Dolphin Entertainment, Inc.

Listed Company

DLPNCIK 0001282224NasdaqNon-AcceleratedSmaller ReportingServices-Personal ServicesFloridaFY ends Dec 31

Period

FY 2025

Revenue

$56.70M

Net Income

$-3.09M

Total Assets

—

Equity

—

Shares Out

13.02M

Op. Cash Flow

$-2.03M

Business

Dolphin Entertainment, Inc. is an independent entertainment marketing and production company that delivers strategic publicity, influencer marketing, talent management, celebrity booking and content production services. It offers public relations, earned-media campaigns, influencer campaign strategy and execution, talent and athlete management, celebrity booking, experiential event production, and development/production of film, television and digital content. The company operates two reportable segments: an entertainment publicity and marketing segment (42West, Shore Fire, The Door, The Digital Dept., Special Projects, Always Alpha and Elle) and a content production segment (Dolphin Films and Dolphin Digital Studios). Dolphin serves primarily U.S. and global entertainment and lifestyle markets through agency relationships, live events, theatrical and streaming distribution, and social and influencer platforms.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	57	52	43	41	36
Direct costs	2	3	946,962	4	—
Payroll and benefits	42	38	35	29	24
Selling, general and administrative	8	8	8	7	6
Acquisition costs	416,171	164,044	116,151	480,939	22,907
Impairment of goodwill	—	7	9	906,337	—
Write-off of notes receivables	—	1	4	—	—
Change in fair value of contingent consideration	—	50,000	33,226	−47,285	4
Gain on sale of Always Alpha Sports Management LLC	−756,574	—	—	—	—
Depreciation and amortization	2	2	2	2	2
Legal and professional	3	2	2	3	2
Total expenses	57	62	63	45	41
Loss from operations	−39,058	−10	−20	−5	−6
Change in fair value of convertible note	50,000	35,000	−11,444	654,579	−570,844
Change in fair value of warrant	—	5,000	10,000	120,000	−2
Loss on extinguishment of debt	−835,324	—	—	—	3
Interest expense, net	−2	−2	−2	−864,814	−785,209
Total other (expense) income, net	−3	−2	−2	218,777	−921,257
Loss before income taxes	−3	−13	—	−5	−6
Income tax expense	−69,362	−87,854	−53,504	−176,981	−37,356
Net loss	−3	−13	−22	−5	—
Basic (per share)	−0.27	−1.22	−3.39	−0.49	−0.85
Diluted (per share)	−0.27	−1.22	−3.39	−0.56	−0.85
Basic (shares)	12	10	7	10	8
Diluted (shares)	12	10	7	10	8

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	9	8	6	6	8
Restricted cash	925,004	925,004	1	1	541,883
Trade, net of allowance of $445,523 and $1,327,808, respectively	8	5	6	6	5
Other receivables	5	5	7	6	4
Other current assets	1	373,399	701,335	523,812	450,060
Total current assets	24	20	21	24	18
Capitalized production costs, net	520,338	594,763	2	2	137,235
Employee receivable	1	1	796,085	604,085	366,085
Right-of-use assets	3	5	6	7	—
Goodwill	22	22	25	29	20
Intangible assets, net	8	10	11	10	—
Property, equipment and leasehold improvements, net	50,961	114,011	194,223	293,206	473,662
Other long-term assets	189,296	218,021	216,305	2	1
Total Assets	58	58	66	75	53
Accounts payable	3	2	7	5	942,085
Term loans, current portion	2	2	980,651	408,905	—
Revolving line of credit	400,000	400,000	400,000	—	—
Notes payable, current portion	4	4	4	4	—
Convertible notes payable, current portion	1	—	—	—	—
Contingent consideration	—	486,000	—	500,000	600,000
Accrued interest related party	2	2	2	2	2
Accrued compensation related party	3	3	3	3	3
Lease liabilities, current portion	2	2	2	2	—
Deferred revenue	794,177	341,153	1	2	406,373
Other current liabilities	11	11	8	8	7
Total current liabilities	29	27	27	25	15
Term loans, noncurrent portion	3	5	5	2	—
Notes payable, noncurrent portion	5	3	3	500,000	868,959
Convertible notes payable	6	5	5	5	3
Convertible notes payable related party	3	—	—	—	—
Convertible notes payable at fair value	270,000	320,000	355,000	343,556	998,135
Loans from related party	983,112	3	1	1	1
Lease liabilities	1	3	4	6	—
Deferred tax liability	463,909	394,547	306,691	253,188	76,207
Other noncurrent liabilities	—	18,915	18,915	18,915	—
Total Liabilities	49	47	46	41	30
Preferred Stock, Series C, $0.001 par value, 50,000 shares authorized, 50,000 shares issued and outstanding at December 31, 2025 and 2024	1,000	1,000	1,000	1,000	1,000
Common stock, $0.015 par value, 200,000,000 shares authorized, 12,221,432 and 11,162,026 shares issued and outstanding at December 31, 2025 and 2024, respectively	183,321	166,688	136,647	185,110	120,306
Additional paid in capital	159	158	153	143	127
Accumulated deficit	−149	−146	−134	−109	−104
Total Stockholders Equity	10	12	20	34	23
Total Liabilities and Stockholders Equity	58	58	66	75	53

