Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Information [Line Items] | ||
Entity Registrant Name | DOMINARI HOLDINGS INC. | |
Entity Central Index Key | 0000012239 | |
Entity File Number | 001-41845 | |
Entity Tax Identification Number | 52-0849320 | |
Entity Incorporation, State or Country Code | DE | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Contact Personnel [Line Items] | ||
Entity Address, Address Line One | 725 5th Avenue | |
Entity Address, Address Line Two | 22nd Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
Entity Phone Fax Numbers [Line Items] | ||
City Area Code | (212) | |
Local Phone Number | 393-4540 | |
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock ($0.0001 par value per share) | |
Trading Symbol | DOMH | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 6,276,138 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 5,802 | $ 2,833 |
Marketable securities | 6,320 | 13,547 |
Deposits with clearing broker | 13,365 | 7,687 |
Prepaid expenses and other assets | 2,314 | 898 |
Notes receivable, at fair value - current portion | 964 | 3,177 |
Total current assets | 28,765 | 28,142 |
Property and equipment, net | 291 | 344 |
Notes receivable, at fair value - non-current portion | 1,128 | 1,129 |
Long Term Equity Investments | 15,285 | 24,150 |
Right-of-use assets | 3,146 | 3,335 |
Security deposit | 458 | 458 |
Total assets | 49,073 | 57,558 |
Current liabilities | ||
Accounts payable and accrued expenses | 944 | 1,036 |
Accrued salaries and benefits | 116 | 51 |
Accrued commissions | 1,954 | 77 |
Lease liability - current | 429 | 421 |
Other current liability | 456 | 22 |
Total current liabilities | 3,899 | 1,607 |
Lease liability, less current portion | 2,815 | 3,028 |
Total liabilities | 6,714 | 4,635 |
Stockholders’ equity | ||
Preferred stock value | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 6,304,183 and 5,995,065 shares issued as of June 30, 2024 and December 31, 2023 respectively; 6,244,035 and 5,934,917 shares outstanding as of June 30, 2024 and December 31, 2023 respectively; | ||
Additional paid-in capital | 263,184 | 262,187 |
Treasury stock, as of cost, 60,148 shares as of June 30, 2024 and December 31, 2023 | (501) | (501) |
Accumulated deficit | (220,324) | (208,763) |
Total stockholders’ equity | 42,359 | 52,923 |
Total liabilities and stockholders’ equity | 49,073 | 57,558 |
Series D Preferred Stock | ||
Stockholders’ equity | ||
Preferred stock value | ||
Series D-1 Preferred Stock | ||
Stockholders’ equity | ||
Preferred stock value |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
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 | 6,304,183 | 5,995,065 |
Common stock, shares outstanding | 6,244,035 | 5,934,917 |
Treasury stock, at cost | 60,148 | 60,148 |
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 preference (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 preference (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 6,174 | $ 71 | $ 7,541 | $ 71 |
Operating costs and expenses | ||||
General and administrative | 8,910 | 9,080 | 13,082 | 12,913 |
Research and development | 2 | 3 | ||
Total operating expenses | 8,910 | 9,082 | 13,081 | 12,916 |
Loss from operations | (2,736) | (9,011) | (5,541) | (12,845) |
Other income (expenses) | ||||
Interest income | 285 | 160 | 449 | 297 |
Gain on marketable securities, net | 104 | 400 | 678 | 335 |
Realized and unrealized loss on note receivable, net | (742) | (212) | (1,657) | (212) |
Change in fair value of investments | (3,031) | (5,490) | ||
Total other (expenses) income | (3,384) | 348 | (6,020) | 420 |
Net loss | $ (6,120) | $ (8,663) | $ (11,561) | $ (12,425) |
Net loss per share, basic and diluted | ||||
Net loss per share, Basic (in Dollars per share) | $ (1.01) | $ (1.79) | $ (1.92) | $ (2.45) |
Weighted average number of shares outstanding, basic and diluted | ||||
Weighted average number of shares outstanding, Basic (in Shares) | 6,063,003 | 4,827,239 | 6,029,034 | 5,065,055 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net loss per share, Diluted | $ (1.01) | $ (1.79) | $ (1.92) | $ (2.45) |
Weighted average number of shares outstanding, Diluted | 6,063,003 | 4,827,239 | 6,029,034 | 5,065,055 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Total |
Balance at Dec. 31, 2022 | $ 262,970 | $ (3,322) | $ (185,881) | $ 73,767 | ||
Balance (in Shares) at Dec. 31, 2022 | 4,659 | 5,485,096 | 468,017 | |||
Stock-based compensation | 1,375 | 1,375 | ||||
Stock-based compensation (in Shares) | 529,715 | |||||
Cancellation of common stock | ||||||
Cancellation of common stock (in Shares) | (25,000) | |||||
Purchase of treasury stock | $ (939) | (939) | ||||
Purchase of treasury stock (in Shares) | 236,630 | |||||
Retirement of treasury stock | (3,760) | $ 3,760 | ||||
Retirement of treasury stock (in Shares) | (644,499) | (644,499) | ||||
Net loss | (12,425) | (12,425) | ||||
Balance at Jun. 30, 2023 | 260,585 | $ (501) | (198,306) | 61,778 | ||
Balance (in Shares) at Jun. 30, 2023 | 4,659 | 5,345,312 | 60,148 | |||
Balance at Mar. 31, 2023 | 259,215 | $ (501) | (189,643) | 69,071 | ||
Balance (in Shares) at Mar. 31, 2023 | 4,659 | 4,815,597 | 60,148 | |||
Stock-based compensation | 1,370 | 1,370 | ||||
Stock-based compensation (in Shares) | 529,715 | |||||
Net loss | (8,663) | (8,663) | ||||
Balance at Jun. 30, 2023 | 260,585 | $ (501) | (198,306) | 61,778 | ||
Balance (in Shares) at Jun. 30, 2023 | 4,659 | 5,345,312 | 60,148 | |||
Balance at Dec. 31, 2023 | 262,187 | $ (501) | (208,763) | 52,923 | ||
Balance (in Shares) at Dec. 31, 2023 | 4,659 | 5,995,065 | 60,148 | |||
Stock-based compensation | 997 | 997 | ||||
Stock-based compensation (in Shares) | 309,118 | |||||
Net loss | (11,561) | (11,561) | ||||
Balance at Jun. 30, 2024 | 263,184 | $ (501) | (220,324) | 42,359 | ||
Balance (in Shares) at Jun. 30, 2024 | 4,659 | 6,304,183 | 60,148 | |||
Balance at Mar. 31, 2024 | 262,374 | $ (501) | (214,204) | 47,669 | ||
Balance (in Shares) at Mar. 31, 2024 | 4,659 | 5,995,065 | 60,148 | |||
Stock-based compensation | 810 | 810 | ||||
Stock-based compensation (in Shares) | 309,118 | |||||
Net loss | (6,120) | (6,120) | ||||
Balance at Jun. 30, 2024 | $ 263,184 | $ (501) | $ (220,324) | $ 42,359 | ||
Balance (in Shares) at Jun. 30, 2024 | 4,659 | 6,304,183 | 60,148 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net loss | $ (11,561) | $ (12,425) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of right-of-use assets | 189 | 182 |
Depreciation | 52 | 32 |
Change in fair value of long-term investment | 5,490 | |
Stock-based compensation | 997 | 2,675 |
Realized (gain) loss on marketable securities | (3,330) | 487 |
Unrealized (gain) loss on marketable securities | 2,940 | (514) |
Unrealized loss on note receivable | 1,657 | 212 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (78) | (229) |
Prepaid acquisition cost | 301 | |
Clearing broker deposits | (5,678) | (3,532) |
Accounts payable and accrued expenses | (92) | (428) |
Accrued salaries and benefits | 65 | (628) |
Accrued commissions | 1,877 | (8) |
Lease liabilities | (205) | 58 |
Other current liabilities | 434 | 3 |
Notes receivable, at fair value – net interest accrued | 58 | (99) |
Net cash used in operating activities | (7,185) | (13,913) |
Cash flows from investing activities | ||
Purchase of marketable securities | (3,963) | (34,014) |
Sale of marketable securities | 11,580 | 20,494 |
Purchase of fixed assets | (419) | |
Acquisition of FPS, net of cash acquired and receivable owed from FPS | (1,112) | |
Collection of principal on note receivable | 500 | 502 |
Loans to employees | (1,340) | (100) |
Purchase of short-term and long-term investments | (125) | (75) |
Redemption of long-term investments | 3,500 | |
Collection of loans to employees | 2 | |
Net cash provided by (used in) investing activities | 10,154 | (14,724) |
Cash flows from financing activities | ||
Purchase of treasury stock | (939) | |
Net cash used in financing activities | (939) | |
Net increase (decrease) in cash and cash equivalents and restricted cash | 2,969 | (29,576) |
Cash and cash equivalents, beginning of period | 2,833 | 33,174 |
Cash and cash equivalents, end of period | $ 5,802 | $ 3,598 |
Organization and Description of
Organization and Description of Business and Recent Developments | 6 Months Ended |
Jun. 30, 2024 | |
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 Dominari Holdings Inc. (the “Company”), formerly AIkido Pharma, Inc., was founded in 1967 as Spherix Incorporated. Since 2017, the Company has operated as a biotechnology company with a diverse portfolio of small-molecule anticancer and antiviral therapeutics and their related patent technology. The Company is in the process of winding down its historical pipeline of biotechnology assets held by Aikido Labs, LLC. In an effort to enhance shareholder value, in June of 2022, the Company formed a wholly owned financial services subsidiary, Dominari Financial Inc. (“Dominari Financial”), with the intent of shifting the Company’s primary operating focus away from biotechnology to the fintech and financial services industries. Through Dominari Financial, the Company acquired Dominari Securities LLC (“Dominari Securities”), an introducing broker-dealer, registered with the Financial Industry Regulatory Authority (“FINRA”) and an investment adviser registered with the Securities and Exchange Commission (“SEC”). Dominari Securities provides investment advisory services and annuity and insurance products of certain insurance carriers as an insurance agency through independent and affiliated brokers. On September 9, 2022, Dominari Financial entered into a membership interest purchase agreement, as amended and restated on March 27, 2023 (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”), that is a broker-dealer registered with the Financial Industry Regulatory Authority (“FINRA”) and an investment adviser registered with the SEC. Pursuant to the terms of the FPS Purchase