Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | AIKIDO PHARMA INC. | |
Trading Symbol | AIKI | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 5,485,096 | |
Amendment Flag | false | |
Entity Central Index Key | 0000012239 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-05576 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-0849320 | |
Entity Address, Address Line One | One Rockefeller Plaza | |
Entity Address, Address Line Two | 11th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10020 | |
City Area Code | (703) | |
Local Phone Number | 992-9325 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, $0.0001 par value | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 34,496 | $ 65,562 |
Marketable securities | 8,032 | 11,427 |
Prepaid expenses and other assets | 693 | 442 |
Short-term investments at fair value | 33 | 2,273 |
Notes receivable at fair value | 8,645 | 6,984 |
Deposits | 4,193 | 4,201 |
Total current assets | 56,092 | 90,889 |
Convertible note receivable at fair value | 2,147 | |
Notes receivable at fair value | 1,100 | |
Investments | 26,089 | 9,465 |
Right-of-use assets | 708 | |
Security deposit | 458 | 155 |
Total assets | 84,447 | 102,656 |
Current liabilities | ||
Accounts payable and accrued expenses | 518 | 381 |
Accrued salaries and benefits | 1,339 | 680 |
Lease liability - current | 42 | |
Total current liabilities | 1,899 | 1,061 |
Lease liability | 701 | |
Total liabilities | 2,600 | 1,061 |
Stockholders’ equity | ||
Preferred stock, $.0001 par value, 50,000,000 Authorized | ||
Series D: 5,000,000 shares designated; 3,825 shares issued and outstanding at September 30, 2022 and December 31, 2021; liquidation value of $0.0001 per share | ||
Series D-1: 5,000,000 shares designated; 834 shares issued and outstanding at September 30, 2022 and December 31, 2021; liquidation value of $0.0001 per share | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 5,485,096 and 5,275,329 shares issued at September 30, 2022 and December 31, 2021, respectively; 5,140,114 and 5,275,329 shares outstanding at September 30, 2022 and December 31, 2021, respectively | ||
Additional paid-in capital | 262,973 | 265,633 |
Treasury stock, at cost, 344,982 and 0 shares at September 30, 2022 and December 31, 2021, respectively | (2,501) | (264) |
Accumulated deficit | (178,625) | (163,774) |
Total stockholders’ equity | 81,847 | 101,595 |
Total liabilities and stockholders’ equity | $ 84,447 | $ 102,656 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,485,096 | 5,275,329 |
Common stock, shares outstanding | 5,140,114 | 5,275,329 |
Treasury stock, at cost | 344,982 | 0 |
Series D Preferred Stock | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 3,825 | 3,825 |
Preferred stock, shares outstanding | 3,825 | 3,825 |
Liquidation value, per share (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Series D-1 Preferred Stock | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 834 | 834 |
Preferred stock, shares outstanding | 834 | 834 |
Liquidation value, per share (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating costs and expenses | ||||
General and administrative | $ 4,515 | $ 1,676 | $ 8,564 | $ 5,231 |
Research and development | 61 | 100 | 2,113 | 497 |
Research and development - license acquired | 525 | 3 | 525 | 1,128 |
Total operating expenses | 5,101 | 1,779 | 11,202 | 6,856 |
Loss from operations | (5,101) | (1,779) | (11,202) | (6,856) |
Other (expenses) income | ||||
Other income | 64 | 135 | ||
Interest income | 187 | 40 | 586 | 107 |
Loss on marketable securities | (1,654) | (3,033) | (4,390) | (2,574) |
Change in fair value of investments | 329 | 4,725 | 91 | 3,827 |
Total other (expenses) income | (1,138) | 1,732 | (3,649) | 1,495 |
Net loss | (6,239) | (47) | (14,851) | (5,361) |
Deemed dividends related to Series O and Series P Redeemable Convertible Preferred Stock | (4,109) | |||
Net Loss Attributable to Common Shareholders | $ (6,239) | $ (47) | $ (18,960) | $ (5,361) |
Net loss per share, basic and diluted | ||||
Basic and Diluted (in Dollars per share) | $ (1.17) | $ (0.01) | $ (3.59) | $ (1.14) |
Weighted average number of shares outstanding, basic and diluted | ||||
Basic and Diluted (in Shares) | 5,344,989 | 5,272,446 | 5,283,182 | 4,702,556 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Basic and Diluted (in Dollars per share) | $ (1.17) | $ (0.01) | $ (3.59) | $ (1.14) |
Basic and Diluted (in Shares) | 5,344,989 | 5,272,446 | 5,283,182 | 4,702,556 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Series O Redeemable Convertible Preferred Stock | Series P Redeemable Convertible Preferred Stock | Common Stock | Preferred Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 186,485 | $ (264) | $ (156,603) | $ 29,618 | ||||
Balance (in Shares) at Dec. 31, 2020 | 2,054,096 | 5,559 | ||||||
Issuance of common stock and warrants (net of offering costs of $8,260) | 77,989 | 77,989 | ||||||
Issuance of common stock and warrants (net of offering costs of $8,260) (in Shares) | 3,170,935 | |||||||
Exercise of warrants | 84 | 84 | ||||||
Exercise of warrants (in Shares) | 4,705 | |||||||
Issuance of common stock for research and development license acquired | 531 | 531 | ||||||
Issuance of common stock for research and development license acquired (in Shares) | 36,764 | |||||||
Stock-based compensation | 314 | 314 | ||||||
Stock-based compensation (in Shares) | 8,823 | |||||||
Net loss | (5,361) | (5,361) | ||||||
Balance at Sep. 30, 2021 | 265,403 | (264) | (161,964) | 103,175 | ||||
Balance (in Shares) at Sep. 30, 2021 | 5,275,323 | 5,559 | ||||||
Balance at Jun. 30, 2021 | 265,264 | (264) | (161,917) | 103,083 | ||||
Balance (in Shares) at Jun. 30, 2021 | 5,266,500 | 5,559 | ||||||
Stock-based compensation | 139 | 139 | ||||||
Stock-based compensation (in Shares) | 8,823 | |||||||
Net loss | (47) | (47) | ||||||
Balance at Sep. 30, 2021 | 265,403 | (264) | (161,964) | 103,175 | ||||
Balance (in Shares) at Sep. 30, 2021 | 5,275,323 | 5,559 | ||||||
Balance at Dec. 31, 2021 | 265,633 | (264) | (163,774) | 101,595 | ||||
Balance (in Shares) at Dec. 31, 2021 | 5,275,329 | 4,659 | ||||||
Issuance of Series O redeemable convertible preferred stock for cash | $ 11,000 | |||||||
Issuance of Series O redeemable convertible preferred stock for cash (in Shares) | 11,000 | |||||||
Issuance of Series P redeemable convertible preferred stock for cash | $ 11,000 | |||||||
Issuance of Series P redeemable convertible preferred stock for cash (in Shares) | 11,000 | |||||||
Cost on issuance of Series O and Series P Redeemable Convertible Preferred Stock | $ (1,504) | $ (1,505) | ||||||
Deemed dividends related to Series O and Series P Redeemable Convertible Preferred Stock | 1,504 | 1,505 | (4,109) | (4,109) | ||||
Redemption of Series O Redeemable Convertible Preferred Stock | $ (11,000) | |||||||
Redemption of Series O Redeemable Convertible Preferred Stock (in Shares) | (11,000) | |||||||
Redemption of Series P Redeemable Convertible Preferred Stock | $ (11,000) | |||||||
Redemption of Series P Redeemable Convertible Preferred Stock (in Shares) | (11,000) | |||||||
Purchase of treasury stock | $ (2,237) | (2,237) | ||||||
Purchase of treasury stock (in Shares) | 344,982 | |||||||
Stock-based compensation | 1,475 | 1,475 | ||||||
Stock-based compensation (in Shares) | 238,244 | |||||||
Cancellation of common stock related to investment in CBM | ||||||||
Cancellation of common stock related to investment in CBM (in Shares) | (22,812) | |||||||
Fractional shares adjusted for reverse split | (26) | (26) | ||||||
Fractional shares adjusted for reverse split (in Shares) | (5,665) | |||||||
Net loss | (14,851) | (14,851) | ||||||
Balance at Sep. 30, 2022 | 262,973 | $ (2,501) | (178,625) | 81,847 | ||||
Balance (in Shares) at Sep. 30, 2022 | 5,485,096 | 4,659 | 344,982 | |||||
Balance at Jun. 30, 2022 | 261,603 | $ (1,750) | (172,386) | 87,467 | ||||
Balance (in Shares) at Jun. 30, 2022 | 5,246,852 | 4,659 | 242,902 | |||||
Purchase of treasury stock | $ (751) | (751) | ||||||
Purchase of treasury stock (in Shares) | 102,080 | |||||||
Stock-based compensation | 1,370 | 1,370 | ||||||
Stock-based compensation (in Shares) | 238,244 | |||||||
Net loss | (6,239) | (6,239) | ||||||
Balance at Sep. 30, 2022 | $ 262,973 | $ (2,501) | $ (178,625) | $ 81,847 | ||||
Balance (in Shares) at Sep. 30, 2022 | 5,485,096 | 4,659 | 344,982 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited) (Parentheticals) $ in Thousands | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Net of offering costs | $ 8,260 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (14,851) | $ (5,361) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of right-of-use assets | 23 | |
Change in fair value of short-term investment | 1,517 | (3,827) |
Change in fair value of long-term investment | (1,608) | |
Research and development-acquired license, expensed | 525 | 1,128 |
Stock-based compensation | 1,475 | 314 |
Realized loss (gain) on marketable securities | 712 | (501) |
Unrealized loss on marketable securities | 3,889 | 4,296 |
Realized gain on sale of digital currencies | ||
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (344) | (429) |
Accounts payable and accrued expenses | 137 | 5 |
Accrued salaries and benefits | 659 | (73) |
Lease liabilities | 12 | |
Interest receivable on convertible note | (586) | (107) |
Deposits | (295) | |
Net cash used in operating activities | (8,735) | (4,555) |
Cash flows from investing activities | ||
Purchase of marketable securities | (27,479) | (90,541) |
Sale of marketable securities | 28,503 | 30,439 |
Proceeds from sale of digital currencies | 93 | |
Proceeds from sale of DatChat common shares | 900 | |
Proceeds from promissory note receivable interest received | 65 | |
Funds to deposit accounts, net | (4,420) | |
Purchase of short-term and long-term investments | (15,016) | (4,066) |
Purchase of research and development licenses | (525) | (597) |
Purchase of short-term and long-term promissory notes | (1,600) | |
Purchase of convertible note | (2,000) | |
Net cash used in investing activities | (15,959) | (70,285) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock and warrants, net of offering cost | 77,989 | |
Proceeds from issuance of Series O and Series P Redeemable Convertible Preferred Stock, net of discount and offering cost | 17,891 | |
Proceeds from exercise of warrants | 84 | |
Payment for fractional shares | (26) | |
Redemption of Series O and Series P Redeemable Convertible Preferred Stock | (22,000) | |
Purchase of treasury stock | (2,237) | |
Net cash (used in) provided by financing activities | (6,372) | 78,073 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (31,066) | 3,233 |
Cash and cash equivalents, beginning of period | 65,562 | 2,715 |
Cash and cash equivalents, end of period | 34,496 | 5,948 |
Non-cash investing and financing activities | ||
Transfer from short-term investment to marketable securities | 1,497 | |
Reclassify from convertible note receivable to notes receivable at fair value | 2,147 | |
Promissory convertible note receivable conversion into common shares | $ 899 | |
Unpaid investment | $ 1,000 |
Organization and Description of
Organization and Description of Business and Recent Developments | 9 Months Ended |
Sep. 30, 2022 | |
Organization and Description of Business and Recent Developments [Abstract] | |
