Dolphin Entertainment Inc
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
DLPN$0.93+3.5%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (unaudited)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current | ||
| Cash and cash equivalents | $5,659,883 | $6,432,731 |
| Restricted cash | 925,004 | 1,127,960 |
| Accounts receivable: | ||
| Trade, net of allowance of $1,450,093 and $1,456,752, respectively | 5,623,999 | 5,817,615 |
| Other receivables | 6,073,074 | 6,643,960 |
| Other current assets | 569,572 | 701,335 |
| Total current assets | 18,851,532 | 20,723,601 |
| Capitalized production costs, net | 568,929 | 2,295,275 |
| Employee receivable | 960,668 | 796,085 |
| Right-of-use asset | 4,140,985 | 5,599,736 |
| Goodwill | 21,622,279 | 25,220,085 |
| Intangible assets, net | 10,808,498 | 11,209,664 |
| Property, equipment and leasehold improvements, net | 131,321 | 194,223 |
| Other long-term assets | 216,305 | 216,305 |
| Total Assets | $57,300,517 | $66,254,974 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| LIABILITIES | ||
| Current | ||
| Accounts payable | $1,555,959 | $6,892,349 |
| Term loan, current portion | 1,045,152 | 980,651 |
| Notes payable, current portion | 3,900,000 | 3,500,000 |
| Revolving line of credit | — | 400,000 |
| Accrued interest – related party | 1,910,915 | 1,718,009 |
| Accrued compensation – related party | 2,625,000 | 2,625,000 |
| Lease liability, current portion | 1,839,587 | 2,192,213 |
| Deferred revenue | 745,489 | 1,451,709 |
| Contingent consideration | 436,000 | — |
| Other current liabilities | 10,747,662 | 7,694,114 |
| Total current liabilities | 24,805,764 | 27,454,045 |
| Term loan, noncurrent portion | 3,710,233 | 4,501,963 |
| Revolving line of credit, noncurrent portion | 400,000 | — |
| Notes payable | 2,980,000 | 3,380,000 |
| Convertible notes payable | 5,100,000 | 5,100,000 |
| Convertible note payable at fair value | 300,000 | 355,000 |
| Loan from related party | 3,217,873 | 1,107,873 |
| Lease liability | 2,844,526 | 4,068,642 |
| Deferred tax liability | 322,137 | 306,691 |
| Warrant liability | — | 5,000 |
| Other noncurrent liabilities | 18,915 | 18,915 |
| Total Liabilities | 43,699,448 | 46,298,129 |
| Commitments and contingencies (Note 17) | ||
| STOCKHOLDERS’ EQUITY | ||
| Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding at September 30, 2024 and December 31, 2024 | 1,000 | 1,000 |
| Common stock, $0.015 par value, 200,000,000 shares authorized, 11,112,492 and 9,109,766 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 166,687 | 136,646 |
| Additional paid-in capital | 157,688,200 | 153,430,403 |
| Accumulated deficit | (144,254,818) | (133,611,204) |
| Total Stockholders’ Equity | 13,601,069 | 19,956,845 |
| Total Liabilities and Stockholders’ Equity | $57,300,517 | $66,254,974 |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $12,682,437 | $10,184,511 | $39,367,418 | $31,100,867 |
| Expenses: | ||||
| Direct costs | 254,574 | 185,308 | 2,790,043 | 621,449 |
| Payroll and benefits | 9,575,596 | 8,382,659 | 28,344,865 | 26,114,881 |
| Selling, general and administrative | 1,838,765 | 2,150,889 | 5,665,365 | 6,023,954 |
| Acquisition costs | 148,798 | 4,666 | 164,044 | 8,823 |
| Depreciation and amortization | 636,782 | 535,740 | 1,745,579 | 1,612,776 |
| Impairment of goodwill | 6,480,992 | — | 6,671,557 | 6,517,400 |
| Impairment of intangible assets | — | 341,417 | — | 341,417 |
| Impairment of notes receivable | 1,270,000 | — | 1,270,000 | — |
| Change in fair value of contingent consideration | — | — | — | 33,226 |
| Legal and professional | 631,629 | 695,188 | 1,825,588 | 1,955,037 |
| Total expenses | 20,837,136 | 12,295,867 | 48,477,041 | 43,228,963 |
| Loss from operations | (8,154,699) | (2,111,356) | (9,109,623) | (12,128,096) |
| Other (expenses) income: | ||||
| Change in fair value of convertible note | (10,000) | — | 55,000 | (6,444) |
| Change in fair value of warrants | — | — | 5,000 | 5,000 |
| Interest income | 3,391 | 104,303 | 9,991 | 309,424 |
| Interest expense | (533,454) | (604,669) | (1,559,276) | (1,413,177) |
| Total other (expenses) income, net | (540,063) | (500,366) | (1,489,285) | (1,105,197) |
| Loss before income taxes and equity in losses of unconsolidated affiliates | (8,694,762) | (2,611,722) | (10,598,908) | (13,233,293) |
| Income tax benefit (expense) | 2,373 | (31,059) | (44,706) | (91,243) |
| Net loss before equity in losses of unconsolidated affiliates | (8,692,389) | (2,642,781) | (10,643,614) | (13,324,536) |
| Equity in losses of unconsolidated affiliates | — | (1,220,547) | — | (1,467,356) |
| Net loss | $(8,692,389) | $(3,863,328) | $(10,643,614) | $(14,791,892) |
| Loss per share: | ||||
| Basic | $(0.80) | $(0.55) | $(1.07) | $(2.22) |
| Diluted | $(0.80) | $(0.55) | $(1.07) | $(2.22) |
| Weighted average number of shares outstanding: | ||||
| Basic | 10,930,286 | 7,060,638 | 9,964,607 | 6,664,069 |
| Diluted | 10,930,286 | 7,060,638 | 9,964,607 | 6,664,069 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.