Agreement, Dominari Financial purchased from the Seller 100% of the membership interests in FPS (the “Membership Interests”). FPS’s registered broker-dealer and investment adviser businesses will be operated as a wholly owned subsidiary of Dominari Financial. The FPS Purchase Agreement provides for Dominari Financial’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 Financial paid to the Seller $2.0 million in consideration for a transfer by the Seller to Dominari Financial 20% of the FPS 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”). The Rule 1017 Application was approved by FINRA on March 20, 2023. The second closing occurred on March 27, 2023. Dominari Financial paid to the Seller an additional $1.4 million in consideration for a transfer by the Seller to Dominari Financial of the remaining 80% of the Membership Interests. As a result of the ownership change, FPS was renamed Dominari Securities LLC. On October 13, 2023, the Company entered into two separate Limited Liability Agreements with Dominari Manager LLC (“Manager”) and Dominari IM LLC (“Investment Manager”) which are both wholly owned subsidiaries and whose operations are included within the consolidated condensed FS of Dominari Holdings Inc. Manager was named as the manager of Dominari Master SPV LLC (the “Master SPV”), a limited liability company formed by the Company in 2022, and is responsible for the day-to-day operations of the Master SPV. Dominari IM LLC (“Investment Manager”) was named the investment manager of Master SPV and is responsible for providing investment advice and decisions on behalf of the Master SPV. On various dates from March 2024 through July 2024, the Manager established various series of funds (the “Series”) of the Master SPV for the purpose of making investments in companies identified by the Investment Manager with proceeds generated by the sale of non-voting interests in such Series by the Master SPV to investors. On May 21, 2024, Dominari Financial and Heritage Strategies LLC (“HS”) entered into a Limited Liability Company Operating Agreement (the “JV Agreement”) of Dominari Financial Heritage Strategies LLC (“DFHS”). The JV Agreement governs the operation of DFHS, including the distributions to the members of DFHS upon the offer, sale and renewal of various insurance products and services, including life insurance, private placement insurance, group medical plans, qualified plans, business insurance, and family office and estate planning services. Pursuant to the terms of the JV Agreement, Dominari Financial and HS are the co-managing members (the “Co-Managing Members”), each with fifty percent (50%) ownership interests in DFHS. Revenues from the sale of the various insurance products and services after deducting general and administrative costs are distributed to the Co-Managing Members as set forth in the JV Agreement. |
Liquidity and Capital Resources
Liquidity and Capital Resources | 6 Months Ended |
Jun. 30, 2024 | |
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 and cash equivalents and marketable securities to fund its operations for at least the next twelve months from the date of the issuance of these unaudited condensed consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies from those previously disclosed in the 2023 Annual Report. Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), and in conformity with the rules and regulations of the SEC. In the opinion of management, these financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the interim periods presented. The condensed consolidated balance sheet as of June 30, 2024, condensed consolidated statements of operations for the three months and six months ended June 30, 2024 and 2023, condensed consolidated statements of stockholders’ equity for the three months and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 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 months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 or for any future interim period. The condensed consolidated balance sheet as of December 31, 2023 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 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The Company’s policy is to consolidate all entities that it controls by ownership of a majority of the membership interest or outstanding voting stock. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Aikido Labs, Dominari Financial, and Dominari Securities. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. 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 unaudited condensed 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 notes receivable 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. Deposits with clearing broker Deposits with Dominari Securities’ clearing broker consisted of approximately $ 13.4 Leases The Company accounts for its leases under ASC 842, Leases Leases Revenue The Company recognizes revenue under ASC 606 - Revenue from Contracts with Customers . The following provides detailed information on the recognition of the Company’s revenue from contracts with customers: ● Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, and underwriting and distributing public and private debt. Underwriting and placement agent revenue are recognized at a point in time on trade-date, as the client obtains the control and benefit of the underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis within the general and administrative line item in the unaudited condensed consolidated statements of operations as the Company is acting as a principal in the arrangement. Any expenses reimbursed by the Company’s clients are recognized as other income. ● Commissions are earned by executing transactions for clients primarily in equity, equity-related, and debt products. Commission revenue associated with trade execution are recognized at a point in time on trade-date. Commissions revenue are generally paid on settlement date and the Company records receivables to account for timing between trade-date and payment on settlement date. ● Account advisory fees are earned in connection with investment advisory services. Account advisory fees are recognized over time using the time elapsed method as the Company determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees are generally paid in advance of a specified service period (e.g. quarterly) and are initially deferred within in our Condensed Consolidated Balance Sheet. ● Other revenue includes placement agent services in the equity capital markets for privately held companies distributing private equity. Placement agent revenue are recognized at a point in time on trade-date, as the client obtains the control and benefit of the membership interest offering at that point. Long-term equity investments The Company accounts for long-term equity investments under Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”). In accordance with ASC 321, equity securities with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative. Under the measurement alternative, the equity investments are measured at cost, less any impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company. Recently adopted accounting standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In March 2023, the FASB issued ASU 2023-01, Leases Effect of new accounting pronouncements to be adopted in future periods The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on these unaudited condensed consolidated financial statements. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2024 | |
Marketable Securities [Abstract] | |
Marketable Securities | Note 4. Marketable Securities The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three months ended June 30, 2024 and 2023, which are recorded as a component of gains and (losses) on marketable securities on the unaudited condensed consolidated statements of operations, are as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Realized gain (loss) $ 2,360 $ (432 ) $ 3,330 $ (487 ) Unrealized gain (loss) (2,353 ) 643 (2,940 ) 514 Dividend income 97 189 288 308 Total $ 104 $ 400 $ 678 $ 335 |
Long-Term Equity Investments
Long-Term Equity Investments | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Equity Investments [Abstract] | |
Long-Term Equity Investments | Note 5. Long-Term Equity Investments The Company holds interests in several privately held and publicly traded companies as long-term investments. The following table presents the Company’s long-term investments as of June 30, 2024, and December 31, 2023 ($ in thousands): Cost Basis as of December 31, Cost Basis as of June 30, Investment in Kerna Health Inc $ 2,140 $ 4,940 $ 2,140 $ 4,940 Investment in Kaya Now 1,500 - 1,500 - Investment in Tevva Motors* 1,972 2,794 1,972 - Investment in ASP Isotopes 1,300 - 1,300 - Investment in Unusual Machines 1,075 1,033 1,075 302 Investment in Qxpress* 1,000 1,000 1,000 1,000 Investment in Masterclass* 170 170 170 170 Investment in Kraken* 597 597 597 597 Investment in Epic Games* 3,500 3,500 3,500 2,627 Investment in Tesspay** 1,240 2,679 1,240 3,351 Investment in SpaceX* 3,500 4,867 - - Investment in Databricks* 1,200 842 1,200 842 Investment in Discord 476 476 476 476 Investment in Thrasio 300 300 300 - Investment in Automation Anywhere 476 476 476 476 Investment in XAI* - - 100 100 Investment in Cerebras* - - 25 25 Investment in Anduril* 476 476 476 379 Total $ 20,922 $ 24,150 $ 17,547 $ 15,285 * Investments made in these companies are through a Special Purpose Vehicle (“SPV”). The SPV is the holder of the actual stock. The Company does not hold these stock certificates directly. ** Investments made in these companies are through both an SPV and direct investments. The Company recorded unrealized losses on long term investments of approximately $3.0 million for the three month period ended June 30, 2024 and unrealized losses on long term investments of approximately $5.5 million for the six month period ended June 30, 2024. Investment in SpaceX The Company’s investment