Dominari Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dominari Holdings Inc. has filed its 2023 10-K annual report, detailing its financial and operational status.</b>

AI Summary

Dominari Holdings Inc. (DOMH) filed a Annual Report (10-K) with the SEC on April 1, 2024. Dominari Holdings Inc. filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located in New York, NY. Dominari Holdings Inc. is registered under the SIC code 6211 for Security Brokers, Dealers & Flotation Companies. The company's common stock trades on The Nasdaq Capital Market under the symbol DOMH. This filing indicates Dominari Holdings Inc. is a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking Dominari Holdings Inc., this filing contains several important signals. The 10-K filing provides a comprehensive overview of Dominari Holdings Inc.'s business, financial condition, and results of operations for the fiscal year ended December 31, 2023. As a non-accelerated filer and smaller reporting company, this filing offers insights into a company operating with less stringent reporting requirements compared to larger entities.

Risk Assessment

Risk Level: low — Dominari Holdings Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for publicly traded companies and does not inherently contain new material risks.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to understand Dominari Holdings Inc.'s performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240401 — Filing Date (FILED AS OF DATE)
• 001-41845 — SEC File Number (Commission file number)
• 52-0849320 — IRS Number (IRS NUMBER)
• 6211 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 725 5th Avenue, 22nd Floor — Business Address (Address of principal executive offices)
• New York, NY 10022 — Business Address (Address of principal executive offices)
• (212) 393-4540 — Business Phone (Registrant's telephone number)

Key Players & Entities

• Dominari Holdings Inc. (company) — COMPANY CONFORMED NAME
• The Nasdaq Capital Market (company) — Name of each exchange on which registered
• DOMH (company) — Trading Symbol(s)
• New York (company) — CITY
• Delaware (company) — State of incorporation
• AIkido Pharma Inc. (company) — FORMER COMPANY
• SPHERIX INC (company) — FORMER COMPANY

FAQ

Industry Context

Dominari Holdings Inc. operates within the Security Brokers, Dealers & Flotation Companies industry, as indicated by its SIC code 6211.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and Management's Discussion and Analysis.
2. Analyze the risk factors section for potential challenges and uncertainties facing Dominari Holdings Inc.
3. Monitor future filings for updates on the company's strategic initiatives and financial performance.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, following the company's previous filings.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock ($0.0001 par value per share) DOMH The Nasdaq Ca
• $2.91 — osing sale price of our common stock of $2.91 on that date. Common stock held by each
• $2,000,000 — 2022, at which Dominari paid Fieldpoint $2,000,000 in consideration for a transfer by Fiel
• $1.4 million — Dominari paid Fieldpoint an additional $1.4 million in consideration for a transfer by Fiel

Filing Documents

• ea0202511-10k_domin.htm (10-K) — 1447KB
• ea020251101ex21-1_dominari.htm (EX-21.1) — 1KB
• ea020251101ex23-1_dominari.htm (EX-23.1) — 2KB
• ea020251101ex31-1_dominari.htm (EX-31.1) — 10KB
• ea020251101ex31-2_dominari.htm (EX-31.2) — 10KB
• ea020251101ex32-1_dominari.htm (EX-32.1) — 4KB
• ea020251101ex32-2_dominari.htm (EX-32.2) — 5KB
• ea020251101ex97-1_dominari.htm (EX-97.1) — 22KB
• img_001.jpg (GRAPHIC) — 49KB
• img_002.jpg (GRAPHIC) — 51KB
• 0001213900-24-028218.txt (&nbsp;) — 7947KB
• domh-20231231.xsd (EX-101.SCH) — 88KB
• domh-20231231_cal.xml (EX-101.CAL) — 56KB
• domh-20231231_def.xml (EX-101.DEF) — 373KB
• domh-20231231_lab.xml (EX-101.LAB) — 712KB
• domh-20231231_pre.xml (EX-101.PRE) — 380KB
• ea0202511-10k_domin_htm.xml (XML) — 865KB

Business

Item 1. Business 1

Risk Factors

Item 1A. Risk Factors 6

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 19

Cybersecurity

Item 1C. Cybersecurity 20

Properties

Item 2. Properties 20

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21

[Reserved]

