Open the package of biscuit dough and cut each biscuit into 4 equal pieces. Roll each piece into a ball.

Heat a large heavy pot over medium-high heat and add vegetable oil to 1-inch depth. Heat the oil to 350F.

Drop a few dough balls into the oil and fry until golden brown on all sides, about 2-3 minutes. Remove the donut holes from the oil and place on a cooling rack or paper towels to drain off excess oil and cool slightly. Repeat this process with the remaining dough balls, frying in small batches until all are cooked.

On a plate or in a shallow bowl, combine the granulated sugar and cinnamon. Roll the donut holes in the sugar mixture.

To make the chocolate dipping sauce, combine the semi-sweet chocolate chips and heavy whipping cream in a microwave safe bowl. Microwave on high for 30-45 seconds until the chocolate is fully melted. Stir the mixture until smooth.