in SpaceX was marked down to cost for the three month period ended March 31, 2024 which resulted in a unrealized loss of $1.4 million. In April, the Company redeemed 36,842 shares of participating membership units of SpaceX for $3.5 million. Investment in xAI On May 2, 2024, the Company entered into an agreement (the “xAI Agreement”) with Series VI xAI Units of Dominari Master SPV LLC. Under the xAI Agreement, the Company agreed to purchase 100,000 Series XI xAI Units for $0.1 million. Investment in Cerebras On June 17, 2024, the Company entered into an agreement (the “Cerebras Agreement”) with Series XI Cerebras Units of Dominari Master SPV LLC, Under the xAI Agreement, the Company agreed to purchase 25,000 Series XI Cerebras Units for $25,000. Investment in Unusual Machines Unusual Machines, Inc, an emerging leader in first-person view (FPV) drone technology, closed its initial public offering of common stock on February 14, 2024 at a public offering price of $4 per share and the shares began trading on the NYSE American under the ticker symbol “UMAC”. As of June 30, 2024 the Company valued its investment in Unusual Machines based on UMAC’s market price of $1.30. Investment in Tevva Motors On September 22, 2021, the Company entered into a securities purchase agreement (the “Tevva Motors Subscription Agreement”) with Big Sky Opportunities Fund, LLC, who handled the offering for Tevva Motors. As of December 31, 2023 the investment was valued at $2.8 million. During the second quarter of 2024, the Company identified indicators of impairment for the Tevva investment as a result of liquidity concerns As a result, the Company recorded an impairment charge of approximately $2.8 million and the investment in Tevva was valued at $0 as of June 30, 2024. 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 shares with Revere Master SPV LLC-Series VI, who handled the offering for Tesspay. As of December 31, 2023 the investment was valued at $2.7 million. Management noted that Tesspay filed an amendment to its SEC Form S-1 Registration Statement on April 30, 2024 wherein Tesspay disclosed its intent to IPO at between $5.0 and $6.0 price per share. Through the first six months of 2024 the Company has recorded an unrealized gain of $0.7 million and the investment is valued at $3.4 million as of June 30, 2024. Investment in Anduril In April 2022, the Company entered into a securities purchase agreement (the “Anduril Securities Purchase Agreement”) with Forge Investments LLC, Fund FG-MHM, who handled the offering of Anduril Industries, Inc. shares, a privately-held defense products company. As of December 31, 2023 the investment was valued at $0.5 million. During the second quarter 2024 review of the investment Dominari noted news activity related to a recent arm's length funding round, raising $1.5 billion. As a result of this the implied holding value of the investment had decreased slightly per the Company’s independent third-party valuation. As a result, the Company recorded an impairment charge of approximately $0.1 million and the investment in Anduril was valued at $0.4 million as of the second quarter of 2024. Investment in Thrasio 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 of December 31, 2023 the investment was valued at $0.3 million. During our first quarter 2024 review of the Thrasio investment Dominari noted news activity related to Thrasio had filed for Chapter 11 bankruptcy protection. As a result, the Company recorded an impairment charge of approximately $0.3 million and the investment in Thrasio was valued at $0 as of the first quarter 2024 and the second quarter of 2024. Investment in Epic Games On March 22, 2022, the Company entered into a securities purchase agreement (the “Epic Games Securities Purchase Agreement”) with Aeon Partners Fund, Series EG, who handled the offering of Epic Games shares. 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 through the Aeon Partners Fund, Series EG. As of December 31, 2023 the investment was valued at $3.5 million. During the Company’s first quarter of 2024 review of the investment Dominari noted a $1.5 billion funding round at a lower price per share than the Company's initial investment in Epic Games resulting in a $0.9 million unrealized loss on this investment during the six months ended June 30, 2024. The investment was valued at $2.7 million as of June 30, 2024. |
Notes Receivable
Notes Receivable | 6 Months Ended |
Jun. 30, 2024 | |
Notes Receivable [Abstract] | |
Notes Receivable | Note 6. Notes Receivable The following table presents the Company’s notes receivable as of June 30, 2024 and December 31, 2023 ($ in thousands): June 30, 2024 Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Notes receivable, at fair value Convergent convertible note 12/2/2024 8 % $ 500 $ - $ 556 Raefan Industries LLC 12/31/2024 8 % $ 407 $ - $ 407 American Innovative Robotics 04/01/2027 8 % $ 1,106 $ 22 $ 1,128 Notes receivable, at fair value - current portion $ 964 Notes receivable, at fair value - non-current portion $ 1,128 December 31, 2023 Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Notes receivable, at fair value Convergent convertible note 12/2/2024 8 % $ 1,006 $ 58 $ 1,064 Raefan Industries LLC 12/31/2024 8 % $ 1,363 $ 751 $ 2,114 American Innovative Robotics 04/01/2027 8 % $ 1,106 $ 22 $ 1,129 Notes receivable, at fair value - current portion $ 3,177 Notes receivable, at fair value - non-current portion $ 1,129 Convergent Therapeutics, Inc. The Company recorded principal repayment of approximately $0.3 million, interest income of approximately $59,000 and an unrealized loss on the note of approximately $9,000 on the Convergent Convertible Note for the three months ended June 30, 2024. The Company recorded principal repayment of $0.5 million, interest income of approximately $0.1 million and an unrealized gain on the note of approximately $50,000 on the Convergent Convertible Note for the six months ended June 30, 2024. Raefan Industries LLC The Company recorded a realized loss as a result of directly writing off approximately $ 0.7 million and $ American Innovative Robotics, LLC The Company recorded interest income of approximately $22,440, and an unrealized loss on the note of approximately $1,008 on the Robotics Promissory Note for the six three months ended June 30, 2024. The Company recorded interest income of approximately $44,000, and an unrealized loss on the note of approximately $1,000 on the Robotics Promissory Note for the six months ended June 30, 2024. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Fair Value of Financial Assets and Liabilities | Note 7. 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 as of June 30, 2024, and December 31, 2023 ($ in thousands): Fair value measured as of June 30, 2024 Total at Quoted Significant other Significant 2024 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 6,320 $ 6,320 $ - $ - Total marketable securities $ 6,320 $ 6,320 $ - $ - Notes receivable at fair value, current portion $ 964 $ - $ - $ 964 Notes receivable at fair value, non-current portion $ 1,128 $ - $ - $ 1,128 Fair value measured as of December 31, 2023 Total at Quoted Significant other Significant 2023 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 13,547 $ 13,547 $ - $ - Total marketable securities $ 13,547 $ 13,547 $ - $ - Notes receivable at fair value, current portion $ 3,177 $ - $ - $ 3,177 Notes receivable at fair value, non-current portion $ 1,129 $ - $ - $ 1,129 Level 3 Measurement The following table sets 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): June 30, 2024 Notes receivable at fair value, current portion at December 31, 2023 $ 3,177 Collection of principal outstanding (500 ) Realized and unrealized gain (loss) on note receivable, net (1,657 ) Change in interest receivable (56 ) Notes receivable at fair value, current portion at June 30, 2024 $ 964 Notes receivable at fair value, non-current portion at December 31, 2023 $ 1,129 Unrealized gain (loss) on notes receivable (1 ) Notes receivable at fair value, non-current portion at June 30, 2024 $ 1,128 June 30, 2023 Short-term investment at December 31, 2022 $ 13 Short-term investment at June 30, 2023 $ 13 Notes receivable at fair value, current portion at December 31, 2022 $ 7,474 Collection of principal outstanding (500 ) Note receivable, Convergent Therapeutics, non-current portion (500 ) Unrealized loss on note receivable (212 ) Accrued interest receivable 77 Notes receivable at fair value, current portion at June 30, 2023 $ 6,339 Notes receivable at fair value, non-current portion at December 31, 2022 $ 1,100 Note receivable, Convergent Therapeutics, non-current portion 500 Accrued interest receivable 22 Notes receivable at fair value, non-current portion at June 30, 2023 $ 1,622 Notes Receivable at fair value As of June 30, 2024, the fair value of the notes receivable was measured taking into consideration cost basis, market participant inputs, market conditions, liquidity, operating results and other qualitative and quantitative factors. For the six month period ended June 30, 2024 the Company had realized and unrealized losses on notes receivable of $1.7 million and for the three month period ended the Company had realized and unrealized losses on notes receivable of $0.7 million. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Note 8. 