$RIVF
Rivulet Entertainment, Inc.

2023 Q3 Form 10-Q Financial Statement

#000137647423000407 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
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 $125.6K $64.64K $8.000K
YoY Change 1265.11% 644.7% -72.35%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.00 $17.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $131.7K $65.01K $8.360K
YoY Change 1278.61% 619.3% -71.67%
Operating Profit -$131.7K -$65.01K -$8.360K
YoY Change 1278.61% 619.3% -71.67%
Interest Expense $2.533K $1.573K -$140.00
YoY Change 337.48% 112.57% -73.08%
% of Operating Profit
Other Income/Expense, Net -$2.533K -$1.573K
YoY Change 337.48% 112.57%
Pretax Income -$134.3K -$66.58K -$8.490K
YoY Change 1224.84% 580.95% -71.74%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$134.3K -$66.58K -$8.490K
YoY Change 1224.84% 580.95% -71.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 547.5M shares 547.5M shares 284.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.440K $30.01K $140.00
YoY Change 860.0% 4740.32% -98.85%
Cash & Equivalents $1.436K $30.01K $138.00
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.436K $30.01K $138.00
YoY Change 844.74% 4755.18% -98.86%
LONG-TERM ASSETS
Property, Plant & Equipment $981.00 $1.034K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $981.00 $1.034K $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $1.436K $30.01K $138.00
Total Long-Term Assets $981.00 $1.034K $0.00
Total Assets $2.417K $31.04K $138.00
YoY Change 1490.13% 4922.49% -98.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.246K $851.00 $101.8K
YoY Change -98.8% -99.18% 0.59%
Accrued Expenses $111.6K $13.33K $177.8K
YoY Change -37.26% -92.48% 0.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $19.94K
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $221.8K $116.2K $343.7K
YoY Change -33.84% -64.32% 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 $221.8K $116.2K $343.7K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $221.8K $116.2K $343.7K
YoY Change -33.84% -64.32% 10.12%
SHAREHOLDERS EQUITY
Retained Earnings -$8.814M -$8.679M -$8.632M
YoY Change 2.2% 0.76% 0.57%
Common Stock $5.477K $547.5K $284.9K
YoY Change -98.08% 92.16% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$219.4K -$85.14K -$343.6K
YoY Change
Total Liabilities & Shareholders Equity $2.417K $31.04K $138.00
YoY Change 1490.13% 4922.49% -98.86%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$134.3K -$66.58K -$8.490K
YoY Change 1224.84% 580.95% -71.74%
Depreciation, Depletion And Amortization $53.00 $17.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$60.29K -$243.7K -$10.71K
YoY Change 558.19% 2707.49% -34.13%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.050K $0.00
YoY Change
Cash From Investing Activities $0.00 -$1.050K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.72K 263.2K 10.70K
YoY Change 265.02% 4078.1% -53.84%
NET CHANGE
Cash From Operating Activities -60.29K -243.7K -10.71K
Cash From Investing Activities 0.000 -1.050K 0.000
Cash From Financing Activities 31.72K 263.2K 10.70K
Net Change In Cash -28.57K 18.48K -10.00
YoY Change 5978.72% -876.47% -100.14%
FREE CASH FLOW
Cash From Operating Activities -$60.29K -$243.7K -$10.71K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Document Period End Date
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2023-06-30
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dei Entity File Number
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dei Entity Registrant Name
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Advanced Voice Recognition Systems, Inc.
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dei Entity Tax Identification Number
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7659 E. Wood Drive
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NatureOfOperations
<p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b>Note 1.     Nature of Operations</b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Company Overview</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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 continues to explore all options to monetize and enforce our patent portfolio through patent enforcement and licensing of the six patents issued. </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Stock Purchase Agreements</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">During year ended December 31, 2022, the Company entered into a Stock Purchase Agreements for the private sale to one person or entity 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 Company’s Common Stock.  The shares were in Escrow until full payment was received on April 19, 2023 and released to the purchaser (Note 7).</p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">On April 20, 2015 Advanced Voice Recognition Systems, Inc. (“AVRS”) entered into a Material Letter Agreement with an unrelated third party (“AIP”) in which they promise to pay to patent legal counsel funds to continue prosecuting Patents on behalf of AVRS.  AVRS promises to pay AIP, or to such other holder of this promissory note (Note) as designate, the principal, together with a premium of ten percent (10%) of Principle and two percent (2%) of proceeds received by Company from a Monetization Event initiated by AIP.</p> <p style="font:11pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;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-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Litigation</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">From time to time, we may become involved in legal proceedings or other litigation that we consider to be a part of the ordinary course of our business. Presently, we are not involved in any litigation and to the best knowledge of management, there are no legal proceedings pending or threatened against the Company.</p>
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
-85140 usd
us-gaap Revenues
Revenues
0 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5000 usd
CY2023Q2 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
102000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"><b><i>Use of Estimates</i></b></p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt;text-align:justify">The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30005 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
138 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
127491 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
127491 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
127491 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
127491 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1051 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1034 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
17 usd
CY2023Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
0 usd
CY2022Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
162380 usd
us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
49163 usd
us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
4047 usd
us-gaap Proceeds From Loans
ProceedsFromLoans
169 usd
us-gaap Proceeds From Loans
ProceedsFromLoans
24803 usd
us-gaap Business Combination Control Obtained Description
BusinessCombinationControlObtainedDescription
Company entered into an Escrow agreement for the purchase of 262,579,731 shares of the Company’s Common Stock
CY2023Q2 us-gaap Business Acquisition Percentage Of Voting Interests Acquired
BusinessAcquisitionPercentageOfVotingInterestsAcquired
0.51 pure
CY2023Q3 us-gaap Subsequent Event Description
SubsequentEventDescription
Company filed Amended and Restated Articles of Incorporation for the State of Nevada where the authorized number of common shares were amended
CY2023Q3 us-gaap Subsequent Event Description
SubsequentEventDescription
Shareholders approved to authorize a reverse split of 1 new share for one hundred old shares basis as of June 30, 2023
CY2023Q3 us-gaap Subsequent Event Description
SubsequentEventDescription
Company issued a letter of intent to acquire 100% of issued and outstanding common and preferred shares of Rivulet Media, Inc

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