Dolphin Entertainment, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dolphin Entertainment, Inc. has filed its Q1 2024 10-Q report detailing financial performance and company information.</b>

AI Summary

Dolphin Entertainment, Inc. (DLPN) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Dolphin Entertainment, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 150 Alhambra Circle, Suite 1200, Coral Gables, FL 33134. Dolphin Entertainment, Inc. was formerly known as DOLPHIN DIGITAL MEDIA INC, LOGICA HOLDINGS INC, and MAXIMUM AWARDS INC. The filing includes financial data related to Series C Preferred Stock, Common Stock, Additional Paid-In Capital, and Retained Earnings for various periods.

Why It Matters

For investors and stakeholders tracking Dolphin Entertainment, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and operational updates for Dolphin Entertainment, Inc., crucial for assessing the company's current health and future prospects. Understanding the financial details within this report, such as changes in revenue segments and balance sheet items, is essential for making informed investment decisions regarding DLPN.

Risk Assessment

Risk Level: medium — Dolphin Entertainment, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, without specific financial performance data or significant disclosures within the provided text, the risk level is assessed as medium due to the inherent uncertainties of public company reporting.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the full 10-Q filing to understand Dolphin Entertainment's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-15 — Filing Date (FILED AS OF DATE)
• Q1 2024 — Fiscal Quarter (Fiscal Year End)

Key Players & Entities

• Dolphin Entertainment, Inc. (company) — FILER
• 150 Alhambra Circle, Suite 1200, Coral Gables, FL 33134 (location) — BUSINESS ADDRESS
• DOLPHIN DIGITAL MEDIA INC (company) — FORMER COMPANY
• LOGICA HOLDINGS INC (company) — FORMER COMPANY
• MAXIMUM AWARDS INC (company) — FORMER COMPANY

FAQ

Industry Context

Dolphin Entertainment operates within the services sector, specifically personal services, and is involved in entertainment, publicity, and marketing.

Regulatory Implications

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

What Investors Should Do

1. Analyze the detailed financial statements for Q1 2024.
2. Review any disclosures regarding changes in business operations or risks.
3. Compare Q1 2024 results to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing. Previous filings would include the Q4 2023 10-K and prior quarterly reports.

Key Financial Figures

• $0.015 — nge on which registered Common Stock, $0.015 par value per share DLPN The Nasdaq C
• $10.2 m — n of Special Projects was approximately $10.2 million, which is subject to adjustments

Filing Documents

• dlpn_10q.htm (10-Q) — 957KB
• ex2x1.htm (EX-2.1) — 10KB
• ex31x1.htm (EX-31.1) — 11KB
• ex31x2.htm (EX-31.2) — 11KB
• ex32x1.htm (EX-32.1) — 4KB
• ex32x2.htm (EX-32.2) — 4KB
• 0001079973-24-000736.txt (&nbsp;) — 6206KB
• dlpn-20240331.xsd (EX-101.SCH) — 59KB
• dlpn-20240331_cal.xml (EX-101.CAL) — 75KB
• dlpn-20240331_def.xml (EX-101.DEF) — 192KB
• dlpn-20240331_lab.xml (EX-101.LAB) — 431KB
• dlpn-20240331_pre.xml (EX-101.PRE) — 358KB
• dlpn_10q_htm.xml (XML) — 903KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION ITEM 1.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (unaudited) 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (unaudited) 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 (unaudited) 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 19 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 27

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 28 ITEM 1A.

RISK FACTORS

RISK FACTORS 28 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 28 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 28 ITEM 4 MINE SAFETY DISCLOSURES 28 ITEM 5. OTHER INFORMATION 28 ITEM 6. EXHIBITS 29

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Cash and cash equivalents $ 6,384,459 $ 6,432,731 Restricted cash 1,127,960 1,127,960 Accounts receivable: Trade, net of allowance of $ 1,679,972 and $ 1,456,752 , respectively 8,954,785 5,817,615 Other receivables 5,045,671 6,643,960 Other current assets 737,646 701,335 Total current assets 22,250,521 20,723,601 Capitalized production costs, net 529,215 2,295,275 Employee receivable 844,085 796,085 Right-of-use asset 5,149,182 5,599,736 Goodwill 25,220,085 25,220,085 Intangible assets, net 10,678,817 11,209,664 Property, equipment and leasehold improvements, net 171,968 194,223 Other long-term assets 216,305 216,305 Total Assets $ 65,060,178 $ 66,254,974 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED) (Unaudited) March 31, 2024 December 31, 2023 LIABILITIES Current Accounts payable $ 2,215,312 $ 6,892,349 Term loan, current portion 1,022,228 980,651 Revolving line of credit 400,000 400,000 Notes payable, current portion 3,500,000 3,500,000 Accrued interest – related party 1,629,574 1,718,009 Accrued compensation – related party 2,625,000 2,625,000 Lease liability, current portion 2,085,331 2,192,213 Deferred revenue 988,056 1,451,709 Other current liabilities 11,270,739 7,694,114 Total current liabilities 25,736,240 27,454,045 Term loan, noncurrent portion 4,222,270 4,501,963 Notes payable 3,380,000 3,380,000 Convertible notes payable 5,100,000 5,100,000 Convertible note payable at fair value 330,000 355,000 Loan from related party 2,007,873 1,107,873 Lease liability 3,666,840 4,068,642 Defer

financial statements and disclosures

financial statements and disclosures. In November 2023, the FASB issued new guidance on segment reporting (ASU 2023-08, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures"). The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is in the process of evaluating the impact of the adoption of ASU 2023-08 on the Company's condensed consolidated financial statements and disclosures. 7 NOTE 2 – REVENUE Disaggregation of Revenue The Company's principal geographic markets are within the U.S. The following is a description of the principal activities, by reportable segment, from which we generate revenue. For more detailed information about reportable segments, see Note 12. Entertainment Publicity and Marketing The Entertainment Publicity and Marketing ("EPM") segment generates revenue from diversified marketing services, including public relations, entertainment and hospitality content marketing, strategic marketing consulting and content production of marketing materials. Within the EPM segment, we typically identify one performance obligation, the delivery of professional publicity services, in which we typically act as the principal. Fees are generally recognized on a straight-line or monthly basis, as the services are consumed by our clients, which approximates the proportional performance on such contracts. We also enter into management agreements with a roster of social media influencers and are paid a percentage of the revenue earned by the social media influencer. Due to the short-term nature of these contracts, in which we typically act as the agent, the performance obligation is typically completed and revenue is recognized

View Full Filing

View this 10-Q filing on SEC EDGAR