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 rents a portion of the twenty-second floor at 725 Fifth Avenue, New York, New York (the “22 nd nd nd On September 23, 2022, Dominari Financial entered into a Lease Agreement (“Dominari Financial’s Lease”) with Trump Tower Commercial LLC, a New York limited liability company. Under Dominari Financial’s Lease, Dominari Financial rents a portion of a floor at 725 Fifth Avenue, New York, New York (the “Premises”). Dominari Financial currently uses the Premises to run its day-to-day operations. The initial term of Dominari Financial’s Lease is seven (7) years commencing on the date that possession of the Premises is delivered to Dominari Financial. Under Dominari Financial’s Lease, Dominari Financial is required to pay monthly rent equal to $49,368. Effective for the sixth and seventh years of Dominari Financial’s Lease, the rent shall increase to $51,868 per month. The Company took possession of the Premises in February 2023. The tables below represent the Company’s lease assets and liabilities as of June 30, 2024: June 30, Assets: Operating lease right-of-use-assets $ 3,146 Liabilities: Current Operating 429 Long-term Operating 2,815 $ 3,244 The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC 842: June 30, Weighted-average remaining lease term – operating leases (in years) 6.0 Weighted-average discount rate – operating leases 10.0 % During the three and six months ended June 30, 2024 and 2023, the Company recorded approximately $0.2 million, respectively, of lease expense to current period operations. Three Months Six Months June 30, June 30, Operating leases Operating lease cost $ 178 $ 356 Operating lease expense 178 356 Short-term lease rent expense 23 45 Net rent expense $ 201 $ 401 Three Months Six Months June 30, June 30, Operating leases Operating lease cost $ 179 $ 313 Operating lease expense 179 313 Short-term lease rent expense 33 63 Net rent expense $ 212 $ 376 Supplemental cash flow information related to leases were as follows: Six Months June 30, Operating cash flows - operating leases $ 374 As of June 30, 2024, future minimum payments during the next five years and thereafter are as follows: Operating Leases Remaining Period Ended December 31, 2024 373 Year Ended December 31, 2025 685 Year Ended December 31, 2026 685 Year Ended December 31, 2027 685 Year Ended December 31, 2028 766 Thereafter 1,160 Total 4,354 Less present value discount (1,110 ) Operating lease liabilities $ 3,244 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Net Loss per Share [Abstract] | |
Net Loss per Share | Note 9. Net Loss per Share Basic loss per share of common stock 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 for the period. 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 as of the first day of the period. Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share for the six months ended June 30, 2024, and 2023 are as follows: As of June 30, 2024 2023 Convertible preferred stock 34 34 Warrants to purchase common stock 444,796 444,796 Restricted stock awards 104,206 - Options to purchase common stock 420,060 31,193 Total 969,096 476,023 |
Stockholders_ Equity and Conver
Stockholders’ Equity and Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders’ Equity and Convertible Preferred Stock [Abstract] | |
Stockholders’ Equity and Convertible Preferred Stock | Note 10. Stockholders’ Equity and Convertible Preferred Stock Common Stock As of June 30, 2024, there are 6,304,183 shares of common stock issued and 6,244,035 shares outstanding. Treasury Stock There are 60,148 shares of treasury stock as of June 30, 2024. Warrants A summary of warrant activity for the three months ended June 30, 2024, is presented below: Warrants Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life Outstanding as of December 31, 2023 444,796 $ 29.25 - 2.20 Granted - $ - - - Outstanding as of June 30, 2024 444,796 $ 29.25 - 1.70 Restricted Stock Awards On June 11, 2024, the Company executed grant agreements with each of Messrs. Anthony Hayes and Kyle Wool pursuant to their employment agreements with the Company, and in accordance with the Company’s 2022 Equity Incentive Plan. Pursuant to the grant agreements, each received 154,559 shares of the Company’s common stock. Upon issuance, the shares were fully-vested and nonforfeitable with a total fair value of approximately $0.7 million. See Restricted Stock roll-forward below. A summary of restricted stock awards activity for the three months ended June 30, 2024, is presented below: Number of Restricted Stock Awards Weighted Average Grant Day Fair Value Nonvested at December 31, 2023 136,309 $ 2.26 Granted 309,118 $ 2.18 Vested (309,118 ) $ 2.18 Nonvested at June 30, 2024 136,309 $ 2.26 Stock-based compensation associated with the amortization of restricted stock awards expense was approximately $75,000 and $257 for the three months ended June 30, 2024, and 2023, respectively. All stock compensation was recorded as a component of general and administrative expenses. As of June 30, 2024, there is approximately $0.2 million unrecognized stock-based compensation expense related to restricted stock awards. Stock Options A summary of option activity under the Company’s stock option plan for the three months ended June 30, 2024, is presented below: Number of Shares Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2023 420,168 $ 5.80 $ - 9.3 Employee options expired (108 ) $ 5,161.54 - - Outstanding as of June 30, 2024 420,060 $ 4.48 $ - 8.8 Options vested and exercisable 132,439 $ 6.77 $ - 8.5 Stock-based compensation associated with the amortization of stock option expense was approximately $0.1 million and $5,000 for the three months ended June 30, 2024, and 2023, 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 $0.4 million. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [Abstract] | |
Revenue | Note 11. Revenue The following table presents our total revenue disaggregated by revenue type for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Underwriting $ 312 $ 43 $ 721 $ 43 Commissions 1,775 14 2,085 14 Advisory fees 96 - 437 - Manager fee 334 - 334 - Placement fee 3,411 - 3,668 - Other 246 14 296 14 Total $ 6,174 $ 71 $ 7,541 $ 71 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies Legal Proceedings The Company may be subject to certain legal and other claims that arise in the ordinary course of its business. In particular, the Company and its subsidiaries may be named in and subject to various proceedings and claims arising primarily from the Company’s securities business activities, including lawsuits, arbitration claims, class actions, and regulatory matters. Some of these claims may seek substantial compensatory, punitive, or indeterminate damages. The Company and its subsidiaries may also be subject to other reviews, investigations, and proceedings by governmental and self-regulatory organizations regarding the Company’s business, which may result in adverse judgments, settlements, fines, penalties, injunctions, and other relief. Due to the inherent difficulty of predicting the outcome of litigation and other claims the Company cannot state with certainty what the eventual outcome of potential litigation or other claims will be. Notwithstanding this uncertainty, the Company does not believe that the results of these potential claims are likely to have a material effect on its financial position or results of operations. In March 2024, the Company received a notice of petition of a filed action seeking relief related to the hiring in March 2024 of new registered representatives from the representatives’ former employer. This notice was filed against the Company’s subsidiary, Dominari Securities. The Company does not agree with the plaintiff’s claims. While the Company intends to defend itself vigorously from this claim, it is unable to predict the outcome of such legal proceeding. Any potential loss as a result of this legal proceeding cannot be reasonably estimated. As a result, the Company has not recorded a loss contingency for the aforementioned claim. 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 the Company’s technology. Other than ordinary routine litigation incidental to the business, the Company is not aware of any material, active or pending legal proceedings brought against it. |
Regulatory
Regulatory | 6 Months Ended |
Jun. 30, 2024 | |
Regulatory [Abstract] | |
Regulatory | Note 13. Regulatory Dominari Securities, the Company’s broker-dealer subsidiary, is registered with the SEC as an introducing broker-dealer and is a member of FINRA. The Company’s broker-dealer subsidiary is subject to SEC Uniform Net Capital Rule (Rule 15c3-1) which requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. As such, the subsidiary is subject to the minimum net capital requirements promulgated by the SEC and has elected to calculate minimum capital requirements using the basic method permitted by Rule 15c3-1. As of June 30, 2024, Dominari Securities had net capital of approximately $12.6 million, which was approximately $12.4 million in excess of net capital requirement of $0.2 million. |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Jun. 30, 2024 | |
Related Party Transaction [Abstract] | |
