct the
disposition: 0
4. Shared power to dispose or direct
the disposition: 493,000
|
| (c) | Mr. Ault has not entered into any transactions in the Shares during the past sixty days. |
The filing of this Schedule
13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically
disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
| (d) | No person other than the Reporting Person is known to have the right to receive, or the power to direct
the receipt of dividends from, or proceeds from the sale of, the Shares. |
CUSIP No. 82846H207
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
On August 22, 2022, the Reporting
Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements
on Schedule 13D with respect to the securities of the Issuer. A copy of this agreement is attached as an exhibit hereto and is incorporated
herein by reference.
| Item 7. | Material to be Filed as Exhibits. |
| 99.1 | Joint Filing Agreement by and among BitNile Holdings, Inc., Digital Power Lending, LLC and Milton C. Ault,
III, dated August 22, 2022. |
CUSIP No. 82846H207
SIGNATURES
After reasonable inquiry and
to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete
and correct.
Dated: August 22, 2022
|
|
BITNILE HOLDINGS, INC. |
/s/ Milton C. Ault, III |
|
|
|
MILTON C. AULT, III |
|
By: |
/s/ Milton C. Ault, III |
|
|
|
Name: |
Milton C. Ault, III |
|
|
|
Title: |
Executive Chairman |
|
|
|
|
|
|
|
|
DIGITAL POWER LENDING, LLC |
|
|
|
|
|
|
By: |
/s/ David J. Katzoff |
|
|
|
Name: |
David J. Katzoff |
|
|
|
Title: |
Manager |
CUSIP No. 82846H207
SCHEDULE A
Officers and Directors of BitNile Holdings,
Inc.
Name and Position |
Principal Occupation |
Principal Business Address |
Citizenship |
Milton C. Ault, III
Executive Chairman |
Executive Chairman of BitNile Holdings, Inc. |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
William B. Horne
Chief Executive Officer and Director |
Chief Executive Officer of BitNile Holdings, Inc. |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
Henry C.W. Nisser
President, General Counsel and Director |
President and General Counsel of BitNile Holdings, Inc. |
c/o BitNile Holdings, Inc. 100 Park Avenue, 16th Floor, Suite 1658A, New York, NY 10017 |
Sweden |
Kenneth S. Cragun
Chief Financial Officer |
Chief Financial Officer of BitNile Holdings, Inc. |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
Howard Ash
Independent Director |
Chairman of Claridge Management |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
Jeffrey A. Bentz
Independent Director |
President of North Star Terminal & Stevedore Company |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
Robert O. Smith
Independent Director |
Independent Executive Consultant |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
USA |
Moti Rosenberg
Independent Director |
Independent Consultant |
c/o BitNile Holdings, Inc. 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141 |
Israel |
CUSIP No. 82846H207
SCHEDULE B
Officers and Directors of Digital Power Lending,
LLC
Name and Position |
Principal Occupation |
Principal Business Address |
Citizenship |
David J. Katzoff
Manager |
Manager of Digital Power Lending, LLC |
c/o Digital Power Lending, LLC, 940 South Coast Drive, Suite 200, Costa Mesa, CA 92626 |
USA |
CUSIP No. 82846H207
SCHEDULE C
Transactions in the Shares of Common Stock During
the Last Sixty Days
Digital Power Lending, LLC
Nature of the Transaction |
Shares of Common Stock
Purchased / (Sold) |
Price Per Share ($) |
Date of
Transaction |
Purchase of Common Stock |
37 |
2.9943 |
08/04/2022 |
Purchase of Common Stock |
163 |
2.9384 |
08/05/2022 |
Purchase of Common Stock |
3,975 |
2.9219 |
08/08/2022 |
Purchase of Common Stock |
50,596 |
4.3053 |
08/09/2022 |
Purchase of Common Stock |
259,147 |
3.9902 |
08/10/2022 |
Purchase of Common Stock |
18,082 |
3.9646 |
08/11/2022 |
Purchase of Common Stock |
1,000 |
3.99 |
08/12/2022 |
Purchase of Common Stock |
11,200 |
3.8805 |
08/15/2022 |
Purchase of Common Stock |
10,800 |
3.2290 |
08/16/2022 |
Purchase of Common Stock |
115,000 |
3.3034 |
08/17/2022 |
Purchase of Common Stock |
5,000 |
3.2900 |
08/18/2022 |
Purchase of Common Stock |
18,000 |
3.2873 |
08/19/2022 |
12