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Dolphin Entertainment, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $12,682,437 from $10,184,511 in the same quarter the previous year. The increase is attributed to higher revenues from the entertainment publicity and marketing segment.
Direct costs for the quarter were $254,574, compared to $185,308 in the same quarter of the previous year. The increase is primarily due to higher production costs.
The company reported a net loss of $8,692,389 for the quarter, compared to $3,863,328 in the previous year, with the decline attributed to increased impairment charges and interest expenses.
An impairment of goodwill amounting to $6,480,992 was recorded, reflecting a decline in market capitalization and recurring net losses.
Interest expense for the quarter was $533,454, compared to $604,669 in the previous year. The decrease is due to changes in the company's debt structure.
Cash used in operating activities was $1,008,053 for the nine months ended September 30, 2024, compared to $4,892,645 in the previous year. The improvement is attributed to better working capital management.
Dolphin had a working capital of $18,851,532 as of September 30, 2024. The company continues to focus on managing its financial obligations and exploring strategic opportunities.
The filing also details various financial agreements, including a loan agreement with BankUnited (BKU-1.74%) and related party loans.
Dolphin does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting and is working on remediation efforts.
Dolphin continues to focus on expanding its entertainment publicity and marketing services, as well as exploring new content production opportunities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dolphin Entertainment Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.