Company: RIVF
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001376474-25-000660
Chunk: 13

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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049 
 
$
                         43 

Supplemental disclosure of cash flow information:

Cash paid for interest
 
$
                          -   
 
$
                          -   

Cash paid for income taxes
 
$
                          -   
 
$
                          -   

Supplemental disclosure of non-cash activity:

Debt forgiveness related to reverse merger transaction
 
$
              8,077,965 
 
$
                          -   

Recapitalization
 
$
            (3,626,770)
 
$
                          -   

See accompanying notes to the unaudited condensed consolidated financial statements.

(1) Financial information for the comparative period reflects the combination of certain former Rivulet Media, inc. entities under common control that were transferred as part of the reverse merger transaction

4

Rivulet Entertainment, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

For The Three Months Ended September 30, 2024

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS
 
On July 7, 2024 (the "Closing Date"), Rivulet Entertainment, Inc. ("The Company" or "Rivulet") completed its acquisition of certain wholly owned subsidiaries of Rivulet Media, Inc. In consideration for the acquisition of the entities, the Company agreed to transfer approximately $10 million and 97 million shares to the current owners of Rivulet Media, Inc. On May 19, 2025 the agreement was amended to reduce the cash portion of the purchase price from $10,000,000 to $6,450,000. Furthermore, the conditions subject to closing and the default provisions were eliminated. As of the date of this filing, the Company has transferred $2,950,000 to the former owners of Rivulet Media, Inc. and had an outstanding balance of $3,500,000, which was classified as other current liabilities on our condensed consolidated Balance Sheets as of September 30, 2024. The transaction was accounted for as a reverse merger whereby the combined entities of Rivulet Media, Inc. were determined to be the accounting acquirer/legal acquiree and Rivulet Entertainment, inc. was determined to be the accounting acquiree/legal acquirer. As such, the historical financial statements presented in the filing (for the period ended June 30, 2024 and