Related Party Transaction | Note 14. Related Party Transaction In 2021, the Company engaged the services of Revere Securities, LLC (“Revere”) to strategically manage and build the Company’s investment processes. Kyle Wool, Board Member, was previously a member of the board of directors of Revere. The Company incurred fees of approximately $0 and $80,000 during the six months ending June 30, 2024 and 2023, respectively. The Company incurred fees of approximately $0 and $80,000 during the three months ending June 30, 2024 and 2023, respectively. These fees were included in general and administrative expenses in the unaudited condensed consolidated statements of operations. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 15. Segment Reporting The Company operates in two reportable business segments: (1) Dominari Financial and (2) Legacy AIkido. The Dominari Financial reportable business segment represents the Company’s broker-dealer business, which is composed of mostly underwriting and transactional service activities. The Legacy AIkido reportable business segment includes Aikido Labs, which manages the investments holdings of the legacy entity. Prior to the FPS Acquisition, the Company operated as a single operating segment comprised of Legacy AIkido. The chief operating decision-maker (“CODM”) has access to and regularly reviews internal financial reporting for each business and uses that information to make operational decisions and allocate resources. Accounting policies applied by the reportable segments are the same as those used by the Company and described in the “ Summary of Significant Accounting Policies. The measures of segment profitability that are most relied upon by the CODM are gross revenue and net loss, as presented within the table below and reconciled to the statement of operations. Three Months Ended June 30, 2024 Dominari Financial Legacy AIkido Pharma Consolidated Revenue $ 5,503 $ 671 $ 6,174 Operating Costs - - - General and administrative 6,035 2,875 8,910 Research and development - - - Loss from operations (532 ) (2,204 ) (2,736 ) Other (expenses) income - - - Other income - - - Interest income 205 80 285 Gain on marketable securities - 104 104 Unrealized loss on note receivable - (742 ) (742 ) Change in fair value of investments - (3,031 ) (3,031 ) Total other (expenses) income 205 (5,588 ) (3,384 ) Net loss $ (328 ) $ (5,792 ) $ (6,120 ) Six Months Ended June 30, 2024 Dominari Financial Legacy AIkido Pharma Consolidated Revenue $ 6,870 $ 671 $ 7,541 Operating Costs General and administrative 8,746 4,336 13,082 Research and development - - Loss from operations (1,876 ) (3,665 ) (5,541 ) Other (expenses) income Other income - - - Interest income 341 108 449 Gain on marketable securities - 678 678 Unrealized loss on note receivable - (1,657 ) (1,657 ) Change in fair value of investments - (5,490 ) (5,490 ) Total other (expenses) income 341 (6,361 ) (6,020 ) Net loss $ (1,535 ) $ (10,026 ) $ (11,561 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | Note 16. Income Taxes The Company recorded no As of June 30, 2024, and December 31, 2023, the Company provided a full valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (6,120) | $ (8,663) | $ (11,561) | $ (12,425) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), and in conformity with the rules and regulations of the SEC. In the opinion of management, these financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the interim periods presented. The condensed consolidated balance sheet as of June 30, 2024, condensed consolidated statements of operations for the three months and six months ended June 30, 2024 and 2023, condensed consolidated statements of stockholders’ equity for the three months and six months ended June 30, 2024 and 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2024 and 2023 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 months ended June 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024 or for any future interim period. The condensed consolidated balance sheet as of December 31, 2023 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 audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023. The Company’s policy is to consolidate all entities that it controls by ownership of a majority of the membership interest or outstanding voting stock. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Aikido Labs, Dominari Financial, and Dominari Securities. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with U.S. 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 unaudited condensed 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 notes receivable 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. |
Deposits with clearing broker | Deposits with clearing broker Deposits with Dominari Securities’ clearing broker consisted of approximately $ 13.4 |
Leases | Leases The Company accounts for its leases under ASC 842, Leases Leases |
Revenue | Revenue The Company recognizes revenue under ASC 606 - Revenue from Contracts with Customers . The following provides detailed information on the recognition of the Company’s revenue from contracts with customers: ● Underwriting services include underwriting and placement agent services in both the equity and debt capital markets, including private equity placements, initial public offerings, follow-on offerings, and underwriting and distributing public and private debt. Underwriting and placement agent revenue are recognized at a point in time on trade-date, as the client obtains the control and benefit of the underwriting offering at that point. Costs associated with underwriting transactions are deferred until the related revenue is recognized or the engagement is otherwise concluded and are recorded on a gross basis within the general and administrative line item in the unaudited condensed consolidated statements of operations as the Company is acting as a principal in the arrangement. Any expenses reimbursed by the Company’s clients are recognized as other income. ● Commissions are earned by executing transactions for clients primarily in equity, equity-related, and debt products. Commission revenue associated with trade execution are recognized at a point in time on trade-date. Commissions revenue are generally paid on settlement date and the Company records receivables to account for timing between trade-date and payment on settlement date. ● Account advisory fees are earned in connection with investment advisory services. Account advisory fees are recognized over time using the time elapsed method as the Company determined that the customer simultaneously receives and consumes the benefits of investment advisory services as they are provided. Account advisory fees are generally paid in advance of a specified service period (e.g. quarterly) and are initially deferred within in our Condensed Consolidated Balance Sheet. ● Other revenue includes placement agent services in the equity capital markets for privately held companies distributing private equity. Placement agent revenue are recognized at a point in time on trade-date, as the client obtains the control and benefit of the membership interest offering at that point. |
Long-term equity investments | Long-term equity investments The Company accounts for long-term equity investments under Accounting Standards Codification (“ASC”) 321 “Investments—Equity Securities” (“ASC 321”). In accordance with ASC 321, equity securities with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative. Under the measurement alternative, the equity investments are measured at cost, less any impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the Company. |
Recently adopted accounting standards | Recently adopted accounting standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In March 2023, the FASB issued ASU 2023-01, Leases |
Effect of new accounting pronouncements to be adopted in future periods | Effect of new accounting pronouncements to be adopted in future periods The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on these unaudited condensed consolidated financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Marketable Securities [Abstract] | |
Schedule of Marketable Securities | The realized gain or loss, unrealized gain or loss, and dividend income related to marketable securities for the three months ended June 30, 2024 and 2023, which are recorded as a component of gains and (losses) on marketable securities on the unaudited condensed consolidated statements of operations, are as follows ($ in thousands): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Realized gain (loss) $ 2,360 $ (432 ) $ 3,330 $ (487 ) Unrealized gain (loss) (2,353 ) 643 (2,940 ) 514 Dividend income 97 189 288 308 Total $ 104 $ 400 $ 678 $ 335 |
Long-Term Equity Investments (T
Long-Term Equity Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Equity Investments [Abstract] | |
Schedule of Long-Term Investments | The following table presents the Company’s long-term investments as of June 30, 2024, and December 31, 2023 ($ in thousands): Cost Basis as of December 31, Cost Basis as of June 30, Investment in Kerna Health Inc $ 2,140 $ 4,940 $ 2,140 $ 4,940 Investment in Kaya Now 1,500 - 1,500 - Investment in Tevva Motors* 1,972 2,794 1,972 - Investment in ASP Isotopes 1,300 - 1,300 - Investment in Unusual Machines 1,075 1,033 1,075 302 Investment in Qxpress* 1,000 1,000 1,000 1,000 Investment in Masterclass* 170 170 170 170 Investment in Kraken* 597 597 597 597 Investment in Epic Games* 3,500 3,500 3,500 2,627 Investment in Tesspay** 1,240 2,679 1,240 3,351 Investment in SpaceX* 3,500 4,867 - - Investment in Databricks* 1,200 842 1,200 842 Investment in Discord 476 476 476 476 Investment in Thrasio 300 300 300 - Investment in Automation Anywhere 476 476 476 476 Investment in XAI* - - 100 100 Investment in Cerebras* - - 25 25 Investment in Anduril* 476 476 476 379 Total $ 20,922 $ 24,150 $ 17,547 $ 15,285 * Investments made in these companies are through a Special Purpose Vehicle (“SPV”). The SPV is the holder of the actual stock. The Company does not hold these stock certificates directly. ** Investments made in these companies are through both an SPV and direct investments. |
Notes Receivable (Tables)
Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Receivable [Abstract] | |
Schedule of Notes Receivable | The following table presents the Company’s notes receivable as of June 30, 2024 and December 31, 2023 ($ in thousands): Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Notes receivable, at fair value Convergent convertible note 12/2/2024 8 % $ 500 $ - $ 556 Raefan Industries LLC 12/31/2024 8 % $ 407 $ - $ 407 American Innovative Robotics 04/01/2027 8 % $ 1,106 $ 22 $ 1,128 Notes receivable, at fair value - current portion $ 964 Notes receivable, at fair value - non-current portion $ 1,128 Maturity Date Stated Interest Rate Principal Amount Interest Receivable Fair Value Notes receivable, at fair value Convergent convertible note 12/2/2024 8 % $ 1,006 $ 58 $ 1,064 Raefan Industries LLC 12/31/2024 8 % $ 1,363 $ 751 $ 2,114 American Innovative Robotics 04/01/2027 8 % $ 1,106 $ 22 $ 1,129 Notes receivable, at fair value - current portion $ 3,177 Notes receivable, at fair value - non-current portion $ 1,129 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value of Financial Assets and Liabilities [Abstract] | |
