Company: RIVF
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013005
Chunk: 20

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
  
     7,888,316 
  
    Total notes payable 
     18,337,509  
     16,988,316 
  
    Less current maturities 
     (18,337,509) 
     (4,890,000)
  
    Total notes payable, non-current portion 
    $-  
    $12,098,316 

As
of March 31, 2025, certain notes totaling $1,690,000, were in technical default as a result of non-payment. However, per the terms of
the notes, the default interest rate of 25% cannot be triggered unless a default notice is received from the lender(s). Additionally,
approximately $353,000 of notes were in default as a result of provisions in the respective note agreements requiring payment upon sale
of a film, which has yet to be fulfilled by the Company. As of the date of the filing, $353,000 were still in default and bore an interest
rate of 20% to 25%.

During
the nine months ended March 31, 2025, the Company entered into certain note agreements totaling $1.0 million. These notes bear interest
at rates of 10% to 20%, and mature dependent upon factors related to future film sales or the closing of a senior debt facility.

On
October 16, 2024 the Company entered into a one-year 1
credit facility with total availability of $3.5
million. The full amount of $3.5
million has been drawn as of the date of these condensed consolidated financial statements with an approximate interest rate of 6.5%.

     12

During
the nine months ended March 31, 2025, the Company issued notes payable totaling $0.4 million bearing an interest rate of 20%, due upon
the earlier of a sale of a film or closing of a senior debt facility.

During
the nine months ended March 31, 2025, the Company issued approximately $16.0 million of notes payable bearing an interest rate of 10%.

During
the nine months ended March 31, 2025, the Company entered into certain note agreements totaling $61,064.
These notes bear interest at a rate of 10%,
and mature at dates through March
28, 2025. During the nine  months ended March 31, 2025, the Company repaid $47,571