Company: RIVF
Filing Date: 2025-06-09
Form Type: 10-KT/A
Source: 0001376474-25-000520
Chunk: 4

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-06-09
Form: 10-KT/A
Chunk 4
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000. The funds were used to pay the Company's debts and contribute to the Acquisition costs. To that extent, the Company distributed to Rivulet Media $2,950,000 as a portion of the acquisition cost as of June 30, 2024. The Company paid no underwriting discounts or commissions. During the year ended December 31, 2022, the Company entered into a Stock Purchase Agreement for the private sale of 3,333 shares of our common stock for gross proceeds of $5,000 . On December 29, 2022, the Company entered into an Escrow agreement for the purchase of 2,625,797shares of the Company's Common Stock. The shares were in Escrow until full payment was received on April 19, 2023. and released to JJW Investments, LLC ("JJW"). On April 19, 2023, payment of $305,683 was received from JJW for the 2,625,797, shares of the Company's Common Stock representing 48% of the Company's issued and outstanding common stock. JJW purchased an additional 170,000 shares representing 3% of the Company's issued and outstanding common stock for a total of 51% of the Company. Because of our history of losses, and lack of assurance of additional financing, the audit reports on our financial statements as of June 30, 2024 and December 31, 2023 and 2022 contained a "going concern" opinion regarding doubt about our ability to continue as a going concern. We will require additional debt or equity financing or a combination of both in order to carry out our business plan. We plan to raise additional funds through future sales of our securities, until such time as our revenues are sufficient to meet our cost structure, and ultimately achieve profitable operations. There is no assurance we will be successful in raising additional capital or achieving profitable operations. Our board of directors may attempt to use non-cash consideration to satisfy obligations that may consist of restricted shares of our common stock. These actions would result in dilution of the ownership interests of existing shareholders and may further dilute our common stock book value. As discussed throughout the filing, the Company entered into an asset purchase agreement with Rivulet Media during March of 2024. As part of the agreement, the Company agreed i) to issue approximately 90 million shares and ii) make a $10,000,000 payment to the shareholders of Rivulet Media. As of June 30,