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 350°F.
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 heaving 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.
Notes
Test the oil temperature by frying one donut hole to begin with. Test until you find the perfect temperature.