Dolphin Entertainment, Inc. announced that it has entered into a subscription agreements with three individuals for five convertible promissory notes in the aggregate principal amount of $1,850,000 for gross proceeds of $1,850,000 on November 28, 2022. The Notes bear interest at a rate of 10% per annum. Two of the notes, in the principal amount of $450,000, mature in four years from their issuance date and the remaining three Notes mature two years from their issuance dates.

The noteholders may convert the principal balance of the Notes and any accrued interest thereon at any time before the maturity date of the Note into common stock of the Company using the 90-day trailing average trading price of the Company's common stock.