Company: RIVF
Filing Date: 2025-07-24
Form Type: 10-Q
Source: 0001376474-25-000660
Chunk: 47

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-07-24
Form: 10-Q
Item: Part I, Item 8
Chunk 47
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 2023-January 2024;15% stated interest rate; Due April 1, 2024 - in default
 
$4,140,000  
 
$4,140,000  

Current notes payable; Issued July 2024-September 2024;10% stated interest rate; Due March 28, 2025
 
61,064  
 
-  

Non-current notes payable; Issued June 2023-May 2024;15% stated interest rate; Due February 1, 2026
 
1,330,000  
 
1,330,000  

Non-current notes payable; Issued July 2024-September 2024;15%-20% stated interest rates; Due upon the earlier of a sale of a film or closing of a senior debt facility.
 
755,000  
 
-  

Non-current notes payable; Issued July 2024-September 2024;15% stated interest rate; Due upon sale of film
 
125,000  
 
-  

Tax credit assignment loans; Issued January of 2024;Participation in future tax receivable; No stated interest rate or due date
 
750,000  
 
750,000  

Related party notes payable to a beneficial owner; Issued October-November of 2023;15% stated interest rate;  Due February 1, 2026 (refer to Note 8)
 
2,880,000  
 
2,880,000  

Related party notes payable to  parent company;Issued at various dates; no stated interest rate or due date (refer to Note 8)
 
-  
 
7,888,316  

Total notes payable
 
10,041,064  
 
16,988,316  

Less current maturities
 
(4,951,064) 
 
(4,890,000) 

Total notes payable, non-current portion
 
$5,090,000  
 
$12,098,316  

As of September 30, 2024, certain notes totaling $4,140,000, 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). Notes totaling $2,450,000 were paid-down during October