Organization and Description of Business and Recent Developments | Note 1. Organization and Description of Business and Recent Developments Organization and Description of Business AIkido Pharma Inc. (the “Company”), formerly known as Spherix Incorporated, was initially formed in 1967. Since 2017, the Company has operated as a biotechnology company with a diverse portfolio of small-molecule anticancer and antiviral therapeutics in development. Over the past year, in an effort to enhance shareholder value, the Company has shifted its primary focus away from biotechnology to a new line of business in the fintech and financial services industries. In furtherance of this new focus, in June of this year the Company formed a wholly owned financial services subsidiary, Dominari Financial Inc. (“Dominari”), with the purpose of making strategic acquisitions across the fintech and financial services industries. Additionally, AIkido Labs, LLC (“Aikido Labs”), another wholly owned subsidiary of the Company, has and will continue to explore other opportunities in high growth industries. To date, Aikido Labs has acquired equity positions in Anduril Industries, Inc, Databricks, Inc., Discord, Inc., Epic Games, Inc., Payward, Inc. dba Kraken, Space Exploration Technologies Corp. dba SpaceX, Tevva Motors Ltd., Thrasio, LLC, and Yanka Industries, Inc. dba Masterclass. Please see Notes 6, 7 and 8 below for a further discussion of the Company’s investments. Finally, the Company will continue to foster and develop its historical pipeline of biotechnology assets consisting of patented technology from leading universities and researchers, including prospective treatments for pancreatic cancer, acute myeloid leukemia and acute lymphoblastic leukemia. The Company is also developing a broad-spectrum antiviral platform, in which the lead compounds have activity in cell-based assays against multiple viruses including Influenza virus, Ebolavirus and Marburg virus, SARS-CoV, MERS-CoV, and SARS-CoV-2, the cause of COVID-19. On September 9, 2022, Dominari entered into a membership interest purchase agreement (the “FPS Purchase Agreement”) with Fieldpoint Private Bank & Trust (“Seller”), a Connecticut bank, for the purchase of its wholly owned subsidiary, Fieldpoint Private Securities, LLC, a Connecticut limited liability company (“FPS”) and broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”). Pursuant to the terms of the FPS Purchase Agreement, Dominari will purchase from the Seller 100% of the membership interests in of FPS (the “Membership Interests”) and, as a result thereof, will, thereafter, operate FPS’s registered broker-dealer business as a wholly owned subsidiary of the Company. The FPS Purchase Agreement provides for Dominari’s acquisition of FPS’s Membership Interests in two closings, the first of which occurred on October 4, 2022 (the “Initial Closing”), at which Dominari paid to the Seller $2,000,000 in consideration for a transfer by the Seller to Dominari of 20% of the Membership Interests. Following the Initial Closing, FPS filed a continuing membership application requesting approval for a change of ownership, control, or business operations with FINRA in accordance with FINRA Rule 1017 (the “Rule 1017 Application”). Upon FINRA’s approval of the Rule 1017 Application, the second closing will occur (the “Second Closing”), at which Dominari will pay to the Seller an additional $1.00 in consideration for a transfer by the Seller to Dominari of the remaining 80% of the Membership Interests. The Second Closing is subject to FINRA’s final approval under FINRA Rule 1017 as well as other customary closing conditions, including the accuracy of the representations and warranties of the applicable parties under the FPS Purchase Agreement and compliance therewith. Additionally, on October 17, 2022, the Company entered into an Amended and Restated Services Agreement with Kyle Wool, pursuant to which he has agreed to serve as Dominari’s Chief Executive Officer, upon the termination of his existing relationship with another registered broker-dealer and lead the Company’s transition to a fintech and financial services company. Reverse Stock Split On June 7, 2022, the Company effected a seventeen-for-one (17-for-1) reverse stock split of its class of common stock (the “Reverse Stock Split”). The Reverse Stock Split, which was approved by stockholders at an annual stockholder meeting on May 20, 2022, was consummated pursuant to a Certificate of Amendment filed with the Secretary of State of Delaware on June 2, 2022. The Reverse Stock Split was effective on June 7, 2022. All references to common stock, convertible preferred stock, warrants to purchase common stock, options to purchase common stock, restricted stock units, restricted stock awards, share data, per share data and related information contained in the condensed consolidated financial statements have been retrospectively adjusted to reflect the effect of the Reverse Stock Split for all periods presented. Payment for fractional shares resulting from the reverse stock split amounted to $26 thousand. |
Liquidity and Capital Resources
Liquidity and Capital Resources | 9 Months Ended |
Sep. 30, 2022 | |
Liquidity and Capital Resources [Abstract] | |
Liquidity and Capital Resources | Note 2. Liquidity and Capital Resources The Company continues to incur ongoing administrative and other expenses, including public company expenses, in excess of corresponding (non-financing related) revenue. While the Company continues to implement its business strategy, it intends to finance its activities through managing current cash on hand from the Company’s past equity offerings. Based upon projected cash flow requirements, the Company has adequate cash to fund its operations for at least the next twelve months from the date of the issuance of these unaudited consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, AIkido Labs and Dominari. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of September 30, 2022, condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 or for any future interim period. The condensed consolidated balance sheet at December 31, 2021 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 28, 2022. Use of Estimates The accompanying condensed consolidated financial statements have been prepared in conformity with US GAAP. This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and assumptions include stock-based compensation, the valuation of investments, the valuation of convertible note and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions. Significant Accounting Policies Aside from the policies described below, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K, which was filed with the SEC on March 28, 2022. Leases The Company accounts for its leases under ASC 842, Leases Commitment and Contingencies Treasury Stock Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity. Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if currently adopted, would have an effect on the Company’s unaudited condensed consolidated financial statements. |
Investments in Marketable Secur
Investments in Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments in Marketable Securities [Abstract] | |
Investments in Marketable Securities | Note 4. Investments in Marketable Securities The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three and nine months ended September 30, 2022 and 2021, which are recorded as a component of gains and (losses) on marketable securities on the consolidated statements of operations, are as follows ($ in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Realized (loss) gain $ (144 ) $ (583 ) $ (712 ) $ 501 Unrealized loss (1,589 ) (2,901 ) (3,889 ) (4,296 ) Dividend income 79 451 211 1,221 Total $ (1,654 ) $ (3,033 ) $ (4,390 ) $ (2,574 ) |
Short-Term Investments
Short-Term Investments | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Investments [Abstract] | |
Short-term investments | Note 5. Short-term investments The following table presents the Company’s short-term investments at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, December 31, Investment in Hoth Therapeutics, Inc. - 770 Investment in DatChat, Inc. - 1,084 Investment in Vicinity Motor Corp. 33 419 Total 33 2,273 The change in the fair value of the short-term investments for the nine months ended September 30, 2022 is summarized as follows: ($ in thousands): Beginning balance $ 2,273 Transfer to marketable securities (1,497 ) Change in fair value of investment (1,517 ) Realized gain recognized through sale of marketable securities 774 Ending balance $ 33 Investment in Hoth Therapeutics, Inc. On March 11, 2022, 1,130,701 shares of Hoth common stock were transferred to the marketable securities account and were sold for net proceeds of approximately $0.9 million. On August 17, 2022, 35,714 shares of Hoth common stock were transferred to marketable securities account. The following summarizes the Company investment in Hoth as of September 30, 2022 and December 31, 2021: Security Name Shares Fair value Fair value as of HOTH - $ - $ - Security Name Shares Fair value Fair value as of HOTH 1,166,415 $ 0.66 $ 770 Investment in DatChat, Inc. On February 14, 2022, 357,916 shares (valued at $2.21 per share) of DatChat common stock were transferred to the marketable securities account and were sold for net proceeds of approximately $0.8 million. Investment in Vicinity Motor Corp. On October 25, 2021, the Company entered into a warrant agreement with Vicinity Motor Corp. (“Vicinity”) that entitles the Company to purchase up to 246,399 shares of Vicinity common stock at $5.10 per share. The warrant expires on October 25, 2024. The fair value was determined using a Black-Scholes simulation. The Company recorded the fair value of the Vicinity warrant of approximately $33,000 and $0.4 million in the consolidated balance sheet as of September 30, 2022 and December 31, 2021, respectively, reflecting the benefit received as part of its purchase of Vicinity common shares through its brokerage account. The initial investment in Vicinity was measured at approximately $0.6 million. Gains or losses associated with changes in the fair value of investments in Vicinity warrants are recognized as Change in fair value of investment on the consolidated statements of operations. During the nine months ended September 30, 2022, the Company recorded approximately $0.4 million of change in fair value of investment for this investment. The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates: September 30, December 31, Option term (in years) 2.1 % 2.8 Volatility 88.25 % 95.52 % Risk-free interest rate 4.22 % 0.97 % Expected dividends 0.00 % 0.00 % Stock price $ 1.01 $ 3.50 |
Long-Term Investments
Long-Term Investments | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Investments [Abstract] | |