Schedule of Assets and Liabilities are Measured at Fair Value | The following table presents the Company’s assets and liabilities that are measured at fair value as of June 30, 2024, and December 31, 2023 ($ in thousands): Fair value measured as of June 30, 2024 Total at Quoted Significant other Significant 2024 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 6,320 $ 6,320 $ - $ - Total marketable securities $ 6,320 $ 6,320 $ - $ - Notes receivable at fair value, current portion $ 964 $ - $ - $ 964 Notes receivable at fair value, non-current portion $ 1,128 $ - $ - $ 1,128 Fair value measured as of December 31, 2023 Total at Quoted Significant other Significant 2023 (Level 1) (Level 2) (Level 3) Assets Marketable securities: Equities $ 13,547 $ 13,547 $ - $ - Total marketable securities $ 13,547 $ 13,547 $ - $ - Notes receivable at fair value, current portion $ 3,177 $ - $ - $ 3,177 Notes receivable at fair value, non-current portion $ 1,129 $ - $ - $ 1,129 |
Schedule of Financial Assets that are Measured at Fair Value on a Recurring Basis | The following table sets 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): Notes receivable at fair value, current portion at December 31, 2023 $ 3,177 Collection of principal outstanding (500 ) Realized and unrealized gain (loss) on note receivable, net (1,657 ) Change in interest receivable (56 ) Notes receivable at fair value, current portion at June 30, 2024 $ 964 Notes receivable at fair value, non-current portion at December 31, 2023 $ 1,129 Unrealized gain (loss) on notes receivable (1 ) Notes receivable at fair value, non-current portion at June 30, 2024 $ 1,128 Short-term investment at December 31, 2022 $ 13 Short-term investment at June 30, 2023 $ 13 Notes receivable at fair value, current portion at December 31, 2022 $ 7,474 Collection of principal outstanding (500 ) Note receivable, Convergent Therapeutics, non-current portion (500 ) Unrealized loss on note receivable (212 ) Accrued interest receivable 77 Notes receivable at fair value, current portion at June 30, 2023 $ 6,339 Notes receivable at fair value, non-current portion at December 31, 2022 $ 1,100 Note receivable, Convergent Therapeutics, non-current portion 500 Accrued interest receivable 22 Notes receivable at fair value, non-current portion at June 30, 2023 $ 1,622 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lease Assets and Liabilities | The tables below represent the Company’s lease assets and liabilities as of June 30, 2024: June 30, Assets: Operating lease right-of-use-assets $ 3,146 Liabilities: Current Operating 429 Long-term Operating 2,815 $ 3,244 |
Schedule of Quantitative Information about the Company’s Operating Leases | The following tables summarize quantitative information about the Company’s operating leases, under the adoption of ASC 842: June 30, Weighted-average remaining lease term – operating leases (in years) 6.0 Weighted-average discount rate – operating leases 10.0 % |
Schedule of Lease Expense to Current Period Operations | During the three and six months ended June 30, 2024 and 2023, the Company recorded approximately $0.2 million, respectively, of lease expense to current period operations. Three Months Six Months June 30, June 30, Operating leases Operating lease cost $ 178 $ 356 Operating lease expense 178 356 Short-term lease rent expense 23 45 Net rent expense $ 201 $ 401 Three Months Six Months June 30, June 30, Operating leases Operating lease cost $ 179 $ 313 Operating lease expense 179 313 Short-term lease rent expense 33 63 Net rent expense $ 212 $ 376 |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases were as follows: Six Months June 30, Operating cash flows - operating leases $ 374 |
Schedule of Future Minimum Payments | As of June 30, 2024, future minimum payments during the next five years and thereafter are as follows: Operating Leases Remaining Period Ended December 31, 2024 373 Year Ended December 31, 2025 685 Year Ended December 31, 2026 685 Year Ended December 31, 2027 685 Year Ended December 31, 2028 766 Thereafter 1,160 Total 4,354 Less present value discount (1,110 ) Operating lease liabilities $ 3,244 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Net Loss per Share [Abstract] | |
Schedule of Computation of Diluted Loss Per Share | Securities that could potentially dilute loss per share in the future that were not included in the computation of diluted loss per share for the six months ended June 30, 2024, and 2023 are as follows: As of June 30, 2024 2023 Convertible preferred stock 34 34 Warrants to purchase common stock 444,796 444,796 Restricted stock awards 104,206 - Options to purchase common stock 420,060 31,193 Total 969,096 476,023 |
Stockholders_ Equity and Conv_2
Stockholders’ Equity and Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders’ Equity and Convertible Preferred Stock [Abstract] | |
Schedule of Warrant Activity | A summary of warrant activity for the three months ended June 30, 2024, is presented below: Warrants Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life Outstanding as of December 31, 2023 444,796 $ 29.25 - 2.20 Granted - $ - - - Outstanding as of June 30, 2024 444,796 $ 29.25 - 1.70 |
Schedule of Restricted Stock Awards Activity | A summary of restricted stock awards activity for the three months ended June 30, 2024, is presented below: Number of Restricted Stock Awards Weighted Average Grant Day Fair Value Nonvested at December 31, 2023 136,309 $ 2.26 Granted 309,118 $ 2.18 Vested (309,118 ) $ 2.18 Nonvested at June 30, 2024 136,309 $ 2.26 |
Schedule of Stock Option Activity | A summary of option activity under the Company’s stock option plan for the three months ended June 30, 2024, is presented below: Number of Shares Weighted Average Exercise Price Total Intrinsic Value Weighted Average Remaining Contractual Life (in years) Outstanding as of December 31, 2023 420,168 $ 5.80 $ - 9.3 Employee options expired (108 ) $ 5,161.54 - - Outstanding as of June 30, 2024 420,060 $ 4.48 $ - 8.8 Options vested and exercisable 132,439 $ 6.77 $ - 8.5 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue [Abstract] | |
Schedule of Total Revenues Disaggregated by Revenue Type | The following table presents our total revenue disaggregated by revenue type for the three months ended June 30, 2024 and 2023 (in thousands): Three Months Ended Six Months Ended 2024 2023 2024 2023 Underwriting $ 312 $ 43 $ 721 $ 43 Commissions 1,775 14 2,085 14 Advisory fees 96 - 437 - Manager fee 334 - 334 - Placement fee 3,411 - 3,668 - Other 246 14 296 14 Total $ 6,174 $ 71 $ 7,541 $ 71 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Profitability that are Most Relied Upon by the Codm are Gross Revenue and Net Loss | The measures of segment profitability that are most relied upon by the CODM are gross revenue and net loss, as presented within the table below and reconciled to the statement of operations. Three Months Ended June 30, 2024 Dominari Financial Legacy AIkido Pharma Consolidated Revenue $ 5,503 $ 671 $ 6,174 Operating Costs - - - General and administrative 6,035 2,875 8,910 Research and development - - - Loss from operations (532 ) (2,204 ) (2,736 ) Other (expenses) income - - - Other income - - - Interest income 205 80 285 Gain on marketable securities - 104 104 Unrealized loss on note receivable - (742 ) (742 ) Change in fair value of investments - (3,031 ) (3,031 ) Total other (expenses) income 205 (5,588 ) (3,384 ) Net loss $ (328 ) $ (5,792 ) $ (6,120 ) Six Months Ended June 30, 2024 Dominari Financial Legacy AIkido Pharma Consolidated Revenue $ 6,870 $ 671 $ 7,541 Operating Costs General and administrative 8,746 4,336 13,082 Research and development - - Loss from operations (1,876 ) (3,665 ) (5,541 ) Other (expenses) income Other income - - - Interest income 341 108 449 Gain on marketable securities - 678 678 Unrealized loss on note receivable - (1,657 ) (1,657 ) Change in fair value of investments - (5,490 ) (5,490 ) Total other (expenses) income 341 (6,361 ) (6,020 ) Net loss $ (1,535 ) $ (10,026 ) $ (11,561 ) |
Organization and Description _2
Organization and Description of Business and Recent Developments (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Oct. 04, 2022 | Jun. 30, 2024 | Sep. 09, 2022 | |
Organization and Description of Business and Recent Developments [Line Items] | |||
Seller paid (in Dollars) | $ 2 | ||
Additional seller paid (in Dollars) | $ 1.4 | ||
FPS Purchase Agreement [Member] | |||
Organization and Description of Business and Recent Developments [Line Items] | |||
Membership interests | 20% | 80% | 100% |
Dominari Financial Heritage Strategies LLC [Member] | |||
Organization and Description of Business and Recent Developments [Line Items] | |||
Ownership interests | 50% |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
Money market funds | $ 13.4 |
Marketable Securities (Details)
Marketable Securities (Details) - Schedule of Marketable Securities - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Marketable Securities [Abstract] | ||||
Realized gain (loss) | $ 2,360 | $ (432) | $ 3,330 | $ (487) |
Unrealized gain (loss) | (2,353) | 643 | (2,940) | 514 |
Dividend income | 97 | 189 | 288 | 308 |
Total | $ 104 | $ 400 | $ 678 | $ 335 |
Long-Term Equity Investments (D
Long-Term Equity Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 17, 2024 | May 02, 2024 | Mar. 23, 2022 | Mar. 22, 2022 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Apr. 30, 2024 | Feb. 14, 2024 | Apr. 30, 2022 | |
Long-Term Equity Investments [Line Items] | |||||||||||||
Unrealized losses on long term investments | $ 3,000,000 | $ 5,500,000 | |||||||||||
Unrealized loss on investment | $ (2,353,000) | $ 643,000 | $ (2,940,000) | $ 514,000 | |||||||||
Public offering price (in Dollars per share) | $ 4 | ||||||||||||
Market price, per share (in Dollars per share) | $ 1.3 | $ 1.3 | |||||||||||
Investment value | $ 0 | $ 2,800,000 | |||||||||||
