Dolphin Entertainment Inc. (DLPN)

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'The Company has quarter end losses from operations for the period ended June 30, 2009. During the six months period ended June 30, 2009 the Company recorded an accumulated deficit of $13,228,557. Further, the Company has inadequate working
capital to maintain or develop its operations, and is dependent upon funds from private investors and the support of certain stockholders.

These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. In this regard, management is planning to raise any necessary additional funds through
loans and additional sales of its common stock. There is no assurance that the Company will be successful in raising additional capital.'