$RIVF
Rivulet Entertainment, Inc.

2023 Q1 Form 10-K Financial Statement

#000137647423000173 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $30.06K $8.000K $44.93K
YoY Change 57.8% -72.35% -43.17%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $30.81K $8.360K $46.64K
YoY Change 56.54% -71.67% -42.51%
Operating Profit -$30.81K -$8.360K -$46.64K
YoY Change 56.54% -71.67% -42.51%
Interest Expense $284.00 -$140.00 $1.954K
YoY Change -156.8% -73.08% -186.46%
% of Operating Profit
Other Income/Expense, Net $50.16K -$1.954K
YoY Change -10152.3% -13.69%
Pretax Income $19.35K -$8.490K -$48.59K
YoY Change -195.9% -71.74% -41.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $19.35K -$8.490K -$48.59K
YoY Change -195.89% -71.74% -41.73%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 547.5M shares 284.9M shares 287.1M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.52K $140.00 $140.00
YoY Change 284.0% -98.85% -98.85%
Cash & Equivalents $11.52K $138.00 $140.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.52K $138.00 $140.00
YoY Change 284.1% -98.86% -98.85%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $11.52K $138.00 $140.00
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $11.52K $138.00 $140.00
YoY Change 284.1% -98.86% -98.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.74K $101.8K $101.8K
YoY Change -40.01% 0.59% 0.59%
Accrued Expenses $169.7K $177.8K $177.8K
YoY Change -4.02% 0.84% 0.84%
Deferred Revenue
YoY Change
Short-Term Debt $19.94K $19.94K $19.94K
YoY Change 0.0% 0.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $335.8K $343.7K $343.7K
YoY Change 5.53% 10.12% 10.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $335.8K $343.7K $343.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $335.8K $343.7K $343.7K
YoY Change 5.53% 10.12% 10.12%
SHAREHOLDERS EQUITY
Retained Earnings -$8.613M -$8.632M
YoY Change 0.57%
Common Stock $284.9K $284.9K
YoY Change 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$324.2K -$343.6K -$343.6K
YoY Change
Total Liabilities & Shareholders Equity $11.52K $138.00 $140.00
YoY Change 284.1% -98.86% -98.85%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $19.35K -$8.490K -$48.59K
YoY Change -195.89% -71.74% -41.73%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$28.78K -$10.71K -$46.50K
YoY Change 60.36% -34.13% 4.8%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000K
YoY Change -89.13%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $40.17K 10.70K $34.49K
YoY Change 356.47% -53.84% -38.6%
NET CHANGE
Cash From Operating Activities -$28.78K -10.71K -$46.50K
Cash From Investing Activities $0.00 0.000 $0.00
Cash From Financing Activities $40.17K 10.70K $34.49K
Net Change In Cash $11.39K -10.00 -$12.01K
YoY Change -224.43% -100.14% -201.78%
FREE CASH FLOW
Cash From Operating Activities -$28.78K -$10.71K -$46.50K
Capital Expenditures $0.00
Free Cash Flow -$46.50K
YoY Change

Facts In Submission

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<p style="font:11pt Times New Roman;margin:0;text-align:justify"><b>Note 1.     Nature of Operations</b></p> <p style="font:11pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Company Overview</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The operations of Advanced Voice Recognition Systems, Inc. (“AVRS” or the “Company”), http://www.avrsys.com, commenced in 1994 with a predecessor entity called NCC, Inc. NCC, Inc. was incorporated on March 15, 1994 in the State of Ohio. NCC, Inc. operated as a software and hardware development company that marketed voice recognition and transcription products for commercial applications.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In May 2000, WG Investments, LLC acquired the assets of NCC, Inc. and subsequently changed its name to NCC, LLC. NCC, LLC (also a predecessor to AVRS) 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.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">AVRS 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 AVRS in exchange for 93,333,333 shares (post-recapitalization) of AVRS common stock. In December 2005, the Board of Directors approved a 1.5-to-1 stock split issuing 46,666,667 common shares (post-recapitalization), which increased the number of common shares outstanding to 140 million shares (post-capitalization). Following the incorporation of AVRS, the Company initiated a new business plan and intends to continue its operations in the voice recognition and transcription industry.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">AVRS is a software development company specializing in speech recognition technologies. AVRS has successfully obtained patent protection of its proprietary technology (refer to Note 3, Intangible Assets).   The Company has currently engaged a firm to investigate and asserting claims relating to certain patents including negotiating licensing agreements and the filing and prosecution of lawsuits.