Investment in SpaceX [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Unrealized loss on investment | $ 1,400,000 | ||||||||||||
Redeemed shares (in Shares) | 36,842 | ||||||||||||
Redeemed shares, value | $ 3,500,000 | ||||||||||||
Investment in XAI [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Redeemed shares, value | $ 100,000 | ||||||||||||
Agreed to purchase shares (in Shares) | 100,000 | ||||||||||||
Investment in Cerebras [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Redeemed shares, value | $ 25,000 | ||||||||||||
Agreed to purchase shares (in Shares) | 25,000 | ||||||||||||
Investment in Tevva Motors [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Investment value | 2,800,000 | ||||||||||||
Investment in Tesspay [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Unrealized loss on investment | 700,000 | ||||||||||||
Agreed to purchase shares (in Shares) | 1,000,000 | ||||||||||||
Investment value | 3,400,000 | 2,700,000 | |||||||||||
Common Stock of Tesspay | $ 200,000 | ||||||||||||
Invested an additional amount | $ 1,000,000 | ||||||||||||
Investment in Anduril [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Investment value | 400,000 | 500,000 | |||||||||||
Fund raising | 1,500,000,000 | ||||||||||||
Impairment charge | 100,000 | ||||||||||||
Investment in Thrasio [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Investment value | 0 | 300,000 | |||||||||||
Impairment charge | 300,000 | ||||||||||||
Investment in Epic Games [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Unrealized loss on investment | 900,000 | ||||||||||||
Agreed to purchase shares (in Shares) | 901 | ||||||||||||
Investment value | $ 1,500,000 | $ 2,700,000 | 3,500,000 | ||||||||||
Invested an additional amount | $ 2,000,000 | ||||||||||||
Fund raising | $ 1,500,000,000 | ||||||||||||
Minimum [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Market price, per share (in Dollars per share) | $ 5 | ||||||||||||
Maximum [Member] | |||||||||||||
Long-Term Equity Investments [Line Items] | |||||||||||||
Market price, per share (in Dollars per share) | $ 6 |
Long-Term Equity Investments _2
Long-Term Equity Investments (Details) - Schedule of Long-Term Investments - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | $ 17,547 | $ 20,922 | ||
Long-term investments, Total | 15,285 | 24,150 | ||
Investment In Kerna Health Inc [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | 2,140 | 2,140 | ||
Long-term investments, Total | 4,940 | 4,940 | ||
Investment in Kaya Now [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | 1,500 | 1,500 | ||
Long-term investments, Total | ||||
Investment in Tevva Motors [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 1,972 | 1,972 | |
Long-term investments, Total | [1] | 2,794 | ||
Investment in ASP Isotopes [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | 1,300 | 1,300 | ||
Long-term investments, Total | ||||
Investment in Unusual Machines [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | 1,075 | 1,075 | ||
Long-term investments, Total | 302 | 1,033 | ||
Investment in Qxpress [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 1,000 | 1,000 | |
Long-term investments, Total | 1,000 | 1,000 | [1] | |
Investment in Masterclass [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 170 | 170 | |
Long-term investments, Total | 170 | 170 | [1] | |
Investment in Kraken [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 597 | 597 | |
Long-term investments, Total | 597 | 597 | [1] | |
Investment in Epic Games [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 3,500 | 3,500 | |
Long-term investments, Total | 2,627 | 3,500 | [1] | |
Investment in Tesspay [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [2] | 1,240 | 1,240 | |
Long-term investments, Total | 3,351 | 2,679 | [2] | |
Investment in SpaceX [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 3,500 | ||
Long-term investments, Total | [1] | 4,867 | ||
Investment in Databricks [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 1,200 | 1,200 | |
Long-term investments, Total | 842 | 842 | [1] | |
Investment in Discord [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 476 | 476 | |
Long-term investments, Total | 476 | 476 | [1] | |
Investment in Thrasio [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 300 | 300 | |
Long-term investments, Total | [1] | 300 | ||
Investment in Automation Anywhere [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 476 | 476 | |
Long-term investments, Total | 476 | 476 | [1] | |
Investment in XAI [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 100 | ||
Long-term investments, Total | 100 | [1] | ||
Investment in Cerebras [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 25 | ||
Long-term investments, Total | 25 | [1] | ||
Investment in Anduril [Member] | ||||
Schedule of Long-Term Investments [Line Items] | ||||
Long-term investments, Cost Basis | [1] | 476 | 476 | |
Long-term investments, Total | $ 379 | $ 476 | [1] | |
[1] Investments made in these companies are through a Special Purpose Vehicle (“SPV”). The SPV is the holder of the actual stock. The Company does not hold these stock certificates directly. Investments made in these companies are through both an SPV and direct investments. |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Notes Receivable [Line Items] | ||
Interest income | $ 100,000 | |
Unrealized loss | $ 700,000 | 1,700,000 |
Convergent Therapeutics, Inc. [Member] | ||
Notes Receivable [Line Items] | ||
Principal repayment | 300,000 | 500,000 |
Interest income | 59,000 | |
Unrealized loss | 9,000 | |
Unrealized gain | 50,000 | |
Raefan Industries LLC [Member] | ||
Notes Receivable [Line Items] | ||
Unrealized loss | 700,000 | 1,700,000 |
American Innovative Robotics, LLC [Member] | ||
Notes Receivable [Line Items] | ||
Interest income | 22,440 | 44,000 |
Unrealized loss | $ 1,008 | $ 1,000 |
Notes Receivable (Details) - Sc
Notes Receivable (Details) - Schedule of Notes Receivable - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Convergent convertible note [Member] | ||
Notes receivable, at fair value | ||
Maturity Date | Dec. 02, 2024 | Dec. 02, 2024 |
Stated Interest Rate | 8% | 8% |
Principal Amount | $ 500 | $ 1,006 |
Interest Receivable | 58 | |
Fair Value | $ 556 | $ 1,064 |
Raefan Industries LLC [Member] | ||
Notes receivable, at fair value | ||
Maturity Date | Dec. 31, 2024 | Dec. 31, 2024 |
Stated Interest Rate | 8% | 8% |
Principal Amount | $ 407 | $ 1,363 |
Interest Receivable | 751 | |
Fair Value | $ 407 | $ 2,114 |
American Innovative Robotics [Member] | ||
Notes receivable, at fair value | ||
Maturity Date | Apr. 01, 2027 | Apr. 01, 2027 |
Stated Interest Rate | 8% | 8% |
Principal Amount | $ 1,106 | $ 1,106 |
Interest Receivable | 22 | 22 |
Fair Value | 1,128 | 1,129 |
Notes receivable, at fair value - current portion [Member] | ||
Notes receivable, at fair value | ||
Fair Value | 964 | 3,177 |
Notes receivable, at fair value - non-current portion [Member] | ||
Notes receivable, at fair value | ||
Fair Value | $ 1,128 | $ 1,129 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Fair Value of Financial Assets and Liabilities [Abstract] | ||
Realized losses | $ 0.7 | $ 1.7 |
Unrealized losses | $ 0.7 | $ 1.7 |
Fair Value of Financial Asset_4
Fair Value of Financial Assets and Liabilities (Details) - Schedule of Assets and Liabilities are Measured at Fair Value - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Marketable securities: | |||||
Equities | $ 6,320 | $ 13,547 | |||
Total marketable securities | 6,320 | 13,547 | |||
Notes receivable at fair value, current portion | 964 | 3,177 | |||
Notes receivable at fair value, non-current portion | 1,128 | 1,129 | |||
Quoted prices in active markets (Level 1) [Member] | |||||
Marketable securities: | |||||
Equities | 6,320 | 13,547 | |||
Total marketable securities | 6,320 | 13,547 | |||
Notes receivable at fair value, current portion | |||||
Notes receivable at fair value, non-current portion | |||||
Significant other observable inputs (Level 2) [Member] | |||||
Marketable securities: | |||||
Equities | |||||
Total marketable securities | |||||
Notes receivable at fair value, current portion | |||||
Notes receivable at fair value, non-current portion | |||||
Significant unobservable inputs (Level 3) [Member] | |||||
Marketable securities: | |||||
Equities | |||||
Total marketable securities | |||||
Notes receivable at fair value, current portion | 964 | 3,177 | $ 3,177 | $ 6,339 | $ 7,474 |
Notes receivable at fair value, non-current portion | $ 1,128 | $ 1,129 | $ 1,622 | $ 1,100 |
Fair Value of Financial Asset_5
Fair Value of Financial Assets and Liabilities (Details) - Schedule of Financial Assets that are Measured at Fair Value on a Recurring Basis - Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Notes receivable at fair value, current portion, Balance beginning | $ 3,177 | $ 7,474 | |
Notes receivable at fair value, non-current portion Balance beginning | 1,129 | 1,100 | |
Short-term investment | 13 | $ 13 | |
Collection of principal outstanding | (500) | (500) | |
Unrealized loss on note receivable | (212) | ||
Accrued interest receivable | 77 | ||
Realized and unrealized gain (loss) on note receivable, net | (1,657) | ||
Change in interest receivable | (56) | ||
Notes receivable at fair value, current portion at Balance ending | 964 | 6,339 | |
Unrealized gain (loss) on notes receivable | (1) | ||
Notes receivable at fair value, non-current portion Balance ending | $ 1,128 | 1,622 | |
Accrued interest receivable | 22 | ||
Convergent Therapeutics [Member] | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Note receivable, Convergent Therapeutics, non-current portion | (500) | ||
Notes receivable at fair value, non-current portion Balance ending | $ 500 |
Leases (Details)
Leases (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jan. 11, 2023 | Sep. 23, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jul. 11, 2022 | |
Leases [Line Items] | ||||||
Lease term | 7 years | 7 years | ||||