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−3	−13	—	—	—
Amortization of capitalized production cost	99,975	2	—	—	—
Impairment of capitalized production costs	88,127	—	—	—	—
Amortization of debt premium	−173,840	—	—	—	—
Share-based compensation	12,399	364,650	354,961	215,528	—
Write off of notes receivable	—	1	5	—	—
Impairment of goodwill	—	7	9	906,337	—
Bad debt expense	441,875	505,173	919,672	411,302	327,891
Deferred tax expense	69,362	87,854	53,504	—	—
Change in fair value of contingent consideration	—	50,000	33,226	−47,285	4
Change in fair value of warrant	—	−5,000	−10,000	−120,000	2
Amortization of loan fees	28,047	16,823	17,436	—	—
Accounts receivable, trade and other	−4	2	−667,173	−539,546	−3
Other current assets	−103,196	327,936	−166,185	277,501	−107,020
Capitalized production costs	−113,677	−81,298	−771,275	−2	−100,830
Other long-term assets and employee receivable	−159,942	−213,050	−153,230	−228,353	−378,563
Deferred revenue	448,503	−1	−100,583	−938,308	−40,113
Accounts payable	758,669	−5	2	812,267	−352,823
Accrued interest related party	185,101	139,977	−26,714	123,286	—
Lease liabilities	−6,693	−86,442	−55,050	42,103	—
Other current liabilities	661,842	3	−557,826	−621,040	3
Other noncurrent liabilities	−18,915	—	—	18,915	—
Net cash used in operating activities	−2	−157,851	−5	−4	−1
Purchases of property, equipment and leasehold improvements	−1,117	−1,512	−28,995	−72,198	—
Proceeds from the sale of Always Alpha Sports Management LLC	234,192	—	—	—	—
Acquisition of Elle Communications LLC, net of cash acquired	—	−1	—	—	—
Issuance of notes receivable	—	−1	—	−3	−2
Proceeds from notes receivable repayment	—	110,000	—	—	—
Net cash provided by (used in) investing activities	233,075	−2	−5	−8	−3
Proceeds from related party note payable	—	2	—	—	—
Proceeds from convertible notes payable	3	—	1	3	6
Proceeds from non-convertible notes payable	1	—	3	500,000	—
Proceeds from term loan	—	2	6	3	—
Repayment of term loan	−2	−997,474	−3	−35,714	−900,292
Proceeds from line of credit	400,000	400,000	400,000	—	—
Repayment of revolving line of credit	−400,000	−400,000	—	—	—
Payment of contingent consideration	−486,000	—	−506,587	−600,000	—
Debt origination costs	—	−33,674	−84,391	—	—
Principal payments on finance leases	−111,089	−87,969	−28,382	—	—
Proceeds from the sale of common stock through an offering	—	—	2	—	—
Proceeds from Lincoln Park equity line	—	1	2	—	—
Net cash provided by financing activities	2	4	10	11	4
Net increase in cash and cash equivalents and restricted cash	552,743	2	362,842	−1	−406,750
Interest paid	2	2	2	677,081	916,538
Lease liability obtained in exchange for right-of-use assets	92,488	76,321	249,893	3	—
Income tax paid	—	—	—	—	—
Issuance of shares related to conversion of notes payable	840,000	—	900,000	500,000	6
Issuance of shares of common stock related to the acquisitions (See Note 4)	—	2	5	6	586,716
Settlement of Special Projects Media LLC working capital adjustment in shares of common stock	—	886,077	—	—	—
Issuance of shares of common stock related to the Lincoln Park Capital Fund LLC agreement	281,403	—	—	—	—
Cash and cash equivalents	9	8	6	6	8
Restricted cash	925,004	925,004	1	1	541,883
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows	10	9	8	7	8

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