Company: RIVF
Filing Date: 2025-09-10
Form Type: 10-Q
Source: 0001493152-25-013005
Chunk: 8

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-09-10
Form: 10-Q
Item: Part I, Item 1
Chunk 8
---
 enhance our competitive position in the industry, ensure optimal use
of the Company’s capital, build diversified foundation for future growth, and generate significant long-term value for the Company’s
stockholders.

NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

These
accompanying condensed consolidated unaudited financial statements have been presented in United States dollars (“$” or “USD”)
and are prepared in accordance with United States generally accepted accounting principles (“US GAAP”) for interim financial
information and with Article 8 of Regulation S-X. In addition, as a film production company, the Company also complies with the incremental
guidance in Accounting Standards Codification (“ASC”) 926, Entertainment-Films. All comparative period financial information
reflects the condensed consolidated results of the former Rivulet Media, Inc. entities under common control that were transferred as
part of the transaction.

The
unaudited condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring
accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position
at March 31, 2025, the results of its operations for the three and nine months ended March 31, 2025 and cash flows for the nine
months ended March 31, 2025. The results of operations for the three and nine months ended March 31, 2025 are not necessarily
indicative of the results to be expected for future quarters or the full year.

     5

In
the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for a fair statement of
the Company’s financial condition and operating results as of and for the periods presented. Revenue, expenses, assets and liabilities
can vary during each quarter of the year. Therefore, the interim results and trends in the interim financial statements may not be representative
of those for the full year or any future period.

These unaudited condensed consolidated financial statements do not include all required information under U.S. GAAP
to be considered a complete set of financial statements and therefore should be read in conjunction with the audited consolidated financial
statements and notes thereto included in the Company’s Annual Report on Form 10-KT/A for the period ended June 30, 2024 filed with
the Securities and Exchange Commission.

Principles
of Consolidation

The
Company evaluates the need to consolidate other entities based