Item 6. [Reserved] 22

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 26

Consolidated Financial Statements and Supplementary Data Index to Financial Statements

Item 8. Consolidated Financial Statements and Supplementary Data Index to Financial Statements F-1

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 27

Controls and Procedures

Item 9A. Controls and Procedures 27

Other Information

Item 9B. Other Information 27

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 27 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 28

Executive Compensation

Item 11. Executive Compensation 32

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 40

Certain Relationships and Related Transactions and Director Independence

Item 13. Certain Relationships and Related Transactions and Director Independence 42

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 43 Part IV

Exhibits and Consolidated Financial Statement Schedules

Item 15. Exhibits and Consolidated Financial Statement Schedules 44

Form 10-K Summary

Item 16. Form 10-K Summary 46

Signatures

Signatures 47 i EXPLANATORY NOTE All references in this Annual Report on Form 10-K ("Annual Report") to "we," "us," "our" and the "Company" refer to Dominari Holdings Inc., a Delaware corporation, and its consolidated subsidiaries unless the context requires otherwise. SPECIAL CAUTIONARY NOTICE REGARDING FORWARD LOOKING STATEMENTS AND RISK FACTOR SUMMARY This Annual Report contains statements that the Company believes are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for the Company's business. These statements are based on the beliefs and assumptions of the management of the Company. Although the Company believes that its plans, intentions and expectations reflected in or suggested by these forward-looking be identified by the fact that they do not relate strictly to historical or current facts. When used in this in this Annual Report, words such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "strive," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. You should not place undue reliance on these forward-looking prove incorrect, the Company's actual results or performance

BUSINESS

Item 1. BUSINESS Overview Dominari Holdings Inc. ("Dominari") is a holding company that, through its various subsidiaries, is engaged in wealth management, investment banking, sales and trading and asset management. In addition to capital investment, Dominari provides management support to the executive teams of its subsidiaries, helping them to operate efficiently and reduce cost under a streamlined infrastructure. Dominari and its subsidiaries are collectively referred to herein as "Company," "we," "our" or "us." Dominari Financial Inc. ("Dominari Financial"), a wholly-owned subsidiary of Dominari Holdings Inc., executes the Company's growth strategy in the financial services industry. In addition to organic growth, Dominari Financial seeks partnership opportunities and acquisitions of third-party financial assets such as registered investment advisors and businesses, broker dealers, asset management and fintech firms, and insurance brokers. Our first transaction in furtherance of our growth in the financial services industry, the acquisition of 100% of a dually-registered broker dealer and investment advisor from Fieldpoint Private Bank & Trust ("Fieldpoint"), was consummated on March 27, 2023. The newly acquired dually registered broker-dealer and investment adviser was renamed Dominari Securities LLC ("Dominari Securities") and is a wholly-owned subsidiary of Dominari Financial. The Company is in the process of winding down its historical pipeline of biotechnology assets held by Aikido Labs, LLC. These biotechnology assets consist of patented technology from leading universities and researchers, including prospective treatments for pancreatic cancer, acute myeloid leukemia, SARS-CoV-2 and acute lymphoblastic leukemia. History The Company was founded in 1967 as Spherix Incorporated. In 2017, the Company changed its name to AIkido Pharma Inc. From 2017 to 2022, the Company operated as a biotechnology company with a diverse portfolio of small-molecule an

RISK FACTORS

Item 1A. RISK FACTORS The Company's business and operations are subject to numerous risks. The material risks and uncertainties that management believes affect the Company are described below. The risks and uncertainties described below are not the only ones facing the Company. Additional risks and uncertainties that are presently unknown, management is not aware of or focused on or that management currently deems immaterial may also impair the Company's business operations. If any of the following risks actually occur, the Company's financial condition and results of operations may be materially and adversely affected. We may amend or supplement these risk factors from time to time in other reports we file with the SEC. Business Risks Because we have a limited operating history to evaluate our company, the likelihood of our success must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered by an early-stage financial services company. Since we have a limited operating history

View Full Filing

View this 10-K filing on SEC EDGAR