Dolphin Entertainment Q1 Revenue Grows to Record $7.2 Million

"Dolphin 2.0" Commences with Q1 Formation of NFTs Division and Q2 Launch of NFT Collections for First Two Verticals: Sports and Culinary

MIAMI, FL / ACCESSWIRE / May 17, 2021 / Dolphin Entertainment, Inc. (NASDAQ:DLPN), a leading entertainment marketing and premium content production company, announces its financial results for the first quarter ended March 31, 2021.

"We are pleased to announce record quarterly revenue, breaking $7 million," states Dolphin Entertainment CEO, Bill O'Dowd. "Furthermore, our Super Group of Entertainment Marketing and Publicity companies welcomed a new addition to the family in January - B/HI, a leading PR firm for entertainment consumer products, video gaming and eSports. Now a division of 42West, the company is thriving and we couldn't be happier about the cross-selling that is already well under way."

"The first quarter also witnessed our planned expansion into Dolphin 2.0, where we will own some of the assets we are promoting. We launched our NFT Division in March, and announced our partnership with Hall of Fame Resort & Entertainment Company. And, today, our first NFTs together have hit the market, featuring the iconic Tim Brown, one of the greatest wide receivers to ever play the game."

"We also announced the culinary world will represent our second vertical for NFTs. We believe our upcoming recipe card collection will be the first major entry in the culinary NFT space, and is launching with several of the most recognized chefs in the United States. Also, we dropped today a collection of NFTs from world-famous artist Romero Britto, in collaboration with our long-time client, the South Beach Wine and Food Festival."

"We will continue to add NFT programs across all aspects of pop culture, as well as additional partnerships within the verticals we have already launched. Furthermore, we continue to expect five additional Dolphin 2.0 initiatives will be announced this year."


  • Total Q1 revenue increased to $7.2 million, compared to $6.6 million in Q1 2020;
  • Operating loss for the quarter ended March 31, 2021 of $1.2 million, included non-cash items from depreciation and amortization of $482,712 as compared to operating loss of $870,859, which included non-cash items from depreciation and amortization of $521,003, for the same period in the prior year.
  • Cash and cash equivalents of $7.1 million as of March 31, 2021, compared to $7.9 million as of December 31, 2020.
  • Net loss for the quarter ended March 31, 2021 of $5.3 million, which included $4.4 million in non-cash items stemming from depreciation and amortization of $482,712 and a negative change in fair value of derivative liabilities, warrants, put rights and contingent consideration of $3.9 million, compared to net income of $2.1 million, which included non-cash items from depreciation and amortization of $521,003, offset by a non-cash positive change in fair value of derivative liabilities, warrants, put rights and contingent consideration items in the amount of $1.8 million, for the same period in the prior year.
  • Dolphin Entertainment Acquired B/HI (Formerly Bender/Helper Impact)
  • 42West was involved in various capacities with 13 films that earned a total of 32 Academy Award nominations and won six Oscars.
  • Shore Fire clients performed, presented and won at the 2021 Grammys
  • Dolphin Entertainment Launched its Non-Fungible Tokens (NFTs) Division
  • Dolphin Entertainment's NFTs Division entered its 1st vertical, Sports, with First NFT Partnership with Hall of Fame Resort & Entertainment; Announced Heisman Trophy Winners and Pro Football Hall of Fame Inductees Tim Brown, Earl Campbell and Doak Walker To Kick-Off NFT Collection
  • Dolphin Entertainment's NFTs Division entered its 2nd vertical, Culinary, with NFT collectible recipe card system, launching with top chefs throughout the United States; Partnered for NFT collection with world renowned artist Romero Britto, in celebration of the 20th anniversary of South Beach Wine & Food Festival.

About Dolphin Entertainment, Inc.

Dolphin Entertainment is a leading independent entertainment marketing and premium content development company. Through our subsidiaries 42West, The Door and Shore Fire Media, we provide expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the film, television, music, gaming and hospitality industries. Viewpoint Creative and Be Social complement their efforts with full-service creative branding and production capabilities as well as social media and influencer marketing services. Dolphin's legacy content production business, founded by Emmy-nominated CEO Bill O'Dowd, has produced multiple feature films and award-winning digital series. Dolphin's Non-Fungible Tokens (NFTs) division is dedicated to designing, producing, distributing and promoting NFTs for itself and its clients within the film, television, music, gaming, epicurean, and technology industries. The NFTs division is comprised of executives across all six of Dolphin's wholly-owned subsidiaries blending their collective expertise in creative services, digital design, production, marketing, sales and public relations. To learn more, visit:

This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements may address, among other things, Dolphin Entertainment Inc.'s offering of common stock as well as expected financial and operational results and the related assumptions underlying its expected results. These forward-looking statements are distinguished by the use of words such as "will," "would," "anticipate," "expect," "believe," "designed," "plan," or "intend," the negative of these terms, and similar references to future periods. These views involve risks and uncertainties that are difficult to predict and, accordingly, Dolphin Entertainment's actual results may differ materially from the results discussed in its forward-looking statements. Dolphin Entertainment's forward-looking statements contained herein speak only as of the date of this press release. Factors or events Dolphin Entertainment cannot predict, including those described in the risk factors contained in its filings with the Securities and Exchange Commission, may cause its actual results to differ from those expressed in forward-looking statements. Although Dolphin Entertainment believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved, and Dolphin Entertainment undertakes no obligation to update publicly any forward-looking statements as a result of new information, future events, or otherwise, except as required by applicable law.

DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(unaudited) 
ASSETS As of March 31,
  As of December 31,
Cash and cash equivalents $7,111,717  $7,923,280 
Restricted cash  714,096   714,096 
Accounts receivable, net  4,708,359   5,027,101 
Other current assets  323,020   231,890 
Total current assets  12,857,192   13,896,367 
Capitalized production costs, net  325,866   271,139 
Right of use assets  7,586,271   7,106,279 
Intangible assets, net of accumulated amortization of$ 6,142,939 and $5,747,941, respectively.  7,327,061   7,452,059 
Goodwill  20,098,451   19,627,856 
Property, equipment and leasehold improvements, net  736,996   800,071 
Deposits and other assets  232,253   198,180 
Total Assets $49,164,090  $49,351,951 
Accounts payable $620,913  $1,190,184 
Term loan  800,260   900,292 
Notes payable  1,049,935   846,749 
Convertible notes payable at fair value  -   580,000 
Paycheck Protection Program loan  582,438   582,438 
Loan from related party  1,107,873   1,107,873 
Accrued interest - related party  1,875,161   1,783,121 
Accrued compensation - related party  2,625,000   2,625,000 
Put rights  1,054,235   1,544,029 
Lease liability  1,926,917   1,791,773 
Contract liability  2,928,797   1,855,209 
Other current liabilities  2,314,912   2,045,842 
Total current liabilities  16,886,441   16,852,510 
Notes payable  200,721   426,645 
Convertible notes payable  150,000   1,445,000 
Convertible notes payable at fair value  1,298,740   947,293 
Paycheck Protection Program loan  2,517,431   2,517,431 
Contingent consideration  895,000   530,000 
Lease liability  6,313,936   5,964,275 
Warrants Liability  215,000   450,000 
Other noncurrent liabilities  200,000   550,000 
Total noncurrent liabilities  11,790,828   12,830,644 
Total Liabilities  28,677,269   29,683,154 
Commitments and contingencies (Note 19)        
Common stock, $0.015 par value, 40,000,000 shares authorized, 7,605,477 and 6,618,785, respectively, issued and outstanding at March 31, 2021 and December 31, 2020  114,080   99,281 
Preferred Stock, Series C, $0.001 par value, 50,000 authorized, issued and outstanding at March 31, 2021 and December 31, 2020  1,000   1,000 
Additional paid in capital  123,615,767   117,540,557 
Accumulated deficit  (103,244,026)  (97,972,041)
Total Stockholders' Equity $20,486,821  $19,668,797 
Total Liabilities and Stockholders' Equity $49,164,090  $49,351,951 
  DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIESCondensed Consolidated Statements of Operations (unaudited) 
  For the three months ended 
  March 31, 
  2021  2020 
Entertainment publicity $7,177,117  $6,633,800 
Production and distribution  -   - 
Total revenues  7,177,117   6,633,800 
Direct costs  829,151   688,977 
Selling, general and administrative  1,482,471   1,120,616 
Depreciation and amortization  482,712   521,003 
Legal and professional  344,607   284,440 
Payroll  5,233,116   4,889,623 
Total expenses  8,372,057   7,504,659 
Loss from operations  (1,194,940)  (870,859)
Other Income (expenses):        
(Loss) gain on extinguishment of debt  (57,363)  3,259,865 
Loss on deconsolidation of Max Steel VIE  -   (1,484,591)
Change in fair value of convertible notes and derivative liabilities  (871,449)  147,459 
Change in fair value of warrants  (2,562,877)  72,515 
Change in fair value of put rights  (71,106)  1,470,740 
Change in fair value of contingent consideration  (365,000)  103,000 
Acquisition costs  (22,907)  - 
Interest expense and debt amortization  (165,194)  (624,282)
Total other (expense) income, net  (4,115,896)  2,944,706 
(Loss) income before income taxes $(5,310,836) $2,073,847 
Income tax benefit  38,851   - 
Net (loss) income $(5,271,985) $2,073,847 
(Loss) earnings per share - Basic $(0.73) $0.40 
(Loss) earnings per share - Diluted $(0.73) $0.05 
Weighted average number of shares used in per share calculation        
Basic  7,267,297   4,099,713 
Diluted  7,267,297   5,676,996 


James Carbonara
Hayden IR

SOURCE: Dolphin Entertainment

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