Company: RIVF
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001493152-25-018109
Chunk: 0

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
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General
Overview

Rivulet
Entertainment, Inc. (the “Company”, “we” or “us”), is an independent studio engaged in the production,
distribution and marketing of star driven commercial feature-length films, television series and mini-series, and television movies,
from initial creative development through principal photography, postproduction, distribution and ancillary sales. The Company also provides
music production. Upon completion of production, the Company expects to receive initial revenues from domestic and foreign distribution
contracts headquartered in Scottsdale, Arizona.

As
disclosed in our Form 8-K filed with the SEC on May 5, 2024, the Company merged into its wholly owned subsidiary with the Company surviving
and operating under its subsidiary’s name. The effective date of the name change was July 12, 2024 whereby the Company’s
name was changed from Advanced Voice Recognition Systems, Inc. to Rivulet Entertainment, Inc. All references to the Company in this filing
have been updated to reflect the name change.

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 the Company’s consolidated balance sheets as of June 30, 2025. The transaction was accounted for as a reverse asset
acquisition 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 comparative financial statements presented
in the filing (for the period ended June 30, 2024) are those of the combined entities of Rivulet Media, Inc. that were transferred as
part of the merger agreement.