Company: RIVF
Filing Date: 2025-06-09
Form Type: 10-KT/A
Source: 0001376474-25-000520
Chunk: 18

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-06-09
Form: 10-KT/A
Chunk 18
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 at $0.40 per share for gross proceeds of $3,000,000. Based on the $0.40 sale price, the Company determined that that fair value of the 67,361,602 issued shares was approximately $26,944,640. The $2,950,000 in transferred cash was recognized as a current asset on the Company's balance sheet. Further, in accordance with ASC 505-10-45 and SAB Topic 4.E, the Company recognized the fair value of the transferred shares as a deduction to equity (refer to Note 3 for additional information). Note 9 . Shareholders Equity During the fiscal year ended December 31, 2022, the Company sold 3,333shares resulting in gross proceeds of $ 5,000. Further, during the transition period ended June 30, 2024, the Company sold 800,000shares resulting in gross proceeds of $ 500,000. Of the 8,000,000 shares that were sold during the transition period, 500,000 were not transferred to the investor until July of 2024. As discussed in Note 8, the Company entered into an asset purchase agreement with Rivulet Media during March of 2024. While the transaction did not close until July of 2024, the Company transferred approximately 67,000,000 shares to Rivulet Media during April of 2024. Note 10. Subsequent Events (restated) In accordance with ASC 855, the Company performed an evaluation of subsequent events through the date these financial statements were issued. There were no material subsequent events which affected, or could affect, the amounts or disclosures in the financial statements, other than those as described below. Closing of Asset Purchase Agreement As discussed in Note 8 of the financial statements , the Company entered into an asset purchase agreement with Rivulet Mediaduring March of 2024. The transaction closed during July of 2024 after the receipt of regulatory approval. The Company plans to account for the transaction as a reverse merger with Rivulet Media being considered the accounting acquirer. Thus, beginning with its Form 10-Q for the period ended September 30, 2024, the historical results of the combined Company will represent those of Rivulet Media. Addendums to the Asset Purchase Agreement On September 11, 2024 the Company filed an 8-K disclosing that the Company, and Rivulet Media, Inc., entered into an addendum that amended the Asset Purchase Agreement(the