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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.

Condensed Consolidated Balance Sheets
  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  
    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  
Condensed Consolidated Statements of Operations
  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  
    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
    7,267,297       4,099,713  
    7,267,297       5,676,996  


James Carbonara
Hayden IR

SOURCE: Dolphin Entertainment

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