Long-Term Investments | Note 6. Long-Term Investments Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2016-01 and related ASU 2018-03 concerning recognition and measurement of financial assets and financial liabilities. In adopting this guidance, the Company has made an accounting policy election to adopt an adjusted cost method measurement alternative for investments in equity securities without readily determinable fair values. For equity investments that are accounted for using the measurement alternative, the Company initially records equity investments at cost but is required to adjust the carrying value of such equity investments through earnings when there is an observable transaction involving the same or a similar investment with the same issuer or upon an impairment. The following table presents the Company’s other investments at September 30, 2022 and December 31, 2021 ($ in thousands): September 30, December 31, Investment in Kerna Health Inc $ 4,940 $ 3,800 Investment in Kaya Now 2,540 1,665 Investment in Tevva Motors 3,364 2,000 Investment in ASP Isotopes 1,300 1,000 Investment in AerocarveUS Corporation 1,000 1,000 Investment in Qxpress 1,000 - Investment in Masterclass 170 - Investment in Kraken 597 - Investment in Epic Games 3,500 - Investment in Tesspay 1,250 - Investment in SpaceX 3,500 - Investment in Databricks 1,200 - Investment in Discord 476 - Investment in Thrasio 300 - Investment in Automation Anywhere 476 - Investment in Anduril 476 - Total $ 26,089 $ 9,465 The change in the value of the long-term investments for the nine months ended September 30, 2022 is summarized as follows: ($ in thousands): Beginning balance $ 9,465 Purchase of investments 15,016 Change in fair value of long-term investments 1,608 Ending balance $ 26,089 Investment in Kerna Health Inc In May 2022, the Company purchased additional 400,000 shares of common stock of Kerna Health Inc, (“Kerna”) for approximately $1.1 million. The investment in Kerna was valued at $4.9 million as of September 30, 2022. Investment in Kaya Now Inc (aka Kaya Holding Corp) On March 2, 2022, the Company purchased additional 3,375,000 shares of common stock of Kaya Now Inc., aka Kaya Holding Corp., (“Kaya”) for approximately $0.6 million. On July 21, 2022, in consideration for extending the maturity date of the Kaya Now Promissory Note (See Note 7 – Notes Receivable The Company recorded approximate $0.2 million in unrealized gain on this investment during the nine months ended September 30, 2022. The investment in Kaya was valued at approximately $2.5 million as of September 30, 2022. Investment in Tevva Motors Tevva Motors (“Tevva”), a private company, raised capital during the first quarter of 2022, increasing its share price value to $58.0 per share. Therefore, the Company recorded a $1.4 million unrealized gain on this investment during the nine months ended September 30, 2022. The investment in Tevva was valued at approximately $3.4 million as of September 30, 2022. Investment in ASP Isotopes In August 2022, the Company purchased additional 100,000 shares of common stock of ASP Isotopes Inc. (“ASP”) for $0.3 million. The investment in ASP was valued at $1.3 million as of September 30, 2022. Investment in AerocarveUS Corporation The investment in AerocarveUS Corporation was valued at $1.0 million as of September 30, 2022. Investment in Qxpress On January 27, 2022, the Company entered into a securities purchase agreement (the “Qxpress Securities Purchase Agreement”) with Qxpress. Under the Qxpress Securities Purchase Agreement, the Company agreed to purchase 46,780 shares of common stock of Qxpress for $1.0 million. The investment in Qxpress was valued at $1.0 million as of September 30, 2022. Investment in Masterclass In March of 2022, the Company entered into a securities purchase agreement (the “Masterclass Securities Purchase Agreement”) with Masterclass. Under the Masterclass Securities Purchase Agreement, the Company agreed to purchase 4,841 shares of common stock of Masterclass for approximately $0.2 million. The investment in Masterclass was valued at approximately $0.2 million as of September 30, 2022. Investment in Kraken In March of 2022, the Company entered into a securities purchase agreement (the “Kraken Securities Purchase Agreement”) with Kraken. Under the Kraken Securities Purchase Agreement, the Company agreed to purchase a total of 8,409 shares of common stock of Kraken for approximately $0.5 million. In August 2022, the Company entered into a common stock transfer agreement with a private seller to purchase 3,723 shares of Kraken for approximately $0.1 million. The investment in Kraken was valued at approximately $0.6 million as of September 30, 2022. Investment in Epic Games On March 22, 2022, the Company entered into a securities purchase agreement (the “Epic Games Securities Purchase Agreement”) with Epic Games. Under the Epic Games Securities Purchase Agreement, the Company agreed to purchase an aggregate of 901 shares of common stock of Epic Games for a total $1.5 million. In April 2022, the Company invested an additional $2 million for the purchase of additional shares of common stock of Epic Games. The investment in Epic Games was valued at $3.5 million as of September 30, 2022. Investment in Tesspay On March 23, 2022, the Company entered into a securities purchase agreement (the “Tesspay Securities Purchase Agreement”) with Tesspay. Under the Tesspay Securities Purchase Agreement, the Company agreed to purchase 1,000,000 shares of common stock of Tesspay for approximately $0.2 million. The Company also invested an additional $1.0 million for pre-IPO. Tesspay, a private company, raised capital during the first quarter of 2022, increasing its share price value to $0.25 per share. Therefore, the Company recorded $10,000 in unrealized gain on this investment during the nine months ended September 30, 2022. The investment in Tesspay was valued at approximately $1.3 million as of September 30, 2022. Investment in SpaceX On March 30, 2022, the Company entered into a securities purchase agreement (the “SpaceX Securities Purchase Agreement”) with SpaceX, under which the company agreed to purchase shares of common stock of SpaceX for $1.5 million. In April 2022, the Company invested an additional $2 million for the purchase of additional shares of common stock of SpaceX. The investment in SpaceX was valued at $3.5 million as of September 30, 2022. Investment in Databricks On March 25, 2022, the Company entered into a securities purchase agreement (the “Databricks Securities Purchase Agreement”) with Databricks. Under the Databricks Securities Purchase Agreement, the Company agreed to purchase an aggregate of 3,830 shares of common stock of Databricks for a total $1.2 million. The investment in Databricks was valued at $1.2 million as of September 30, 2022. Investment in Discord, Inc. In May 2022, the Company entered into a securities purchase agreement (the “Discord Securities Purchase Agreement”) with privately-held company Discord, Inc., a social communications platform provider that is particularly popular with gamers, as one of the Company’s pursuits of potentially high growth interests with near term monetization events. Under the Discord Securities Purchase Agreement, the Company agreed to purchase a total of 618 shares of common stock of Discord for approximately $0.5 million. The investment in Discord was valued at $0.5 million as of September 30, 2022. Investment in Thrasio, LLC In April 2022, the Company entered into a securities purchase agreement (the “Thrasio Securities Purchase Agreement”) with privately-held company Thrasio, LLC, an aggregator of private brands of top Amazon businesses and direct-to-consumer brands, as one of the Company’s pursuits of potentially high growth interests with near term monetization events. Under the Thrasio Securities Purchase Agreement, the Company agreed to purchase a total of 20,000 shares of common stock of Thrasio for $0.3 million. The investment in Thrasio was valued at $0.3 million as of September 30, 2022. Investment in Automation Anywhere, Inc. In April 2022, the Company entered into a securities purchase agreement (the “Automation Anywhere Securities Purchase Agreement”) with privately-held company Automation Anywhere, Inc., a provider of business automation solutions, as one of the Company’s pursuits of potentially high growth interests with near term monetization events. Under the Automation Anywhere Securities Purchase Agreement, the Company agreed to purchase a total of 18,490 shares of common stock of Automation Anywhere for approximately $0.5 million. The investment in Automation Anywhere was valued at $0.5 million as of September 30, 2022. Investment in Anduril Industries, Inc. In April 2022, the Company entered into a securities purchase agreement (the “Anduril Securities Purchase Agreement”) with privately-held company Anduril Industries, Inc., a defense products company, as one of the Company’s pursuits of potentially high growth interests with near term monetization events. Under the Anduril Securities Purchase Agreement, the Company agreed to purchase a total of 14,880 shares of common stock of Anduril for approximately $0.5 million. The investment in Anduril was valued at $0.5 million as of September 30, 2022. |
Notes Receivable
Notes Receivable | 9 Months Ended |
Sep. 30, 2022 | |
Notes Receivable [Abstract] | |
Notes Receivable | Note 7. Notes Receivable The following table presents the Company’s notes receivable at September 30, 2022 ($ in thousands): Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Shor-term convertible notes receivable Convergent Investment 01/29/2023 8 % $ 2,000 $ 267 $ 2,267 Nano Innovations Inc Investment 12/26/2022 10 % $ 750 $ 57 $ 807 Short-term notes receivable Mr. Jeffrey Cooper Investment 03/11/2023 8 % $ 2,780 $ 214 $ 2,994 Raefan Industries LLC Investment 12/06/2022 8 % $ 1,950 $ 127 $ 2,077 Kaya Now Investment 02/01/2023 8 % $ 500 $ - $ 500 Total $ 8,645 Long-term notes receivable American Innovative Robotics Investment 04/01/2027 8 % $ 1,100 $ - $ 1,100 Convergent Investment The Company recorded an interest income receivable of approximately $0.3 million on the Convergent Convertible Note as of September 30, 2022. Mr. Jeffrey Cooper Investment Raefan Group LLC promissory note was satisfied and replaced with a personal note issued to Mr. Jeffrey Cooper, of Raefan Industries. The Company recorded an interest income receivable of approximately $0.2 million on the Mr. Jeffrey Cooper Promissory Note as of September 30, 2022. Raefan Industries LLC Investment The Company recorded an interest income receivable of approximately $0.1 million on the Raefan Industries Promissory Note as of September 30, 2022. Slinger Bag Inc Investment The Company recorded an interest income receivable of approximately $63,000 on the Slinger Bag Convertible Note as of June 17, 2022. On June 17, 2022, the Company received 558,659 shares of common stock of Connexa Sports Technologies Inc (also known as Slinger Bag) as a result of conversion of principal and accrued interest on the Slinger Bag Convertible Note. All the 558,659 shares of common stock of Connexa Sports received were transferred to marketable securities account. Nano Innovations Inc Investment The Company recorded an interest income receivable of approximately $57,000 on the Nano Convertible Note as of September 30, 2022. Kaya Now Investment On April 5, 2022, the Company purchased an 8% promissory note (“Kaya Now Promissory Note”) issued by Kaya Now Inc (“Kaya”) in the principal amount of $0.5 million pursuant to a Note Purchase Agreement with Kaya Now. The Company paid a purchase price for the Kaya Now Promissory Note of $0.5 million. The Company will receive interest on the Kaya Now Promissory Note at the rate of 8% per annum payable upon conversion or maturity of the Kaya Now Promissory Note. The Kaya Now Promissory Note shall mature on February 1, 2023. On July 21, 2022, the Company and Kaya executed an amendment of the Kaya Now Promissory Note (“Amendment”) such that the Kaya Now Promissory Note shall mature on February 1, 2023. In consideration of the Amendment, Kaya has agreed to issue to the Company 1,000,000 additional shares at $0.2 per share of Kaya’s common stock. Under the amendment, interest on the Note during the extended term shall be paid on October 1, 2022 and January 1, 2023 at the rate of 8% per annum. The Company recorded an interest income of approximately $20,000 on the Kaya Now Promissory Note as of September 30, 2022. American Innovative Robotics Investment On April 1, 2022, the Company purchased an 8% promissory note (“Robotics Promissory Note”) issued by American Innovative Robotics, LLC (“Robotics”) in the principal amount of $1.1 million pursuant to a Note Purchase Agreement with Robotics. The Company paid a purchase price for the Robotics Promissory Note of $1.1 million. The Company will receive interest on the Robotics Promissory Note at the rate of 8% per annum payable every three months starting from July 1, 2022. The Robotics Promissory Note shall mature on April 1, 2027. The Company recorded an interest income of approximately $45,000 on the Robotics Promissory Note as of September 30, 2022. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note 8. Fair Value of Financial Assets and Liabilities Financial instruments, including cash and cash equivalents, accounts payable and accrued liabilities are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. The Company measures the fair value of financial assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The Company uses three levels of inputs that may be used to measure fair value: Level 1 - quoted prices in active markets for identical assets or liabilities Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 - inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on the Company’s market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. The following table presents the Company’s assets and liabilities that are measured at fair value at September 30, 2022 and December 31, 2021 ($ in thousands): Fair value measured at September 30, 2022 Total at September 30, Quoted prices in active Significant other Significant unobservable 2022 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 8,032 $ 8,032 $ - $ - Total marketable securities $ 8,032 $ 8,032 $ - $ - Short-term investment $ 33 $ - $ - $ 33 Short-term notes receivable at fair value $ 8,645 $ - $ - $ 8,645 Long-term notes receivable at fair value $ 1,100 $ - $ - $ 1,100 Fair value measured at December 31, 2021 Total at December 31, Quoted prices in active Significant other Significant unobservable 2021 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 11,427 $ 11,427 $ - $ - Total marketable securities $ 11,427 $ 11,427 $ - $ - Short-term investment $ 2,273 $ 1,854 $ - $ 419 Notes receivable at fair value $ 6,984 $ - $ - $ 6,984 Convertible note receivable $ 2,147 $ - $ - $ 2,147 Level 3 Measurement The following tables set forth a summary of the changes in the fair value of the Company’s Level 3 financial assets that are measured at fair value on a recurring basis ($ in thousands): Short-term notes receivable at fair value at December 31, 2021 $ 6,984 Accrued interest receivable 522 Reclassify from convertible note receivable to notes receivable at fair value 2,147 Purchase of notes receivable 500 Change in fair value of note receivable (608 ) Conversion of note receivable to marketable securities (899 ) Short-term notes receivable at fair value at September 30, 2022 $ 8,645 Long-term notes receivable at fair value at December 31, 2021 $ - Purchase of notes receivable 1,100 Long-term notes receivable at fair value at September 30, 2022 $ 1,100 Short-term investment at December 31, 2021 $ 419 Change in fair value of investment (386 ) Short-term investment at September 30, 2022 $ 33 Long term and Short-term Note Receivable and Convertible Notes Receivable The Company has elected to measure the purchases of the notes using the fair value option at each reporting date. Under the fair value option, bifurcation of an embedded derivative is not necessary, and all related gains and losses on the host contract and derivative due to change in the fair value will be reflected in interest income and other, net in the consolidated statements of operations. The value at which the Company’s convertible note is carried on its books is adjusted to estimated fair value at the end of each quarter, taking into account general economic and stock market conditions and those characteristics specific to the underlying investments. Interest accrues on the unpaid principal balance on a quarterly basis and is recognized in interest income in the consolidated statements of operations. Convergent Investment As of September 30, 2022, the fair value of the Convergent Convertible Note was measured at $2.3 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. Mr. Jeffrey Cooper Investment As of September 30, 2022, the fair value of the Mr. Jeffrey Cooper Promissory Note was measured at approximately $3.0 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. Raefan Industries LLC Investment As of September 30, 2022, the fair value of the Raefan Industries Promissory Note was measured at approximately $2.1 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. Slinger Bag Inc Investment The Company recorded an interest income receivable of approximately $63,000 on the Slinger Bag Convertible Note as of June 17, 2022. On June 17, 2022, the Company received 558,659 shares of common stock of Connexa Sports Technologies Inc (also known as Slinger Bag) as a result of conversion of principal and accrued interest on the Slinger Bag Convertible Note. All the 558,659 shares of common stock of Connexa Sports received were transferred to marketable securities account. As of September 30, 2022, the fair value of the Slinger Bag Convertible Note was measured at $0. Nano Innovations Inc Investment As of September 30, 2022, the fair value of the Nano Convertible Note was measured at approximately $0.8 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. The Company believes that the fair value of the warrant of Nano is immaterial. Kaya Now Investment On July 21, 2022, the Company and Kaya executed an amendment of the Kaya Now Promissory Note (“Amendment”) such that the Kaya Now Promissory Note shall mature on February 1, 2023. In consideration of the Amendment, Kaya has agreed to issue to the Company 1,000,000 additional shares at 20 cents per share of Kaya’s common stock. Under the amendment, interest on the Note during the extended term shall be paid on October 1, 2022 and January 1, 2023 at the rate of 8% per annum. As of September 30, 2022, the fair value of the Kaya Now Promissory Note was measured at $0.5 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. The Company believes that the fair value of the warrant of Kaya is immaterial. American Innovative Robotics Investment As of September 30, 2022, the fair value of the Robotics Promissory Note was measured at $1.1 million, taking into consideration cost of the investment, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. No change in fair value for principal was recorded during the nine months ended September 30, 2022. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Note 9. Net Loss per Share Attributable to Common Stockholders Basic loss per common share is computed by dividing the net loss allocable to common stockholders by the weighted-average number of shares of common stock or common stock equivalents outstanding. Diluted loss per common share is computed similar to basic loss per share except that it reflects the potential dilution that could occur if dilutive securities or other obligations to issue common stock were exercised or converted into common stock. Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share at September 30, 2022 and 2021 are as follows: As of September 30, 2022 2021 Convertible preferred stock 34 40 Warrants to purchase common stock 444,796 341,268 Options to purchase common stock 54,722 28,203 Total 499,552 369,511 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2022 | |
Redeemable Convertible Preferred Stock Abstract | |
Redeemable Convertible Preferred Stock | Note 10. Redeemable Convertible Preferred Stock Series O and Series P Redeemable Convertible Preferred Stock On February 24, 2022, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (the “Investors”), pursuant to which the Company agreed to issue and sell, in concurrent registered direct offerings (the “Offerings”), (i) 11,000 shares of the Company’s Series O Redeemable Convertible Preferred Stock, par value $0.001 per share (the “Series O Preferred Stock”), and (ii) 11,000 shares of the Company’s Series P Redeemable Convertible Preferred Stock, par value $0.001 per share (the “Series P Preferred Stock” and together with the Series O Preferred Stock, the “Preferred Stock”), in each case, at an offering price of $952.38 per share, representing a 5% original issue discount to the stated value of $1,000 per share of Preferred Stock, for gross proceeds of each Offering of $10,476,180, or approximately $21.0 million in the aggregate for the Offerings, before the deduction of the placement agent’s fee and offering expenses. The shares of Series O Preferred Stock will have a stated value of $1,000 per share and will be convertible, at a conversion price of $1.00 per share, into 11,000,000 shares of common stock (subject in certain circumstances to adjustments). The shares of Series P Preferred Stock will have a stated value of $1,000 per share and will be convertible, at a conversion price of $1.00 per share, into 11,000,000 shares of common stock (subject in certain circumstances to adjustments). The Series O Preferred Stock and the Series P Preferred Stock are being offered by the Company pursuant to a registration statement on Form S-3 (File No. 333-238172) (the “Registration Statement”) filed under the Securities Act of 1933, as amended (the “Securities Act”). The Purchase Agreement contains customary representations, warranties and agreements by the Company and customary conditions to closing. The closing of the Offerings occurred on March 2, 2022. In connection with this transaction, the Company received net proceeds of $21.0 million, which was deposited in an escrow account. In connection with the Offerings, the Company has entered into an engagement agreement (the “Engagement Agreement Agreement”) with H.C Wainwright & Company, LLC, as placement agent (“HCW”), pursuant to which the Company agreed to pay HCW an aggregate cash fee equal to 8% of the aggregate gross proceeds raised in the offerings and issue HCW common stock purchase warrants to purchase up to 1,760,000 shares of common stock in the aggregate at an exercise price of $1.25. The warrants were recorded as a component of stockholders’ equity in accordance with FASB Accounting Standards Codification (“ASC”) 815. Redemption Rights After (i) the earlier of (1) the receipt of stockholder approval and (2) the date that is 90 days following the Original Issue Date (the date of the first issuance of any shares of the Preferred Stock regardless of the number of transfers of any particular shares of Preferred Stock and regardless of the number of certificates which may be issued to evidence such Preferred Stock) and (ii) before the date that is 120 days after the Original Issue Date (the “ Redemption Period As a result, the Preferred Stock were recorded separately from stockholders’ equity because they are redeemable upon the occurrence of redemption events that are considered not solely within the Company’s control. During the second quarter of 2022, the Company redeemed for cash at a price equal to 105% of the $1,000 stated value per share all of its 11,000 outstanding shares of Series O Preferred Stock and its 11,000 Series P Preferred Stock. The total redemption amount was $23.1 million. As a result, all shares of the Series O Preferred Stock and Series P Preferred Stock have been retired and are no longer outstanding. During the nine months ended September 30, 2022, the Company recognized approximately $4.1 in deemed dividends related to the Preferred Stock in the condensed consolidated statements of operations and the unaudited condensed consolidated statements of changes in redeemable preferred stock and stockholders’ equity. |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders’ Equity | Note 11. Stockholders’ Equity Common Stock One June 5, 2020, CBM Biopharma, Inc. (“CBM”) approved a distribution to its stockholders of 1,939,058 the Company’s common shares. The Company, as one of CBM’s shareholder, received 387,812 shares of its common stock. The Company cancelled 22,812 shares received on January 1, 2022. Treasury Stock On January 21, 2022, the Company’s board of directors authorized a share buyback program (the “Share Buyback Program”), pursuant to which the Company authorized the Repurchase Program in an amount of up to three million dollars. During the nine months ended September 30, 2022, the Company repurchased 344,982 shares at a cost of approximately $2.2 million or $6.48 per share through marketable securities account under the Share Buyback Program. The Company records treasury stock using the cost method. Warrants A summary of warrant activity for the nine months ended September 30, 2022, is presented below: Warrants Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2021 341,268 $ 31.68 - 3.87 Issued 103,528 21.25 - 4.40 Outstanding as of September 30, 2022 444,796 $ 29.25 - 3.45 Restricted Stock Awards A summary of restricted stock awards activity for the nine months ended September 30, 2022, is presented below: Number of Restricted Weighted Average Nonvested at December 31, 2021 - $ - Granted 238,244 6.13 Vested (230,176 ) 6.15 Nonvested at September 30, 2022 8,068 $ 5.64 As of September 30, 2022, approximately $24,000 of unrecognized stock-based compensation expense was related to restricted stock awards. The weighted average remaining contractual terms of unvested restricted stock awards was approximately 0.25 years at September 30, 2022. Stock Options A summary of stock option activity for the nine months ended September 30, 2022 is presented below: Number of Shares Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2021 28,203 $ 548.35 $ - 8.2 Employee options granted 170,587 5.95 184,234 1.7 Employee options forfeited (143,852 ) 47.78 152,470 - Employee options expired (216 ) 73.70 - - Outstanding as of September 30, 2022 54,722 $ 175.26 $ 31,764 8.8 Options vested and exercisable 25,311 $ 372.00 $ - 7.9 Stock-based compensation associated with the amortization of stock option expense was approximately $40,000 and $0.2 million for the nine months ended September 30, 2022 and 2021, respectively. All stock compensation was recorded as a component of general and administrative expenses. Estimated future stock-based compensation expense relating to unvested stock options is approximately $0.1 million. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Legal Proceedings In the past, in the ordinary course of business, the Company actively pursued legal remedies to enforce its intellectual property rights and to stop unauthorized use of our technology. Other than ordinary routine litigation incidental to the business, we know of no material, active or pending legal proceedings against us. Risks and Uncertainties - COVID-19 Management continues to evaluate the impact of the COVID-19 pandemic on the industry and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for drug candidates, the specific impact is not readily determinable as of the date of these consolidated financial statements. The COVID-19 pandemic has slowed down some drug development efforts and has slowed the acquisition of new drugs. However, the impact of the pandemic and ensuing lockdowns are easing. The process of drug development and further acquisitions is now continuing. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Leases On December 1, 2021, the Company entered into a Lease Agreement (the “Company’s Lease”) with Trump Tower Commercial LLC, a New York limited liability company. Under the Company’s Lease, the Company will rent a portion of the twenty-second floor at 725 Fifth Avenue, New York, New York (the “22 nd nd The tables below represent the Company’s lease assets and liabilities as of September 30, 2022: September 30, Assets: Operating lease right-of-use-assets $ 708 Liabilities: Current Operating 42 Long-term Operating 701 $ 743 The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC Topic 842 , Leases September 30, Weighted-average remaining lease term – operating leases (in years) 7.3 Weighted-average discount rate – operating leases 10.0 % During the nine months ended September 30, 2022, the Company recorded approximately $71,000 as lease expense to current period operations. Three Months Operating leases Operating lease cost $ 35 Variable lease cost - Operating lease expense 35 Short-term lease rent expense 36 Net rent expense $ 71 Supplemental cash flow information related to leases were as follows: Three Months Operating cash flows - operating leases $ - Right-of-use assets obtained in exchange for operating lease liabilities $ 731 As of September 30, 2022, future minimum payments during the next five years and thereafter are as follows: Operating Remaining Period Ended December 31, 2022 $ - Year Ended December 31, 2023 154 Year Ended December 31, 2024 154 Year Ended December 31, 2025 142 Year Ended December 31, 2026 142 Thereafter 479 Total 1,071 Less present value discount (328 ) Operating lease liabilities $ 743 |
License Agreements
License Agreements | 9 Months Ended |
Sep. 30, 2022 | |
License agreements [Abstract] | |
License agreements | Note 13. License agreements On April 13, 2020, the Company entered into a License Agreement (the “License Agreement”) with University of Maryland (“UM”) pursuant to which UM granted the Company an exclusive, worldwide, royalty bearing license to certain intellectual property to, among other things, discover, develop, make, have made, use and sell certain licensed products and sell, use and practice certain licensed services with respect to cancer. During the nine months ended September 30, 2022, the Company paid approximately $0.5 million of additional license fees to UM. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 14. Subsequent events Dominari’s Lease of Office Space at Trump Tower New York On September 23, 2022, Dominari entered into a Lease Agreement (“Dominari’s Lease”) with Trump Tower Commercial LLC, a New York limited liability company. Under Dominari’s Lease, Dominari will rent a portion of a floor at 725 Fifth Avenue, New York, New York (the “Premises”). Dominari plans to use the Premises to run its day-to-day operations. The initial term of Dominari’s Lease is seven (7) years commencing on the date that possession of the Premises is delivered to Dominari. Under Dominari’s Lease, Dominari will pay rent equal to forty-nine thousand three hundred and sixty-eight dollars per month. Effective for the sixth and seventh years of Dominari’s Lease, the rent shall increase to fifty-one thousand eight hundred and sixty-eight dollars per month. The Company anticipates that it will take possession of Dominari’s Lease in 2023. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, AIkido Labs and Dominari. All significant intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. The condensed consolidated balance sheet as of September 30, 2022, condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and 2021, condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited, but include all adjustments, consisting only of normal recurring adjustments, which the Company considers necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of results to be expected for the year ending December 31, 2022 or for any future interim period. The condensed consolidated balance sheet at December 31, 2021 has been derived from audited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2021 and notes thereto included in the Company’s annual report on Form 10-K, which was filed with the SEC on March 28, 2022. |
Use of Estimates | Use of Estimates The accompanying condensed consolidated financial statements have been prepared in conformity with US GAAP. This requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. The Company’s significant estimates and assumptions include stock-based compensation, the valuation of investments, the valuation of convertible note and the valuation allowance related to the Company’s deferred tax assets. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions. |
Significant Accounting Policies | Significant Accounting Policies Aside from the policies described below, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K, which was filed with the SEC on March 28, 2022. |
Leases | Leases The Company accounts for its leases under ASC 842, Leases Commitment and Contingencies |
Treasury Stock | Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity. |
Recent accounting pronouncements | Recent accounting pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if currently adopted, would have an effect on the Company’s unaudited condensed consolidated financial statements. |
Investments in Marketable Sec_2
Investments in Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments in Marketable Securities [Abstract] | |
Schedule of component of gains and (losses) on marketable securities | Three Months Ended Nine Months Ended 2022 2021 2022 2021 Realized (loss) gain $ (144 ) $ (583 ) $ (712 ) $ 501 Unrealized loss (1,589 ) (2,901 ) (3,889 ) (4,296 ) Dividend income 79 451 211 1,221 Total $ (1,654 ) $ (3,033 ) $ (4,390 ) $ (2,574 ) |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Short-Term Investments [Abstract] | |
Schedule of short-term investments | September 30, December 31, Investment in Hoth Therapeutics, Inc. - 770 Investment in DatChat, Inc. - 1,084 Investment in Vicinity Motor Corp. 33 419 Total 33 2,273 |
Schedule of change in the fair value of the short-term investments | Beginning balance $ 2,273 Transfer to marketable securities (1,497 ) Change in fair value of investment (1,517 ) Realized gain recognized through sale of marketable securities 774 Ending balance $ 33 |
Schedule of company investment in Hoth | Security Name Shares Fair value Fair value as of HOTH - $ - $ - Security Name Shares Fair value Fair value as of HOTH 1,166,415 $ 0.66 $ 770 |
Schedule of quantitative information regarding Level 3 fair value measurements inputs | September 30, December 31, Option term (in years) 2.1 % 2.8 Volatility 88.25 % 95.52 % Risk-free interest rate 4.22 % 0.97 % Expected dividends 0.00 % 0.00 % Stock price $ 1.01 $ 3.50 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Long-Term Investments [Abstract] | |
Schedule of other investments | September 30, December 31, Investment in Kerna Health Inc $ 4,940 $ 3,800 Investment in Kaya Now 2,540 1,665 Investment in Tevva Motors 3,364 2,000 Investment in ASP Isotopes 1,300 1,000 Investment in AerocarveUS Corporation 1,000 1,000 Investment in Qxpress 1,000 - Investment in Masterclass 170 - Investment in Kraken 597 - Investment in Epic Games 3,500 - Investment in Tesspay 1,250 - Investment in SpaceX 3,500 - Investment in Databricks 1,200 - Investment in Discord 476 - Investment in Thrasio 300 - Investment in Automation Anywhere 476 - Investment in Anduril 476 - Total $ 26,089 $ 9,465 |
Schedule of long-term investments | Beginning balance $ 9,465 Purchase of investments 15,016 Change in fair value of long-term investments 1,608 Ending balance $ 26,089 |
Notes Receivable (Tables)
Notes Receivable (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Receivable [Abstract] | |
Schedule of notes receivable | Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Shor-term convertible notes receivable Convergent Investment 01/29/2023 8 % $ 2,000 $ 267 $ 2,267 Nano Innovations Inc Investment 12/26/2022 10 % $ 750 $ 57 $ 807 Short-term notes receivable Mr. Jeffrey Cooper Investment 03/11/2023 8 % $ 2,780 $ 214 $ 2,994 Raefan Industries LLC Investment 12/06/2022 8 % $ 1,950 $ 127 $ 2,077 Kaya Now Investment 02/01/2023 8 % $ 500 $ - $ 500 Total $ 8,645 Long-term notes receivable American Innovative Robotics Investment 04/01/2027 8 % $ 1,100 $ - $ 1,100 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value assets and liabilities | Fair value measured at September 30, 2022 Total at September 30, Quoted prices in active Significant other Significant unobservable 2022 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 8,032 $ 8,032 $ - $ - Total marketable securities $ 8,032 $ 8,032 $ - $ - Short-term investment $ 33 $ - $ - $ 33 Short-term notes receivable at fair value $ 8,645 $ - $ - $ 8,645 Long-term notes receivable at fair value $ 1,100 $ - $ - $ 1,100 Fair value measured at December 31, 2021 Total at December 31, Quoted prices in active Significant other Significant unobservable 2021 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 11,427 $ 11,427 $ - $ - Total marketable securities $ 11,427 $ 11,427 $ - $ - Short-term investment $ 2,273 $ 1,854 $ - $ 419 Notes receivable at fair value $ 6,984 $ - $ - $ 6,984 Convertible note receivable $ 2,147 $ - $ - $ 2,147 |
