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OMB APPROVAL
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OMB Number:
3235-0058
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Expires:
October 31, 2018
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Estimated
average burden
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hours per
response.......2.50
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FORM
12b-25
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SEC FILE NUMBER
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CUSIP NUMBER
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NOTIFICATION
OF LATE FILING
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(Check one):
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☑
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Form
10-K
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☐
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Form
20-F
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☐
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Form
11-K
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☐
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Form
10-Q
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☐
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Form
10-D
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☐
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Form
N-SAR
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☐
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Form
N-CSR
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For Period Ended:
December
31, 2016
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☐
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Transition
Report on Form 10-K
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☐
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Transition
Report on Form 20-F
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☐
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Transition
Report on Form 11-K
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☐
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Transition
Report on Form 10-Q
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☐
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Transition
Report on Form N-SAR
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For the Transition Period
Ended:
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Nothing
in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification
relates to a portion of the filing checked above, identify the
Item(s) to which the notification relates:
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PART
I — REGISTRANT INFORMATION
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Dolphin
Digital Media, Inc.
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Full Name of
Registrant
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Former Name if
Applicable
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2151 S LeJeune Road, Suite
150
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Address of
Principal Executive Office (Street
and Number)
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Coral Gables, Florida 33134
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City, State and Zip
Code
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(a)
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The reason
described in reasonable detail in Part III of this form could not
be eliminated without unreasonable effort or expense
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(b)
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The subject annual
report, semi-annual report, transition report on Form 10-K, Form
20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion thereof, will
be filed on or before the fifteenth calendar day following the
prescribed due date; or the subject quarterly report or transition
report on Form 10-Q or subject distribution report on Form 10-D, or
portion thereof, will be filed on or before the fifth calendar day
following the prescribed due date; and
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(c)
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The
accountant’s statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
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PART
IV — OTHER INFORMATION
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(1)
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Name and telephone
number of person to contact in regard to this
notification
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Mirta A Negrini
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(305)
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774-0407
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(Name)
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(Area
Code)
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(Telephone
Number)
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(2)
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Have all other
periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment
Company Act of 1940 during the preceding 12 months or for such
shorter period that the registrant was required to file such
report(s) been filed? If answer is no, identify
report(s).
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Yes
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No
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(3)
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Is it anticipated
that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the subject report or
portion thereof?
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Yes
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No
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If so, attach an
explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a
reasonable estimate of the results cannot be made.
In
addition to Warrants J and K described above, during 2016, the
Company issued Warrants G, H and I, collectively with Warrants J
and K, (the “Warrants”) for which the Company
determined that the Warrants should be accounted for as
derivatives, for which a liability is recorded in the aggregate and
measured at fair value in the consolidated balance sheets on a
recurring basis, and the change in fair value from one reporting
period to the next is reported as income or expense in the
consolidated statements of operations. During 2016, the Company
recorded a gain from the change in fair value of approximately $2.9
million and recorded a warrant issuance expense of approximately
$7.4 million. During the year ended December 31, 2015, the Company
did not record any gain or loss from the change in fair value of
warrants or record any expense related to issuances of
warrants.
During
the year ended December 31, 2016, the Company released a feature
film and recorded revenues of approximately $9.5 million, direct
costs of approximately $9.8 million and distribution costs of
approximately $10.9 million. During the year ended December 31,
2015, the Company recorded revenues from production of
approximately $3 million and direct costs related to these
productions of $2.6 million. No distribution expenses were recorded
during the year ended December 31, 2015.
The
Company incurred net losses of approximately $36.3 million and $8.8
million respectively, for the years ended December 31, 2016 and
2015, primarily related to the factors discussed
above.
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DOLPHIN
DIGITAL MEDIA, INC.
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(Name of Registrant
as Specified in Charter)
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has caused this
notification to be signed on its behalf by the undersigned hereunto
duly authorized.
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Date: April 3, 2017
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By:
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/s/Mirta A
Negrini
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Name:
Mirta A
Negrini
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Title:Chief
Financial Officer
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