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

Company: Rivulet Entertainment, Inc.
Filing Date: 2025-06-09
Form: 10-KT/A
Chunk 10
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 Rivulet Entertainment, Inc.) continued the operations of NCC, Inc. until approximately December 31, 2001, when shifts in the industry’s markets caused NCC, LLC to suspend its operations. Advanced Voice Recognition Systems, Inc (n/k/a) Rivulet Entertainment, Inc. was incorporated in the State of Colorado on July 7, 2005. In September 2005, the members of NCC, LLC transferred all of their membership interests in NCC, LLC to Rivulet Entertainment, Inc. in exchange for 93,333,333 shares (post-recapitalization) of Rivulet Entertainment, Inc. common stock. Following the incorporation of Rivulet Entertainment, Inc., the Company initiated a new business plan and intends to continue its operations in the voice recognition and transcription industry. Rivulet Entertainment, Inc.is a software development company specializing in speech recognition technologies. Rivulet Entertainment, Inc. has successfully obtained patent protection of its proprietary technology. The Company continues to explore all options to monetize and enforce our patent portfolio through patent enforcement and licensing of the six patents issued. Reverse Stock Split The Company effected a 1-for 100 reverse stock split of its outstanding shares of common stock on July 3, 2023. The reverse stock split did not change the number of authorized shares of common stock or par value. All references in these financial statements to share, share prices, and other per share information in all periods have been adjusted, on a retrospective basis, to reflect the reverse stock split. Asset Purchase Agreement (restated) During March of 2024 the Company entered into an asset purchase agreement with Rivulet Media, a film production company, whereby the Company agreed to purchase the assets of the entity for consideration of approximately 90 million shares and $10,000,000. The acquisition closed during July of 2024 leading to a change in control whereby the shareholders of Rivulet Media gained a controlling financial interest in the combined Company (as that concept has been defined by Accounting Standards Codification 810). Thus, starting with the Form 10-Q for the period ended September 30, 2024, the historical results presented will be those of Rivulet Media. As of June 30 2024, the Company had transferred (as a prepayment) approximately 67 million shares and approximately $3 million. The cash prepayment was recognized as an "asset purchase deposit" on the face of the balance sheet and was classified as a current asset as of June 30, 2024.