海豚娱乐有限公司2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025 OR 86-0787790(I.R.S. EmployerIdentification No.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of RegulationS-T (Section232.405 of this chapter) during the preceding 12 months (or for such shorter period Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The number of shares of common stock outstanding was11,168,119as of May 12, 2025. TABLE OF CONTENTS PART I — FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (unaudited) Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024(unaudited)4 DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION:Interest paid DOLPHIN ENTERTAINMENT, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 –GENERAL Dolphin Entertainment, Inc., a Florida corporation (the “Company,” “Dolphin,” “we,” “us” or “our”), is a leading independententertainment marketing and production company. Through its subsidiaries 42West LLC (“42West”), The Door Marketing Group,LLC (“The Door”), Shore Fire Media, Ltd (“Shore Fire”), The Digital Dept., LLC (“The Digital Dept.”), Special Projects LLC(“Special Projects”), Always Alpha Sports Management, LLC (“Always Alpha”) and Elle Communications, LLC (“Elle”), theCompany provides expert strategic marketing and publicity services to many of the top brands, both individual and corporate, in the 42West (Film and Television, Gaming), Shore Fire (Music), The Door (Culinary, Hospitality, Lifestyle) and Elle (Impact,Philanthropy, Non-Profit) are each recognized global public relations (“PR”) and marketing leaders for the industries they serve. TheDigital Dept., and newly formed Always Alpha, provide influencer marketing capabilities through divisions dedicated to influencertalent management, brand campaign strategy and execution, and influencer event ideation and production. Always Alpha is a talentmanagement firm primarily focused on representing female athletes, broadcasters and coaches. The Digital Dept. is a talentmanagement firm primarily focused on social media influencers in beauty, fashion, lifestyle and dermatology. Special Projects is the Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Dolphin, and all of its whollyowned subsidiaries, comprising Dolphin Films, Inc. (“Dolphin Films”), Dolphin SB Productions LLC, Dolphin Max Steel Holdings,LLC, Dolphin JB Believe Financing, LLC, Dolphin JOAT Productions, LLC, Always Alpha, 42West, The Door, Viewpoint ComputerAnimation, Incorporated (“Viewpoint”), Shore Fire, The Digital Dept. and Special Projects. During the second quarter of 2024, theCompany ceased the operations of Viewpoint. The Company applies the equity method of accounting for its investments in entities for The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principlesgenerally accepted in the United States (“U.S. GAAP”) for interim financial information and the instructions to Form 10-Q under theSecurities Exchange Act of 1934, as amended (the “Exchange Act”), and Article 8 of Regulation S-X. Accordingly, they do not includeall of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’smanagement, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting only ofnormal recurring adjustments, necessary for a fair statement of its financial position as of March 31,