Dominari (US:DOMH)2023-08-08 16:00Revenue and Loss - For the three months ended June 30, 2023, the company recognized approximately $0.07 million in revenue, primarily from underwriting revenue earned by Dominari Securities[100]. - The company incurred a loss from operations of approximately $9.0 million for the three months ended June 30, 2023, compared to a loss of $2.3 million for the same period in 2022[100]. - For the six months ended June 30, 2023, the company recognized approximately $0.07 million in revenue and incurred a loss from operations of approximately $12.8 million, compared to a loss of $6.1 million in 2022[102]. Expenses - General and administrative expenses increased by approximately $6.8 million, driven by professional fees and increased compensation expenses due to growing operations[101]. - The company is transitioning away from the biotechnology industry into financial services, resulting in a nearly 100% decrease in research and development expenses[101]. Cash Flow - Cash used in operating activities for the six months ended June 30, 2023, was approximately $13.9 million, primarily due to a net loss of approximately $11.7 million[106]. - Net cash used in investing activities for the six months ended June 30, 2023, was approximately $14.7 million, resulting from the purchase of marketable securities of approximately $34.0 million[107]. - Cash used in financing activities for the six months ended June 30, 2023, was approximately $0.9 million, reflecting the cost for the purchase of treasury stock[108]. Financial Position - The company's working capital amounted to approximately $35.7 million as of June 30, 2023, with expectations that cash and cash equivalents will be sufficient for at least the next 12 months[103]. - The company reported a gain of approximately $0.4 million in marketable securities for the three months ended June 30, 2023, a decrease of approximately $2.6 million in losses compared to the prior year[101].