Dolphin Entertainment, Inc. - Form 4 Filing

On May 12, 2025, Dolphin Entertainment, Inc. (DLPN) entered into an exchange agreement with Dolphin Entertainment LLC (DE LLC), an entity wholly owned by CEO William O'Dowd IV. This agreement involved the exchange of three nonconvertible promissory notes totaling $2,242,873 for three new convertible promissory notes of the same principal amounts. The maturity dates for these notes were extended by six months. Specifically, one note for $1,107,873 now matures on June 30, 2027, another for $1,000,000 matures on October 29, 2029, and a third for $135,000 matures on December 10, 2029. These new notes continue to bear interest at a rate of 10% per annum. DE LLC retains the right to convert the principal and accrued interest of these notes into DLPN common stock at any time before the respective maturity dates. The filing indicates that William O'Dowd IV, who is CEO, a director, and a 10% owner, made these transactions indirectly through DE LLC.