Schedule of fair value of the company's level 3 financial assets | Short-term notes receivable at fair value at December 31, 2021 $ 6,984 Accrued interest receivable 522 Reclassify from convertible note receivable to notes receivable at fair value 2,147 Purchase of notes receivable 500 Change in fair value of note receivable (608 ) Conversion of note receivable to marketable securities (899 ) Short-term notes receivable at fair value at September 30, 2022 $ 8,645 Long-term notes receivable at fair value at December 31, 2021 $ - Purchase of notes receivable 1,100 Long-term notes receivable at fair value at September 30, 2022 $ 1,100 Short-term investment at December 31, 2021 $ 419 Change in fair value of investment (386 ) Short-term investment at September 30, 2022 $ 33 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of potentially diluted loss per share | As of September 30, 2022 2021 Convertible preferred stock 34 40 Warrants to purchase common stock 444,796 341,268 Options to purchase common stock 54,722 28,203 Total 499,552 369,511 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of warrant activity | Warrants Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2021 341,268 $ 31.68 - 3.87 Issued 103,528 21.25 - 4.40 Outstanding as of September 30, 2022 444,796 $ 29.25 - 3.45 |
Schedule of restricted stock awards activity | Number of Restricted Weighted Average Nonvested at December 31, 2021 - $ - Granted 238,244 6.13 Vested (230,176 ) 6.15 Nonvested at September 30, 2022 8,068 $ 5.64 |
Schedule of stock option activity | Number of Shares Weighted Average Total Intrinsic Value Weighted Average Outstanding as of December 31, 2021 28,203 $ 548.35 $ - 8.2 Employee options granted 170,587 5.95 184,234 1.7 Employee options forfeited (143,852 ) 47.78 152,470 - Employee options expired (216 ) 73.70 - - Outstanding as of September 30, 2022 54,722 $ 175.26 $ 31,764 8.8 Options vested and exercisable 25,311 $ 372.00 $ - 7.9 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of lease assets and liabilities | September 30, Assets: Operating lease right-of-use-assets $ 708 Liabilities: Current Operating 42 Long-term Operating 701 $ 743 |
Schedule of summarize quantitative information about the operating leases | September 30, Weighted-average remaining lease term – operating leases (in years) 7.3 Weighted-average discount rate – operating leases 10.0 % |
Schedule of lease expense | Three Months Operating leases Operating lease cost $ 35 Variable lease cost - Operating lease expense 35 Short-term lease rent expense 36 Net rent expense $ 71 |
Schedule of supplemental cash flow information | Three Months Operating cash flows - operating leases $ - Right-of-use assets obtained in exchange for operating lease liabilities $ 731 |
Schedule of future minimum payments | Operating Remaining Period Ended December 31, 2022 $ - Year Ended December 31, 2023 154 Year Ended December 31, 2024 154 Year Ended December 31, 2025 142 Year Ended December 31, 2026 142 Thereafter 479 Total 1,071 Less present value discount (328 ) Operating lease liabilities $ 743 |
Organization and Description _2
Organization and Description of Business and Recent Developments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 09, 2022 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||
Description of biotechnology research development | The Company is also developing a broad-spectrum antiviral platform, in which the lead compounds have activity in cell-based assays against multiple viruses including Influenza virus, Ebolavirus and Marburg virus, SARS-CoV, MERS-CoV, and SARS-CoV-2, the cause of COVID-19. | |
Purchase agreement description | On September 9, 2022, Dominari entered into a membership interest purchase agreement (the “FPS Purchase Agreement”) with Fieldpoint Private Bank & Trust (“Seller”), a Connecticut bank, for the purchase of its wholly owned subsidiary, Fieldpoint Private Securities, LLC, a Connecticut limited liability company (“FPS”) and broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”). Pursuant to the terms of the FPS Purchase Agreement, Dominari will purchase from the Seller 100% of the membership interests in of FPS (the “Membership Interests”) and, as a result thereof, will, thereafter, operate FPS’s registered broker-dealer business as a wholly owned subsidiary of the Company. The FPS Purchase Agreement provides for Dominari’s acquisition of FPS’s Membership Interests in two closings, the first of which occurred on October 4, 2022 (the “Initial Closing”), at which Dominari paid to the Seller $2,000,000 in consideration for a transfer by the Seller to Dominari of 20% of the Membership Interests. Following the Initial Closing, FPS filed a continuing membership application requesting approval for a change of ownership, control, or business operations with FINRA in accordance with FINRA Rule 1017 (the “Rule 1017 Application”). Upon FINRA’s approval of the Rule 1017 Application, the second closing will occur (the “Second Closing”), at which Dominari will pay to the Seller an additional $1.00 in consideration for a transfer by the Seller to Dominari of the remaining 80% of the Membership Interests. The Second Closing is subject to FINRA’s final approval under FINRA Rule 1017 as well as other customary closing conditions, including the accuracy of the representations and warranties of the applicable parties under the FPS Purchase Agreement and compliance therewith. | |
Reverse stock split amount | $ 26 |
Investments in Marketable Sec_3
Investments in Marketable Securities (Details) - Schedule of component of gains and (losses) on marketable securities - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Schedule Of Component Of Gains And Losses On Marketable Securities Abstract | ||||
Realized (loss) gain | $ (144) | $ (583) | $ (712) | $ 501 |
Unrealized loss | (1,589) | (2,901) | (3,889) | (4,296) |
Dividend income | 79 | 451 | 211 | 1,221 |
Total | $ (1,654) | $ (3,033) | $ (4,390) | $ (2,574) |
Short-Term Investments (Details
Short-Term Investments (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 11, 2022 | Feb. 14, 2022 | Oct. 25, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Aug. 17, 2022 | Jun. 17, 2022 | |
Short-Term Investments (Details) [Line Items] | |||||||
Shares issued (in Shares) | 558,659 | ||||||
Common stock price per share (in Dollars per share) | $ 6.48 | ||||||
Fair value of warrant | $ 2,300,000 | ||||||
Vicinity Motor Corp [Member] | |||||||
Short-Term Investments (Details) [Line Items] | |||||||
Purchase of common stock (in Shares) | 246,399 | ||||||
Common stock price per share (in Dollars per share) | $ 5.1 | ||||||
Warrant expiration date | Oct. 25, 2024 | ||||||
Fair value of warrant | 33,000 | $ 400,000 | |||||
Initial investment | 600,000 | ||||||
Change in fair value of investment | $ 400,000 | ||||||
Investment in Hoth Therapeutics, Inc. [Member] | |||||||
Short-Term Investments (Details) [Line Items] | |||||||
Shares issued (in Shares) | 1,130,701 | 35,714 | |||||
Net proceeds | $ 900,000 | ||||||
Investment In DatChat, Inc. [Member] | |||||||
Short-Term Investments (Details) [Line Items] | |||||||
Shares issued (in Shares) | 357,916 | ||||||
Net proceeds | $ 800,000 | ||||||
Price per share (in Dollars per share) | $ 2.21 |
Short-Term Investments (Detai_2
Short-Term Investments (Details) - Schedule of short-term investments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Short-Term Investments (Details) - Schedule of short-term investments [Line Items] | ||
Short-term investment | $ 33 | $ 2,273 |
Investment in Hoth Therapeutics, Inc. [Member] | ||
Short-Term Investments (Details) - Schedule of short-term investments [Line Items] | ||
Short-term investment | 770 | |
Investment in DatChat, Inc. [Member] | ||
Short-Term Investments (Details) - Schedule of short-term investments [Line Items] | ||
Short-term investment | 1,084 | |
Investment in Vicinity Motor Corp. [Member] | ||
Short-Term Investments (Details) - Schedule of short-term investments [Line Items] | ||
Short-term investment | $ 33 | $ 419 |
Short-Term Investments (Detai_3
Short-Term Investments (Details) - Schedule of change in the fair value of the short-term investments $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Change In The Fair Value Of The Short Term Investments Abstract | |
Beginning balance | $ 2,273 |
Transfer to marketable securities | (1,497) |
Change in fair value of investment | (1,517) |
Realized gain recognized through sale of marketable securities | 774 |
Ending balance | $ 33 |
Short-Term Investments (Detai_4
Short-Term Investments (Details) - Schedule of company investment in Hoth - HOTH [Member] - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Shares Owned | 1,166,415 | |
Fair value per Share | $ 0.66 | |
Fair value | $ 770 |
Short-Term Investments (Detai_5
Short-Term Investments (Details) - Schedule of quantitative information regarding Level 3 fair value measurements inputs - Vicinity Motor Corp [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Short-Term Investments (Details) - Schedule of quantitative information regarding Level 3 fair value measurements inputs [Line Items] | ||
Option term (in years) | 2 years 1 month 6 days | 2 years 9 months 18 days |
Volatility | 88.25% | 95.52% |
Risk-free interest rate | 4.22% | 0.97% |
Expected dividends | 0% | 0% |
Stock price (in Dollars per share) | $ 1.01 | $ 3.5 |
Long-Term Investments (Details)
Long-Term Investments (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 9 Months Ended | ||||||||||||
Sep. 09, 2022 | Mar. 25, 2022 | Mar. 23, 2022 | Mar. 22, 2022 | Mar. 02, 2022 | Jan. 27, 2022 | Aug. 31, 2022 | May 31, 2022 | Apr. 30, 2022 | Mar. 31, 2022 | Mar. 30, 2022 | Sep. 30, 2022 | Jul. 21, 2022 | Dec. 31, 2021 | |
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Investment | $ 33 | $ 419 | ||||||||||||
Price per share (in Dollars per share) | $ 6.48 | |||||||||||||
Purchase of additional shares of common stock | $ 2,000 | |||||||||||||
Securities purchase agreement descriptions | On September 9, 2022, Dominari entered into a membership interest purchase agreement (the “FPS Purchase Agreement”) with Fieldpoint Private Bank & Trust (“Seller”), a Connecticut bank, for the purchase of its wholly owned subsidiary, Fieldpoint Private Securities, LLC, a Connecticut limited liability company (“FPS”) and broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”). Pursuant to the terms of the FPS Purchase Agreement, Dominari will purchase from the Seller 100% of the membership interests in of FPS (the “Membership Interests”) and, as a result thereof, will, thereafter, operate FPS’s registered broker-dealer business as a wholly owned subsidiary of the Company. The FPS Purchase Agreement provides for Dominari’s acquisition of FPS’s Membership Interests in two closings, the first of which occurred on October 4, 2022 (the “Initial Closing”), at which Dominari paid to the Seller $2,000,000 in consideration for a transfer by the Seller to Dominari of 20% of the Membership Interests. Following the Initial Closing, FPS filed a continuing membership application requesting approval for a change of ownership, control, or business operations with FINRA in accordance with FINRA Rule 1017 (the “Rule 1017 Application”). Upon FINRA’s approval of the Rule 1017 Application, the second closing will occur (the “Second Closing”), at which Dominari will pay to the Seller an additional $1.00 in consideration for a transfer by the Seller to Dominari of the remaining 80% of the Membership Interests. The Second Closing is subject to FINRA’s final approval under FINRA Rule 1017 as well as other customary closing conditions, including the accuracy of the representations and warranties of the applicable parties under the FPS Purchase Agreement and compliance therewith. | |||||||||||||