Lease rent expenses | $ 12,874 | |||||
Increase rent amount | $ 51,868 | $ 13,502 | ||||
Rent payment | $ 49,368 | |||||
Lease expenses | $ 200,000 | $ 6,000,000 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Lease Assets and Liabilities - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets: | ||
Operating lease right-of-use-assets | $ 3,146 | $ 3,335 |
Liabilities: | ||
Operating Current | 429 | 421 |
Long-term | ||
Operating Long-term | 2,815 | $ 3,028 |
Total | $ 3,244 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Quantitative Information about the Company’s Operating Leases | Jun. 30, 2024 |
Schedule of Summarize Quantitative Information about the Company’s Operating Leases [Line Items] | |
Weighted-average remaining lease term – operating leases (in years) | 6 years |
Weighted-average discount rate – operating leases | 10% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Lease Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule Of Lease Expense Abstract | ||||
Operating lease cost | $ 178 | $ 179 | $ 356 | $ 313 |
Operating lease expense | 178 | 179 | 356 | 313 |
Short-term lease rent expense | 23 | 33 | 45 | 63 |
Net rent expense | $ 201 | $ 212 | $ 401 | $ 376 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of Supplemental Cash Flow Information Related to Leases $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Schedule of Supplemental Cash Flow Information Related to Leases [Abstract] | |
Operating cash flows - operating leases | $ 374 |
Leases (Details) - Schedule o_5
Leases (Details) - Schedule of Future Minimum Payments $ in Thousands | Jun. 30, 2024 USD ($) |
Schedule of Future Minimum Payments [Abstract] | |
Remaining Period Ended December 31, 2024 | $ 373 |
Year Ended December 31, 2025 | 685 |
Year Ended December 31, 2026 | 685 |
Year Ended December 31, 2027 | 685 |
Year Ended December 31, 2028 | 766 |
Thereafter | 1,160 |
Total | 4,354 |
Less present value discount | (1,110) |
Operating lease liabilities | $ 3,244 |
Net Loss Per Share (Details) -
Net Loss Per Share (Details) - Schedule of Computation of Diluted Loss Per Share - shares | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of Computation of Diluted Loss Per Share [Line Items] | ||
Total diluted loss per share | 969,096 | 476,023 |
Convertible preferred stock [Member] | ||
Schedule of Computation of Diluted Loss Per Share [Line Items] | ||
Total diluted loss per share | 34 | 34 |
Warrants to purchase common stock [Member] | ||
Schedule of Computation of Diluted Loss Per Share [Line Items] | ||
Total diluted loss per share | 444,796 | 444,796 |
Restricted stock awards [Member] | ||
Schedule of Computation of Diluted Loss Per Share [Line Items] | ||
Total diluted loss per share | 104,206 | |
Options to purchase common stock [Member] | ||
Schedule of Computation of Diluted Loss Per Share [Line Items] | ||
Total diluted loss per share | 420,060 | 31,193 |
Stockholders_ Equity and Conv_3
Stockholders’ Equity and Convertible Preferred Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 11, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Stockholders’ Equity and Convertible Preferred Stock [Line Items] | |||||
Common stock, shares issued (in Shares) | 6,304,183 | 6,304,183 | 5,995,065 | ||
Common stock outstanding (in Shares) | 6,244,035 | 6,244,035 | 5,934,917 | ||
Treasury stock shares (in Shares) | 60,148 | 60,148 | 60,148 | ||
Total fair value | $ 700 | ||||
Share based compensation expense | $ 100 | $ 5,000 | |||
Unrecognized stock-based compensation expense | 200 | $ 200 | |||
Estimated future stock-based compensation expense | $ 400 | ||||
Restricted Stock Awards [Member] | |||||
Stockholders’ Equity and Convertible Preferred Stock [Line Items] | |||||
Share based compensation expense | $ 75,000 | $ 257 | |||
Common Stock [Member] | |||||
Stockholders’ Equity and Convertible Preferred Stock [Line Items] | |||||
Granted shares (in Shares) | 154,559 |
Stockholders_ Equity and Conv_4
Stockholders’ Equity and Convertible Preferred Stock (Details) - Schedule of Warrant Activity - Warrant [Member] - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2024 | |
Schedule of Warrant Activity [Line Items] | ||
Number of shares, ending balance | 444,796 | 444,796 |
Weighted Average per share, ending balance | $ 29.25 | $ 29.25 |
Outstanding ending balance, Total Intrinsic Value | ||
Outstanding ending balance, Weighted Average Remaining Contractual Life | 2 years 2 months 12 days | 1 year 8 months 12 days |
Granted, Warrants | ||
Granted, Weighted Average Exercise Price | ||
Granted, Total Intrinsic Value | ||
Granted, Weighted Average Remaining Contractual Life |
Stockholders_ Equity and Conv_5
Stockholders’ Equity and Convertible Preferred Stock (Details) - Schedule of Restricted Stock Awards Activity - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Schedule of Restricted Stock Awards Activity [Line Items] | |
Number of shares, beginning balance | shares | 136,309 |
Weighted Average per share, beginning balance | $ / shares | $ 2.26 |
Number of shares, ending balance | shares | 136,309 |
Weighted Average per share, ending balance | $ / shares | $ 2.26 |
Number of Restricted Stock Awards, Granted | shares | 309,118 |
Weighted Average Grant Day Fair Value, Granted | $ / shares | $ 2.18 |
Number of Restricted Stock Awards, Vested | shares | (309,118) |
Weighted Average Grant Day Fair Value, Vested | $ / shares | $ 2.18 |
Stockholders_ Equity and Conv_6
Stockholders’ Equity and Convertible Preferred Stock (Details) - Schedule of Stock Option Activity - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Jun. 30, 2024 | |
Schedule of Stock Option Activity [Abstract] | ||
Outstanding ending balance, Number of Shares | 420,168 | 420,060 |
Outstanding ending balance, Weighted Average Exercise Price | $ 5.8 | $ 4.48 |
Outstanding ending balance, Intrinsic Value | ||
Outstanding ending balance, Weighted Average Remaining Contractual Life (in years) | 9 years 3 months 18 days | 8 years 9 months 18 days |
Number of Shares, Options vested and exercisable | 132,439 | |
Weighted Average Exercise Price, Options vested and exercisable | $ 6.77 | |
Total Intrinsic Value, Options vested and exercisable | ||
Weighted Average Remaining Contractual Life (in years), Options vested and exercisable | 8 years 6 months | |
Employee options expired, Number of Shares | (108) | |
Employee options expired, Weighted Average Exercise Price | $ 5,161.54 | |
Employee options expired, Intrinsic Value | ||
Employee options expired , Weighted Average Remaining Contractual Life (in years) |
Revenue (Details) - Schedule of
Revenue (Details) - Schedule of Total Revenues Disaggregated by Revenue Type - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total | $ 6,174 | $ 71 | $ 7,541 | $ 71 |
Underwriting [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | 312 | 43 | 721 | 43 |
Commissions [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | 1,775 | 14 | 2,085 | 14 |
Advisory fees [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | 96 | 437 | ||
Manager fee [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | 334 | 334 | ||
Placement fee [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | 3,411 | 3,668 | ||
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue disaggregated | $ 246 | $ 14 | $ 296 | $ 14 |
Regulatory (Details)
Regulatory (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Regulatory [Line Items] | |
Net capital requirement | $ 12.6 |
Excess amount | 12.4 |
Minimum [Member] | |
Regulatory [Line Items] | |
Net capital requirement | $ 0.2 |
Related Party Transaction (Deta
Related Party Transaction (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Related Party Transaction [Line Items] | ||||
Incurred fees | $ 0 | $ 80,000 | $ 0 | $ 80,000,000 |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Reportable segments | 2 |
Segment Reporting (Details) - S
Segment Reporting (Details) - Schedule of Segment Profitability that are Most Relied Upon by the Codm are Gross Revenue and Net Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Dominari Financial [Member] | ||
Schedule of Segment Profitability that are Most Relied Upon by the Codm are Gross Revenue and Net Loss [Line Items] | ||
Revenue | $ 5,503 | $ 6,870 |
Operating Costs | ||
General and administrative | 6,035 | 8,746 |
Research and development | ||
Loss from operations | (532) | (1,876) |
Other (expenses) income | ||
Other income | ||
Interest income | 205 | 341 |
Gain on marketable securities | ||
Unrealized loss on note receivable | ||
Change in fair value of investments | ||
Total other (expenses) income | 205 | 341 |
Net loss | (328) | (1,535) |
Legacy AIkido Pharma [Member] | ||
Schedule of Segment Profitability that are Most Relied Upon by the Codm are Gross Revenue and Net Loss [Line Items] | ||
Revenue | 671 | 671 |
Operating Costs | ||
General and administrative | 2,875 | 4,336 |
Research and development | ||
Loss from operations | (2,204) | (3,665) |
Other (expenses) income | ||
Other income | ||
Interest income | 80 | 108 |
Gain on marketable securities | 104 | 678 |
Unrealized loss on note receivable | (742) | (1,657) |
Change in fair value of investments | (3,031) | (5,490) |
Total other (expenses) income | (5,588) | (6,361) |
Net loss | (5,792) | (10,026) |
Consolidated [Member] | ||
Schedule of Segment Profitability that are Most Relied Upon by the Codm are Gross Revenue and Net Loss [Line Items] | ||
Revenue | 6,174 | 7,541 |
Operating Costs | ||
General and administrative | 8,910 | 13,082 |
Research and development | ||
Loss from operations | (2,736) | (5,541) |
Other (expenses) income | ||
Other income | ||
Interest income | 285 | 449 |
Gain on marketable securities | 104 | 678 |
Unrealized loss on note receivable | (742) | (1,657) |
Change in fair value of investments | (3,031) | (5,490) |
Total other (expenses) income | (3,384) | (6,020) |
Net loss | $ (6,120) | $ (11,561) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Abstract] | ||
Income tax expense |