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Stock Exchange Agreement</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On April 28, 2008, the Company entered into a Stock Exchange Agreement (“the Agreement”) with Samoyed Energy Corp., a Nevada corporation (“Samoyed”), which resulted in a reverse acquisition.  The Agreement provided for the reorganization of AVRS with Samoyed. In connection with the Agreement, Samoyed acquired all of the issued and outstanding common shares of AVRS in exchange for 140 million shares of Samoyed’s common stock.  On May 19, 2008, at the closing of the Agreement, the former shareholders of AVRS owned approximately 85% of the outstanding common stock of Samoyed, resulting in a change in control.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">For accounting purposes, this acquisition has been treated as a reverse acquisition and recapitalization of AVRS, with Samoyed the legal surviving entity. Since Samoyed had, prior to the recapitalization, minimal assets and limited operations, the recapitalization has been accounted for as the sale of 24,700,008 shares of AVRS common stock for the net liabilities of Samoyed. Therefore, the historical financial information prior to the date of the recapitalization is the financial information of AVRS. Costs of the transaction have been charged to the period in which they are incurred.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In connection with the Agreement, a shareholder of Samoyed holding an aggregate of 3.5 million shares of Samoyed’s common stock made payments totaling $565,651 since 2008 in lieu of tendering shares to the Company.  The Company received the final payment of $6,000 on February 15, 2012.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Stock Purchase Agreements</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">During the year ended December 31, 2022 the Company entered into Stock Purchase Agreements for the private sale to one person or entities of an aggregate of 333,334 shares of the common stock for aggregate proceeds of $5,000 which was paid in full in the period. On December 29, 2022 the Company entered into an Escrow agreement for the purchase of 262,579,731 shares of the Companies Common Stock.  The shares remain in Escrow until full payment is made. During the year ended December 31, 2021, the Company entered into Stock Purchase Agreements to five persons for the private sale of an aggregate of 4,200,000 shares of the common stock for aggregate proceeds of $46,000, full payment of which was received in the period.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b><i>Commitments and Contingencies</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On April 20, 2015 Advanced Voice Recognition Systems, Inc. (“AVRS”) entered into a Material Letter Agreement with an unrelated third party (Third Party) in which they promise to pay to patent legal counsel funds to continue prosecuting Patents on behalf of AVRS.  AVRS promises to pay to the Third Party, or to such other holder of this promissory note (Note) as designate, the principal, together with any additional amounts owed pursuant to the terms set forth in this Note.  Interest at 2% was accrued and reported at December 31, 2022. </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On August 20, 2015, Advanced Voice Recognition Systems, Inc. (“AVRS”) entered into a letter agreement with unrelated third party (Third Party) pursuant to which the Third Party will provide strategic advisory services to AVRS to support the common goal of the acquisition, sale, licensing, </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="font-size:10pt">prosecution, enforcement, and settlement with respect to AVRS’s intellectual property, including patents held by AVRS. The Third Party has agreed to advance costs recommended by it, including court filing fees, discovery and other litigation costs, and patent prosecution costs, up to an aggregate of $10,000,000.   AVRS will be responsible for costs not recommended by the Third Party, as well as travel and ordinary business expenses incurred by AVRS.  Except for the advanced costs by the Third Party, AVRS will be responsible for any contingency payments to law firms.  Any and all advanced costs will only become liabilities if successful.  On June 28, 2017 AVRS and the Third Party agreed to terminate the August 20, 2015 Letter Agreement.  