Company: RIVF
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001493152-25-018109
Chunk: 177

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 177
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es an “ownership change,” generally defined as a greater than 50% change by value
in its equity ownership over a three-year period, is subject to limitations on its ability to utilize its pre change net operating losses,
or NOLs, to offset future taxable income. Our existing NOLs may be subject to limitations arising from ownership changes that we might
have undergone in the past and a detailed study has not been performed to date. Future changes in our stock ownership, some of which
might be beyond our control, could result in an ownership change under Section 382 of the Code, further limiting our ability to utilize
a material portion of the NOLs even if we attain profitability. During the years ended June 30, 2025 and 2024, the Company’s valuation
allowance increased by approximately $20,000 and approximately $5,000, respectively.

The
Company has evaluated its income tax positions and has determined that it does not have any uncertain tax positions. The Company will
recognize interest and penalties related to any uncertain tax positions through its income tax expense.

    F-15

NOTE
7 – NOTES PAYABLE AND RELATED PARTY LOANS

The
Company enters into loan agreements with both related and non-related parties in order to fund their ongoing film production activities.
To that extent, the Company had the following outstanding debt as of June 30, 2025 and June 30, 2024:

 SCHEDULE OF NOTES PAYABLE AND RELATED PARTY LOAN

    2025  
    2024 

    As
    of June 30, 

    2025  
    2024 
  
    Current
    notes payable; Issued December 2023-January 2024; 15% stated interest rate; Due April 1, 2024 - in default 
    $190,000  
    $4,140,000 
  
    Current
    notes payable; Issued July 2024-September 2024; 10% stated interest rate; Due March 28, 2025 - in default 
     13,493  
     - 
  
    Current
    loan payable; Issued October 2024; 6.5% average interest rate; Due October 2025; net of deferred financing costs 
     3,417,593  
     - 
  
    Current
    notes payable; Issued September 2024; 20