10-KT/A - Rivulet Entertainment, Inc. (0001342936) (Filer)

Mon, Jun 9, 7:52 PM (14 days ago)

**Rivulet Entertainment, Inc. (RIVF) - 10-KT/A Summary** **Financial Performance (in 000s):** - **Revenue:** No material revenue reported. - **Net Income:** Net loss of $54,677 for the six months ended June 30, 2024. - **Operating Expenses:** $176,627 for the six months ended June 30, 2024. - **Earnings Per Share:** Basic and diluted loss per share of $0.00 for the six months ended June 30, 2024. **Strategic Overview:** - Rivulet Entertainment, Inc. is a software development company specializing in speech recognition technologies. - The company is in the process of acquiring Rivulet Media, with the transaction closing in July 2024. - The acquisition is accounted for as a reverse merger, with Rivulet Media shareholders gaining control. **Future Outlook:** - The company plans to raise additional funds through future sales of securities until revenues meet the cost structure. - The company does not intend to pay dividends in the foreseeable future. - The company faces substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued. **Risk Factors:** - History of losses and lack of assurance of additional financing. - Dependence on future equity or debt financing, which may not be available or on acceptable terms. - Potential dilution of ownership interests of existing shareholders due to non-cash consideration for obligations. **Financial Condition:** - Current assets of $2,988,365 and current liabilities of $192,654 as of June 30, 2024. - Total assets of $2,989,189 and total liabilities of $192,654 as of June 30, 2024. - Stockholders' equity (deficit) of $2,796,535 as of June 30, 2024. **Market Position Changes:** - The company is a shell company as of the last business day of the second fiscal quarter. - The aggregate market value of the outstanding common equity held by non-affiliates was approximately $2,838,803 as of the last business day of the second fiscal quarter. - As of November 1, 2024, a total of 105,588,243 shares were issued and outstanding. **Amendment Details:** - The amendment restates the financial statements due to an error in recognizing the equity prepayment made to Rivulet Media. - The restatement reclassified $26.9 million from current assets to a deduction in stockholders' equity (deficit). - The restatement did not materially impact the statement of operations or statement of cash flows.