SpaceX Securities Purchase Agreement [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Securities purchase agreement descriptions | On March 30, 2022, the Company entered into a securities purchase agreement (the “SpaceX Securities Purchase Agreement”) with SpaceX, under which the company agreed to purchase shares of common stock of SpaceX for $1.5 million. In April 2022, the Company invested an additional $2 million for the purchase of additional shares of common stock of SpaceX. The investment in SpaceX was valued at $3.5 million as of September 30, 2022. | |||||||||||||
Investment in Kerna Health Inc [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Additional purchased shares (in Shares) | 400,000 | |||||||||||||
Additional shares of common stock | $ 1,100 | |||||||||||||
Investment | $ 4,900 | |||||||||||||
Investment in Kaya Holding Corp [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 3,375,000 | |||||||||||||
Investment | $ 600 | 2,500 | ||||||||||||
Issuance of shares (in Shares) | 1,000,000 | |||||||||||||
Price per share (in Dollars per share) | $ 0.2 | |||||||||||||
Unrealized gain | 200 | |||||||||||||
Investment in Tevva Motors [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Investment | 3,400 | |||||||||||||
Price per share (in Dollars per share) | $ 58 | |||||||||||||
Unrealized gain | 1,400 | |||||||||||||
Investment in ASP Isotopes [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Additional purchased shares (in Shares) | 100,000 | |||||||||||||
Additional shares of common stock | $ 300 | |||||||||||||
Investment | 1,300 | |||||||||||||
Investment in AerocarveUS Corporation [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Investment | 1,000 | |||||||||||||
Investment in Qxpress [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 46,780 | |||||||||||||
Investment | $ 1,000 | 1,000 | ||||||||||||
Investment in Masterclass [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 4,841 | |||||||||||||
Investment | $ 200 | 200 | ||||||||||||
Investment in Kraken [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 3,723 | 8,409 | ||||||||||||
Investment | $ 100 | $ 500 | 600 | |||||||||||
Investment in Epic Games [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 901 | |||||||||||||
Investment | $ 1,500 | 3,500 | ||||||||||||
Investment in Tesspay [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 1,000,000 | |||||||||||||
Investment | $ 200 | 1,300 | ||||||||||||
Unrealized gain | 10,000,000 | |||||||||||||
Invested additional amount | $ 1,000 | |||||||||||||
Per share price (in Dollars per share) | $ 0.25 | |||||||||||||
Investment in SpaceX [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Investment | $ 3,500 | |||||||||||||
Investment in Databricks [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 3,830 | |||||||||||||
Investment | $ 1,200 | 1,200 | ||||||||||||
Investment in Discord, Inc. [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 618 | |||||||||||||
Investment | $ 500 | 500 | ||||||||||||
Investment in Thrasio, LLC [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 20,000 | |||||||||||||
Investment | $ 300 | 300 | ||||||||||||
Investment in Automation Anywhere, Inc. [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 18,490 | |||||||||||||
Investment | $ 500 | 500 | ||||||||||||
Investment in Anduril Industries, Inc. [Member] | ||||||||||||||
Long-Term Investments (Details) [Line Items] | ||||||||||||||
Purchase shares (in Shares) | 14,880 | |||||||||||||
Investment | $ 500 | $ 500 |
Long-Term Investments (Detail_2
Long-Term Investments (Details) - Schedule of other investments - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | $ 26,089 | $ 9,465 |
Investment in Kerna Health Inc [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 4,940 | 3,800 |
Investment in Kaya Now [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 2,540 | 1,665 |
Investment in Tevva Motors [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 3,364 | 2,000 |
Investment in ASP Isotopes [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 1,300 | 1,000 |
Investment in AerocarveUS Corporation [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 1,000 | 1,000 |
Investment in Qxpress [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 1,000 | |
Investment in Masterclass [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 170 | |
Investment in Kraken [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 597 | |
Investment in Epic Games [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 3,500 | |
Investment in Tesspay [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 1,250 | |
Investment in SpaceX [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 3,500 | |
Investment in Databricks [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 1,200 | |
Investment in Discord [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 476 | |
Investment in Thrasio [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 300 | |
Investment in Automation Anywhere [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | 476 | |
Investment in Anduril [Member] | ||
Long-Term Investments (Details) - Schedule of other investments [Line Items] | ||
Total | $ 476 |
Long-Term Investments (Detail_3
Long-Term Investments (Details) - Schedule of long-term investments $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Long Term Investments Abstract | |
Beginning balance | $ 9,465 |
Purchase of investments | 15,016 |
Change in fair value of long-term investments | 1,608 |
Ending balance | $ 26,089 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | Apr. 05, 2022 | Apr. 02, 2022 | Sep. 30, 2022 | Jul. 21, 2022 | Jun. 17, 2022 |
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | $ 300,000 | ||||
Common stock shares received (in Shares) | 558,659 | 558,659 | |||
Additional shares issued (in Shares) | 558,659 | ||||
Mr. Jeffrey Cooper [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | $ 200,000 | ||||
Raefan Industries LLC [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | 0.1 | ||||
Slinger Bag Inc [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | 63,000 | ||||
Nano Innovations Inc [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | 45,000 | ||||
Kaya Now Promissory Note [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | $ 20,000 | ||||
Percentage of purchased an promissory note | 8% | ||||
Principal amount | $ 500,000 | ||||
Payment of purchase price | $ 500,000 | ||||
Interest rate received | 8% | 8% | |||
Promissory note maturity date | Feb. 01, 2023 | Feb. 01, 2023 | |||
Additional shares issued (in Shares) | 1,000,000 | ||||
Additional shares per share (in Dollars per share) | $ 0.2 | ||||
Robotics Promissory Note [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Percentage of purchased an promissory note | 8% | ||||
Principal amount | $ 1,100,000 | ||||
Payment of purchase price | $ 1,100,000 | ||||
Interest rate received | 8% | ||||
Promissory note maturity date | Apr. 01, 2027 | ||||
Nano Convertible Note [Member] | Nano Innovations Inc [Member] | |||||
Notes Receivable (Details) [Line Items] | |||||
Interest income receivable | $ 57,000 |
Notes Receivable (Details) - Sc
Notes Receivable (Details) - Schedule of notes receivable $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Shor-term convertible notes receivable | |
Fair Value | $ 8,645 |
Convergent Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Jan. 29, 2023 |
Stated Interest Rate | 8% |
Principal Amount | $ 2,000 |
Interest Receivable | 267 |
Fair Value | $ 2,267 |
Nano Innovations Inc Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Dec. 26, 2022 |
Stated Interest Rate | 10% |
Principal Amount | $ 750 |
Interest Receivable | 57 |
Fair Value | $ 807 |
Mr. Jeffrey Cooper Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Mar. 11, 2023 |
Stated Interest Rate | 8% |
Principal Amount | $ 2,780 |
Interest Receivable | 214 |
Fair Value | $ 2,994 |
Raefan Industries LLC Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Dec. 06, 2022 |
Stated Interest Rate | 8% |
Principal Amount | $ 1,950 |
Interest Receivable | 127 |
Fair Value | $ 2,077 |
Kaya Now Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Feb. 01, 2023 |
Stated Interest Rate | 8% |
Principal Amount | $ 500 |
Interest Receivable | |
Fair Value | $ 500 |
American Innovative Robotics Investment [Member] | |
Shor-term convertible notes receivable | |
Maturity Date | Apr. 01, 2027 |
Stated Interest Rate | 8% |
Principal Amount | $ 1,100 |
Interest Receivable | |
Fair Value | $ 1,100 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Jul. 21, 2022 | Sep. 30, 2022 | Jun. 17, 2022 | |
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Fair value consideration cost of investment | $ 2,300,000 | ||
Common stock shares (in Shares) | 558,659 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Redemption Restriction, Period in Effect | 20 years | ||
Kaya now investment, description | the Company and Kaya executed an amendment of the Kaya Now Promissory Note (“Amendment”) such that the Kaya Now Promissory Note shall mature on February 1, 2023. In consideration of the Amendment, Kaya has agreed to issue to the Company 1,000,000 additional shares at 20 cents per share of Kaya’s common stock. Under the amendment, interest on the Note during the extended term shall be paid on October 1, 2022 and January 1, 2023 at the rate of 8% per annum. | ||
Mr. Jeffrey Cooper Investment [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Promissory note | 3,000,000 | ||
Raefan Industries LLC [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Promissory note | 2,100,000 | ||
Slinger Bag Inc Investment [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Interest income receivable | $ 63,000 | ||
Fair value | 0 | ||
Connexa Sports Technologies Inc [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Common stock shares (in Shares) | 558,659 | ||
Nano Innovations Inc Investment [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Fair value | 800,000 | ||
Kaya Now Investment [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Fair value consideration cost of investment | 500,000 | ||
American Innovative Robotics Investment [Member] | |||
Fair Value of Financial Assets and Liabilities (Details) [Line Items] | |||
Fair value consideration cost of investment | $ 1,100,000 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities (Details) - Schedule of fair value assets and liabilities - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Marketable securities: | ||
Equities | $ 8,032 | $ 11,427 |
Total marketable securities | 8,032 | 11,427 |
Short-term investment | 33 | 2,273 |
Notes receivable at fair value | 6,984 | |
Convertible note receivable | 2,147 | |
Short-term notes receivable at fair value | 8,645 | |
Long-term notes receivable at fair value | 1,100 | |
Quoted prices in active markets (Level 1) [Member] | ||
Marketable securities: | ||
Equities | 8,032 | 11,427 |
Total marketable securities | 8,032 | 11,427 |
Short-term investment | 1,854 | |
Notes receivable at fair value | ||
Convertible note receivable | ||
Short-term notes receivable at fair value | ||
Long-term notes receivable at fair value | ||
Significant other observable inputs (Level 2) [Member] | ||
Marketable securities: | ||
Equities | ||
Total marketable securities | ||
Short-term investment | ||
Notes receivable at fair value | ||
Convertible note receivable | ||
Short-term notes receivable at fair value | ||
Long-term notes receivable at fair value | ||
Significant unobservable inputs (Level 3) [Member] | ||
