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Dolphin Entertainment, Inc. (DLPN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Dolphin Entertainment, Inc.

CIK: 1282224 Ticker: DLPN

 


EXHIBIT 99.1


Dolphin Entertainment Reports Third Quarter Financial Results


NEW YORK and LOS ANGELES, Nov. 19, 2018 /PRNewswire/ -- Dolphin Entertainment, Inc. (NASDAQ: DLPN), a leading independent entertainment marketing and premium content production company, announces its financial results for the quarter ended September 30, 2018.


Quarterly and Recent Highlights   


·

Revenue for the three months ended September 30, 2018 was $5.7 million, compared to $6.8 million for the three months ended September 30, 2017.  The decrease in revenue in Q3 2018 is primarily attributable to the life cycle of a feature film that was released in October 2016 and the majority of the revenues from that film being recognized during 2016 and 2017.


·

Entertainment publicity revenue of $5.7 million, compared to $5.4 million in the same period in the prior year.


·

Operating loss of $(0.5) million for the three months ended September 30, 2018 as compared to operating revenue of $1.4 million in the same period in the prior year. The decrease is directly related to a decrease in production and distribution revenues of $1.4 million and an increase in (i) depreciation and amortization expense of $0.3 million related to the intangible assets of The Door; (ii) bad debt reserve of $0.2 million related to receivables from Open Road which filed for bankruptcy and (iii) increase in professional fees related to audit fees for the consolidated companies and tax advisors.


·

Net income of $0.2 million for the three months ended September 30, 2018 compared to net income of $6.2 million for the same period in the prior year. Net income for the three months ended September 30, 2017 includes a gain in the change in fair value of derivative liabilities of $1.4 and gain on extinguishment of debt $3.9 million as compared to only $0.4 million of gain in change in fair value of derivative liabilities in the net income for the three months ended September 30, 2018.


·

Stockholders' equity of $14.4 million as of September 30, 2018 compared to a stockholders' equity of $2.7 million on September 30, 2017.


·

Acquired top lifestyle and hospitality PR agency, The Door, for aggregate consideration of up to $11 million, which includes performance-based contingent consideration of up to $7 million.


·

Closed a $6.8 million public offering, including the underwriter’s overallotment. 2,265,000 shares of common stock were issued at a purchase price to the public of $3.00 per share, with no warrants attached.  


·

Closed a $750,000 registered direct offering of our stock and sold 250,000 shares of common stock at $3.00 per share.





The following information was filed by Dolphin Entertainment, Inc. (DLPN) on Monday, November 19, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statement Of Operations (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity
Capitalized Production Costs, Accounts Receivables And Other Current Assets
Capitalized Production Costs, Accounts Receivables And Other Current Assets (Accounts Receivable And Other Assets) (Details)
Capitalized Production Costs, Accounts Receivables And Other Current Assets (Capitalized Production Costs) (Details)
Commitments And Contingencies
Commitments And Contingencies (Lease) (Details)
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Debt
Debt (Line Of Credit) (Details)
Debt (Loan And Security Agreements - Prints And Advertising Loan) (Details)
Debt (Payable To Former Member Of 42West) (Details)
Debt (Production Service Agreement) (Details)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Basic And Diluted Income Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Schedule Of Fair Value Assumptions Used To Value Liabilities) (Details)
Fair Value Measurements (Schedule Of Fair Value Assumptions Used To Value Liabilities, Contingent Consideration) (Details)
Fair Value Measurements (Schedule Of Fair Value Assumptions Used To Value Liabilities, Put Rights And Consideration) (Details)
Fair Value Measurements (Schedule Of Liability Fair Value Categorized Within Level 3, Put Rights) (Details)
Fair Value Measurements (Schedule Of Warrants Outstanding) (Details)
Fair Value Measurements (Tables)
General
General (Details)
General (Policies)
Going Concern
Going Concern (Details)
Investment
Investment (Details)
Loans From Related Party
Loans From Related Party (Details)
Mergers And Acquisitions
Mergers And Acquisitions (Narrative) (Details)
Mergers And Acquisitions (Schedule Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed) (Details)
Mergers And Acquisitions (Schedule Of Pro Forma Consolidated Statements Of Operations) (Details)
Mergers And Acquisitions (Schedule Of Provisional Acquisition-Date Fair Value Of Consideration Transferred) (Details)
Mergers And Acquisitions (Tables)
Notes Payable
Notes Payable (Convertible Notes) (Details)
Notes Payable (Nonconvertible Notes Payable) (Details)
Property, Equipment And Leasehold Improvements
Property, Equipment And Leasehold Improvements (Details)
Property, Equipment And Leasehold Improvements (Tables)
Related Party Transactions
Related Party Transactions (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stockholders' Equity
Stockholders' Equity (Deficit) (Common Stock) (Narrative) (Details)
Stockholders' Equity (Deficit) (Preferred Stock) (Narrative) (Details)
Subsequent Events
Subsequent Events (Details)
Variable Interest Entities
Variable Interest Entities (Narrative) (Details)
Variable Interest Entities (Summary Of Financial Information For Variable Interest Entities) (Details)
Variable Interest Entities (Tables)
Warrants
Warrants (Narrative) (Details)
Warrants (Schedule Of Warrant Activity) (Details)
Warrants (Summary Of Warrants Issued) (Details)
Warrants (Tables)

Material Contracts, Statements, Certifications & more

Dolphin Entertainment, Inc. provided additional information to their SEC Filing as exhibits

Ticker: DLPN
CIK: 1282224
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-18-001271
Submitted to the SEC: Mon Nov 19 2018 4:18:39 PM EST
Accepted by the SEC: Mon Nov 19 2018
Period: Sunday, September 30, 2018
Industry: Personal Services

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