Company: RIVF
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024216
Chunk: 71

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 71
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 consisted of interest expense of ($305,634) and other income of $1,849. For the three months
ended December 31, 2023, other (expense) income consisted of other income of $7,760. The increase in other (expense) income was primarily
related to the increase in notes payable during the three months ended December 31, 2024 as compared to the three months ended December
31, 2023.

For
the Six Months Ended December 31, 2024 compared to the Six Months Ended December 31, 2023

Revenues

The
Company recognized $10.0 million in revenues during the six months ended December 31, 2024. There were no recognized revenues during
the six months ended December 31, 2023. The increase in revenues recognized during the six months ended December 31, 2024 as compared to the six months ended
December 31, 2023 was due to the sale of a film during the current year period for $10.0 million.

18

Cost
of Service

Cost
of service was $10.5 million for the six months ended December 31, 2024. The cost of service relates solely to the amortization of capitalized
film. As the Company does not expect to generate additional revenues from the film the entire film cost balance was amortized and all
of the necessary participation costs were accrued during the period. The Company did not incur any cost of service during the six months
ended December 31, 2023.

General
and Administrative

General
and administrative expense for the six months ended December 31, 2024 and 2023 totaled $2,747,777 and $111,156, respectively. General
and administrative costs for the six months ended December 31, 2024 of $2,747,777 consisted of participation costs of $1,995,058, professional
fees of $345,223, music and musician expenses $87,275, travel & meals and entertainment of $94,557, payroll costs of $150,488, external
communication of $39,771 and other expenses of $35,405.

General
and administrative costs for the six months ended December 31, 2023 of $111,156 consisted of participation costs of $100,000, pre-production
costs of $7,500 and other expenses of $3,396.

 The increase in general and administrative for