Marketable securities: | ||
Equities | ||
Total marketable securities | ||
Short-term investment | 33 | 419 |
Notes receivable at fair value | 6,984 | |
Convertible note receivable | $ 2,147 | |
Short-term notes receivable at fair value | 8,645 | |
Long-term notes receivable at fair value | $ 1,100 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities (Details) - Schedule of fair value of the company's level 3 financial assets $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Fair Value Of The Companys Level3 Financial Assets Abstract | |
Short-term notes receivable at fair value at December 31, 2021 | $ 6,984 |
Accrued interest receivable | 522 |
Reclassify from convertible note receivable to notes receivable at fair value | 2,147 |
Purchase of notes receivable | 500 |
Change in fair value of note receivable | (608) |
Conversion of note receivable to marketable securities | (899) |
Short-term notes receivable at fair value at September 30, 2022 | 8,645 |
Long-term notes receivable at fair value at December 31, 2021 | |
Purchase of notes receivable | 1,100 |
Long-term notes receivable at fair value at September 30, 2022 | 1,100 |
Short-term investment at December 31, 2021 | 419 |
Change in fair value of investment | (386) |
Short-term investment at September 30, 2022 | $ 33 |
Net Loss per Share Attributab_3
Net Loss per Share Attributable to Common Stockholders (Details) - Schedule of potentially diluted loss per share - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 499,552 | 369,511 |
Convertible preferred stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 34 | 40 |
Warrants to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 444,796 | 341,268 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total | 54,722 | 28,203 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended |
Feb. 24, 2022 | Jun. 30, 2022 | Sep. 30, 2022 | |
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Gross proceeds | |||
Net proceeds received | $ 21,000,000 | ||
Aggregate cash fee, percentage | 8% | ||
Common stock purchase warrants (in Shares) | 1,760,000 | ||
Exercise price (in Dollars per share) | $ 1.25 | ||
Stated value, percentage | 105% | ||
Redemption rights description | the Company redeemed for cash at a price equal to 105% of the $1,000 stated value per share all of its 11,000 outstanding shares of Series O Preferred Stock and its 11,000 Series P Preferred Stock. | ||
Redemption amount | $ 23,100,000 | ||
Deemed dividends | $ 4.1 | ||
Preferred Stock [Member] | |||
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Stated value | 1,000 | ||
Gross proceeds | $ 10,476,180 | ||
Series O Redeemable Convertible Preferred Stock [Member] | |||
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Convertible preferred stock, shares issued (in Shares) | 11,000 | ||
Convertible preferred stock, par value (in Dollars per share) | $ 0.001 | ||
Series P Redeemable Convertible Preferred Stock [Member] | |||
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Convertible preferred stock, par value (in Dollars per share) | $ 0.001 | ||
Convertible preferred stock, shares outstanding (in Shares) | 11,000 | ||
Series O Preferred Stock [Member] | |||
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Offering price, per share (in Dollars per share) | $ 952.38 | ||
Original issue, percentage | 5% | ||
Stated value | $ 1,000 | ||
Gross proceeds | $ 21,000,000 | ||
Conversion price, per share (in Dollars per share) | $ 1 | ||
Shares issued (in Shares) | 11,000,000 | ||
Series P Preferred Stock [Member] | |||
Redeemable Convertible Preferred Stock (Details) [Line Items] | |||
Stated value | $ 1,000 | ||
Conversion price, per share (in Dollars per share) | $ 1 | ||
Shares issued (in Shares) | 11,000,000 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) | 9 Months Ended | |||
Jun. 05, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | |
Stockholders’ Equity (Details) [Line Items] | ||||
Shares cancelled (in Shares) | 22,812 | |||
Repurchased shares (in Shares) | 238,244 | |||
Repurchased shares at cost | $ 344,982 | |||
Amount of cost | $ 2,200,000 | |||
Price per share (in Dollars per share) | $ 6.48 | |||
Unrecognized stock-based compensation expense | $ 24,000 | |||
Weighted average remaining contractual terms | 3 months | |||
Stock-based compensation expense | $ 40,000 | $ 200,000 | ||
Estimated future stock-based compensation expense | $ 100,000 | |||
CBM [Member] | ||||
Stockholders’ Equity (Details) [Line Items] | ||||
Warrants to purchase common stock (in Shares) | 1,939,058 | |||
Number of common stock issued (in Shares) | 1 | |||
Received shares common stock (in Shares) | 387,812 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - Schedule of warrant activity - Warrant [Member] | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Outstanding beginning balance, Warrants | shares | 341,268 |
Outstanding beginning balance, Weighted Average Exercise Price | $ / shares | $ 31.68 |
Outstanding beginning balance, Total Intrinsic Value | $ | |
Outstanding beginning balance, Weighted Average Remaining Contractual Life | 3 years 10 months 13 days |
Outstanding ending balance, Warrants | shares | 444,796 |
Outstanding ending balance, Weighted Average Exercise Price | $ / shares | $ 29.25 |
Outstanding ending balance, Total Intrinsic Value | $ | |
Outstanding ending balance, Weighted Average Remaining Contractual Life | 3 years 5 months 12 days |
Issued, Warrants | shares | 103,528 |
Issued, Weighted Average Exercise Price | $ / shares | $ 21.25 |
Issued, Total Intrinsic Value | $ | |
Issued, Weighted Average Remaining Contractual Life | 4 years 4 months 24 days |
Stockholders_ Equity (Details_2
Stockholders’ Equity (Details) - Schedule of restricted stock awards activity | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Schedule Of Restricted Stock Awards Activity Abstract | |
Number of Restricted Stock Awards, beginning balance | shares | |
Weighted Average Grant Day Fair Value, beginning balance | $ / shares | |
Number of Restricted Stock Awards, ending balance | shares | 8,068 |
Weighted Average Grant Day Fair Value,ending balance | $ / shares | $ 5.64 |
Number of Restricted Stock Awards, Granted | shares | 238,244 |
Weighted Average Grant Day Fair Value, Granted | $ / shares | $ 6.13 |
Number of Restricted Stock Awards, Vested | shares | (230,176) |
Weighted Average Grant Day Fair Value, Vested | $ / shares | $ 6.15 |
Stockholders_ Equity (Details_3
Stockholders’ Equity (Details) - Schedule of stock option activity $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Schedule Of Stock Option Activity Abstract | |
Number of Shares, Outstanding beginning balance | shares | 28,203 |
Weighted Average Exercise Price, Outstanding beginning balance | $ / shares | $ 548.35 |
Total Intrinsic Value, Outstanding beginning balance | $ | |
Weighted Average Remaining Contractual Life (in years), Outstanding beginning balance | 8 years 2 months 12 days |
Number of Shares, Outstanding ending balance | shares | 54,722 |
Weighted Average Exercise Price, Outstanding ending balance | $ / shares | $ 175.26 |
Total Intrinsic Value, Outstanding ending balance | $ | $ 31,764 |
Weighted Average Remaining Contractual Life (in years), Outstanding ending balance | 8 years 9 months 18 days |
Number of Shares, Options vested and exercisable | shares | 25,311 |
Weighted Average Exercise Price, Options vested and exercisable | $ / shares | $ 372 |
Total Intrinsic Value, Options vested and exercisable | $ | |
Weighted Average Remaining Contractual Life (in years), Options vested and exercisable | 7 years 10 months 24 days |
Number of Shares, Employee options granted | shares | 170,587 |
Weighted Average Exercise Price, Employee options granted | $ / shares | $ 5.95 |
Total Intrinsic Value, Employee options granted | $ | $ 184,234 |
Weighted Average Remaining Contractual Life (in years), Employee options granted | 1 year 8 months 12 days |
Number of Shares, Employee options forfeited | shares | (143,852) |
Weighted Average Exercise Price, Employee options forfeited | $ / shares | $ 47.78 |
Total Intrinsic Value, Employee options forfeited | $ | $ 152,470 |
Weighted Average Remaining Contractual Life (in years), Employee options forfeited | |
Number of Shares, Employee options expired | shares | (216) |
Weighted Average Exercise Price, Employee options expired | $ / shares | $ 73.7 |
Total Intrinsic Value, Employee options expired | $ | |
Weighted Average Remaining Contractual Life (in years), Employee options expired |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 9 Months Ended | |
Dec. 01, 2021 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease agreement, description | the Company’s Lease, the Company will pay monthly rent, commencing on January 11, 2023, equal to twelve-thousand, eight hundred and seventy-four dollars. Effective for the sixth and seventh years of the Company’s Lease, the rent shall increase to thirteen-thousand, five hundred and two dollars per month. | |
Lease expense | $ 71,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Schedule of lease assets and liabilities $ in Thousands | Sep. 30, 2022 USD ($) |
Assets: | |
Operating lease right-of-use-assets | $ 708 |
Current | |
Operating | 42 |
Long-term | |
Operating | 701 |
Total liabilities | $ 743 |
Commitments and Contingencies_4
Commitments and Contingencies (Details) - Schedule of summarize quantitative information about the operating leases | Sep. 30, 2022 |
Schedule Of Summarize Quantitative Information About The Operating Leases Abstract | |
Weighted-average remaining lease term – operating leases (in years) | 7 years 3 months 18 days |
Weighted-average discount rate – operating leases | 10% |
Commitments and Contingencies_5
Commitments and Contingencies (Details) - Schedule of lease expense $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Operating leases | |
Operating lease cost | $ 35 |
Variable lease cost | |
Operating lease expense | 35 |
Short-term lease rent expense | 36 |
Net rent expense | $ 71 |
Commitments and Contingencies_6
Commitments and Contingencies (Details) - Schedule of supplemental cash flow information $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Schedule Of Supplemental Cash Flow Information Abstract | |
Operating cash flows - operating leases | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 731 |
Commitments and Contingencies_7
Commitments and Contingencies (Details) - Schedule of future minimum payments $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule Of Future Minimum Payments Abstract | |
Remaining Period Ended December 31, 2022 | |
Year Ended December 31, 2023 | 154 |
Year Ended December 31, 2024 | 154 |
Year Ended December 31, 2025 | 142 |
Year Ended December 31, 2026 | 142 |
Thereafter | 479 |
Total | 1,071 |
Less present value discount | (328) |
Operating lease liabilities | $ 743 |
License Agreements (Details)
License Agreements (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
License agreements [Abstract] | |
Additional license fees | $ 0.5 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
Sep. 23, 2022 | |
Subsequent Events [Abstract] | |
Subsequent event, description | Under Dominari’s Lease, Dominari will rent a portion of a floor at 725 Fifth Avenue, New York, New York (the “Premises”). Dominari plans to use the Premises to run its day-to-day operations. The initial term of Dominari’s Lease is seven (7) years commencing on the date that possession of the Premises is delivered to Dominari. Under Dominari’s Lease, Dominari will pay rent equal to forty-nine thousand three hundred and sixty-eight dollars per month. Effective for the sixth and seventh years of Dominari’s Lease, the rent shall increase to fifty-one thousand eight hundred and sixty-eight dollars per month. The Company anticipates that it will take possession of Dominari’s Lease in 2023. |