Company: RIVF
Filing Date: 2025-06-09
Form Type: 10-KT/A
Source: 0001376474-25-000520
Chunk: 13

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-06-09
Form: 10-KT/A
Chunk 13
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 and tax bases of assets and liabilities. Deferred tax assets are reduced, if necessary, by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company recognizes uncertainty in income taxes in the financial statements using a recognition threshold and measurement attribute of a tax position taken or expected to be taken in a tax return. The Company applies the “more-likely-than-not” recognition threshold to all tax positions, commencing at the adoption date of the applicable accounting guidance, which resulted in no unrecognized tax benefits as of such date. Property, Plant and Equipment Property, plant and equipment (“PP&E”) is recorded at cost, net of accumulated depreciation. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the assets. The Company’s PP&E was comprised solely of computer equipment, with a five year estimated useful life, as of both June 30, 2024 and December 31, 2023. The Company did not own any PP&E as of December 31, 2022. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which requires additional operating segment disclosures in annual and interim financial statements. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 and for interim periods beginning after December 15, 2024 on a retrospective basis, with early adoption permitted. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a retrospective or prospective basis. The Company has assessed the impact of both pronouncements and does not believe they will have a material impact on their financial statements. 12

Restatement of Previously Issued Financial Statements

In accordance with ASC 250 and SAB99, the Company determined that the financial statements included in its Form 10-KT previously filed with the Securities