AVRS did not incur any material early termination penalties in connection of the early termination of the agreement. </span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:11pt Times New Roman;margin:0;text-align:justify"><span style="font-size:10pt">On November 1, 2016, Advanced Voice Recognition Systems, Inc. (“</span><span style="font-size:10pt;border-bottom:1px solid #000000">AVRS</span><span style="font-size:10pt">”) entered into a Contingent Fee Agreement (the “</span><span style="font-size:10pt;border-bottom:1px solid #000000">Agreement</span><span style="font-size:10pt">”) with Legal Representation pursuant to which they will represent AVRS in connection with investigating and asserting claims relating to certain patents, including the negotiation of license agreements and the filing and prosecution of lawsuits, against any potential infringers of rights associated with such patents (the “</span><span style="font-size:10pt;border-bottom:1px solid #000000">Patent Rights</span><span style="font-size:10pt">”)  Legal representation will handle licensing and litigation activities under the Agreement on a contingent fee basis.  The fee will depend upon whether AVRS recovers any sums by way of licensing, settlement, trial or otherwise with respect to the Patent Rights.  On June 6, 2017 AVRS and Legal Representation revised the Contingent Fee Agreement as it related to the termination of the August 20, 2015 Letter Agreement which was to provide advisory services, court filing fees, discovery and other litigation costs.  The revised Contingent Fee Agreement assumed the responsibility for the costs and expenses in the Terminated August 20, 2015 Letter Agreement and provides for the payment of twenty percent (20%) of all gross Licensing Agreement Proceeds and thirty percent (30%) of all Litigation Proceeds received by AVRS.  In addition, if the Litigation Proceeds agreed to or received by AVRS at any time are $100,000 or less then Legal Representative shall receive forty percent (40%) of the Litigation Proceeds.</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On November 6, 2017 Advanced Voice Recognition Systems, Inc (“AVRS”) received notice that Meyers &amp; Associates, LLC filed Complaint number 2017CV32482 in Arapahoe County District Court on October 30, 2017. The Complaint relates to purported legal fees owed by AVRS.  On January 31, 2018 AVRS entered into a Settlement Agreement and Promissory Note with Meyers &amp; Associates, LLC.  AVRS promises to pay the principal sum of Fifty-Two Thousand Three Hundred Eighty-Five Dollars and Forty-Six Cents ($52,385.46) as well as accrued interest. AVRS shall pay $1,000 per month on the first day of each month beginning February 1, 2018 and continuing through July 1, 2018 and pay all remaining unpaid principal and accrued interest (12% annual) on August 1, 2018.  All payments have been made.  </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 1, 2018 AVRS and Meyers &amp; Associates entered into an Agreement to Amend Promissory Note. AVRS shall pay $6,000 on or before August 1, 2018, shall pay $1,500 on the first day of each month beginning September 1, 2018 and continuing through November 1, 2018 and shall pay all remaining unpaid principal and accrued interest on December 1, 2018.  All payments have been made.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On November 21, 2018 AVRS and Meyers &amp; Associates entered into a Second Agreement to Amend Promissory Note.  AVRS shall pay $20,000 on or before November 21, 2018, shall pay $1,500 on the first day of each month beginning January 1, 2019 and continuing through June 1, 2019 and shall pay all remaining principal and interest on July 1, 2019.  On June 7, 2019 the Company made the final payment of $11,047.  The note is paid in full.  A $1,500 gain from early extinguishment of Note Payable was reported as income on June 30, 2019.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On June 21, 2018, Advanced Voice Recognition Systems, Inc. (“<span style="border-bottom:1px solid #000000">AVRS</span>”) and Buether Joe &amp; Carpenter, LLC (“BJC) entered into a Letter of Engagement for Legal Services Limited Scope Agreement (“<span style="border-bottom:1px solid #000000">Agreement</span>”) with Schmeiser, Olsen &amp; Watts LLP (“<span style="border-bottom:1px solid #000000">the Firm</span>”) pursuant to which the Firm will serve as local counsel in the United States District Court, District of Arizona.  The Firm has been hired to represent AVRS as local counsel in connection with forthcoming litigation in the U.S. District Court, District of Arizona.    AVRS may terminate the Agreement at any time.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On September 24, 2018, Advanced Voice Recognition Systems, Inc., a Nevada corporation (“AVRS”, “we” or “us”), entered into Promissory Note with Walter Geldenhuys, who is our President, Chief Executive Officer and Chief Financial Officer, and who serves as a member of our Board of Directors.  The Promissory Note is effective as of September 24, 2018 in the principal amount of $9,000 with a maturity date of the Promissory Note September 24, 2019.  Interest at 4% per annum was charged and accrued at December 31, 2018.  The Company repaid $2500 of the note on December 10, 2018.  Interest at 4% per annum was charged and accrued at December 31, 2019.  During 2019 the Company repaid $6,500, paying the note in full on December 27, 2019.</p>
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