Dolphin Entertainment completes acquisition of Socialyte, files audited financials

Dolphin Entertainment, Inc.

Acquired Socialyte for $13M plus up to $5M earn-out; paid $5M cash, 1,346,257 shares, $3M promissory note
Socialyte is a NY/LA creative agency specializing in social media influencer marketing campaigns
Filed audited Socialyte balance sheets as of Dec 2021/2022 and unaudited nine-month statements through Sep 2022
Socialyte reported net revenue of $4.6M and net income of $475k for nine months ended Sep 30, 2022
Acquisition partly financed via $3M secured term loan from BankProv at 7.37% interest over five years

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