$RIVF
Rivulet Entertainment, Inc.

2024 Q2 Form 10-Q Financial Statement

#000137647424000266 Filed on June 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $92.07K $126.3K
YoY Change 206.29% 1478.38%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $53.00 $50.00
YoY Change
% of Gross Profit
Operating Expenses $92.16K $126.8K
YoY Change 199.14% 1416.27%
Operating Profit -$92.16K -$126.8K
YoY Change 199.14% 1416.27%
Interest Expense $1.877K -$2.630K
YoY Change 560.92% 1778.57%
% of Operating Profit
Other Income/Expense, Net $122.0K
YoY Change 143.12%
Pretax Income $29.79K -$129.4K
YoY Change 53.93% 1424.03%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings $29.79K -$129.4K
YoY Change 53.93% 1424.03%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 80.34M shares 12.98M shares 5.477M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.37K $480.00
YoY Change 302.52% 242.86%
Cash & Equivalents $46.37K $480.00
Short-Term Investments
Other Short-Term Assets $2.800M $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.846M $480.00
YoY Change 24601.62% 247.83%
LONG-TERM ASSETS
Property, Plant & Equipment $876.00 $930.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $876.00 $930.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.846M $480.00
Total Long-Term Assets $876.00 $930.00
Total Assets $2.847M $1.410K
YoY Change 24609.23% 921.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.00K $0.00
YoY Change -64.37% -100.0%
Accrued Expenses $144.2K $226.7K
YoY Change -15.02% 27.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $111.0K
YoY Change -100.0% 456.67%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $166.2K $350.2K
YoY Change -50.49% 1.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $166.2K $350.2K
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $166.2K $350.2K
YoY Change -50.49% 1.88%
SHAREHOLDERS EQUITY
Retained Earnings -$8.913M -$8.943M
YoY Change 3.49% 3.6%
Common Stock $12.98K $5.477K
YoY Change -95.45% -98.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.681M -$348.8K
YoY Change
Total Liabilities & Shareholders Equity $2.847M $1.410K
YoY Change 24609.23% 921.74%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $29.79K -$129.4K
YoY Change 53.93% 1424.03%
Depreciation, Depletion And Amortization $53.00 $50.00
YoY Change
Cash From Operating Activities -$21.72K -$15.46K
YoY Change -24.56% 44.35%
INVESTING ACTIVITIES
Capital Expenditures $2.800M
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.800M $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 $2.868M 14.50K
YoY Change 7038.85% 35.51%
NET CHANGE
Cash From Operating Activities -$21.72K -15.46K
Cash From Investing Activities -$2.800M 0.000
Cash From Financing Activities $2.868M 14.50K
Net Change In Cash $45.89K -960.0
YoY Change 303.06% 9500.0%
FREE CASH FLOW
Cash From Operating Activities -$21.72K -$15.46K
Capital Expenditures $2.800M
Free Cash Flow -$2.822M
YoY Change

Facts In Submission

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<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”) 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;color:#000000;text-align:justify"><span style="background-color:#FFFFFF"><b><i>Amended and Restated Articles of Incorporation</i></b></span></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"><span style="background-color:#FFFFFF">On July 3, 2023, the Company filed Amended and Restated Articles of Incorporation for the State of Nevada where the authorized total number of shares were amended to five hundred seventy-two million five hundred thousand shares (572,500,000) consisting of five hundred forty-seven million five hundred thousand (547,500,000) common shares with par value of $0.001 per share and twenty- five million (25,000,000) preferred shares with par value of $0.001.</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-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> <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"><span style="background-color:#FFFFFF"><b><i>Reverse Split and Increase in Authorized Shares</i></b><b><i> </i></b></span></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"><span style="background-color:#FFFFFF">On July 5, 2023, the Shareholders approved to authorize a reverse split of 1 new share for one hundred old shares basis as of September 30, 2023 where fractional shares will be rounded up to the next whole share.  In addition, the Shareholders approved to authorize twenty-five million (25,000,000) preferred shares for a total of 572,500,000 consisting of 547,500,000 common shares and 25,000,000 preferred shares of the company. The Articles of Information with the state of Nevada were amended to reflect the approved actions of the Shareholders.</span></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;text-align:justify">The reverse stock split did not change the number of authorized shares five hundred and forty seven million five hundred thousand (547,500,000) shares of common stock or par value.  All references in these condensed financial statements to share, share prices, and other per share information in all periods presented have been adjusted, on a retrospective basis, to reflect the reverse stock split.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt"><b><i>Asset Purchase Agreement</i></b></p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt;text-align:justify">On March 1, 2024, the Company and Rivulet Media, Inc., a Delaware corporation (Rivulet), collectively the Parties, entered into an Asset Purchase Agreement (the “Purchase Agreement”), pursuant to which, subject to the terms and conditions therein, the Company shall purchase, with stock and cash, certain assets of Rivulet. The Acquisition is anticipated to close on April 10, 2024, subject to review by FINRA, there is no assurance this will occur. Upon its terms and subject to the conditions set forth in the Purchase Agreement, at the effective time of the Acquisition the identified assets of Rivulet shall be converted into the right of the Rivulet Shareholders to receive 90,784,800 shares of common stock of the Company, $0.001 par value per share (“Shares”), and $10,069,000 to be distributed, after the payment of Rivulets payables, pro rata to the shareholders of Rivulet. Holders of Rivulet fractional shares shall be rounded up if applicable. On March 7, 2024, the Company ordered the common shares to be issued to Rivulet in accordance with the Asset Purchase Agreement. On March 1, 2024, the Company disbursed $2,600,000 to Rivulet as a partial payment.</p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt"> </p> <p style="font:10pt Times New Roman;margin-top:0pt;margin-bottom:10pt"><b><i>Unregistered Sales of Equity Securities </i></b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On March 1, 2024 Advanced Voice Recognition Systems, Inc. (the “Company”) entered into a Subscription Agreement with one private investor. Pursuant to the Subscription Agreement, the Company sold 7,500,000 shares of common stock at a purchase price of $0.40 per share for a total of $3,000,000. The funds will be used to pay the Company’s debts and contribute to the Acquisition costs. The Company has distributed to Rivulet $2,800,000 as a portion of the acquisition cost. The Company paid no underwriting discounts or commissions. A copy of the form of subscription agreement is filed as Exhibit 10.5 to this Current Report and is incorporated herein by reference. These issuances are granted based on exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”), and applicable state laws pursuant to Section 4(2) of the Securities Act and Rule 506 of Regulation D. These issuances qualified for this exemption from registration because (i) the Investor is an “accredited investors” as that term is defined in Regulation D promulgated under the Securities Act; (ii) the Company did not engage in any general solicitation or advertising to market the securities; (iii) the Investor was provided the opportunity to ask questions and receive answers from the Company regarding the issuance; (iv) the securities will be issued to a person with knowledge and experience in financial and business matters so that the investor is capable of evaluating the merits and risks of an investment in the Company; and (v) the Investor received restricted securities.</p>
CY2024Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2005-07-07
CY2024Q1 us-gaap Depreciation
Depreciation
53 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
53 usd
CY2023Q1 us-gaap Depreciation
Depreciation
0 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
0 usd
CY2024Q2 us-gaap Subsequent Events Date
SubsequentEventsDate
2024-05-04
CY2024Q1 us-gaap Assets Current
AssetsCurrent
2846368 usd
CY2024Q1 us-gaap Liabilities
Liabilities
166241 usd
CY2024Q1 us-gaap Liabilities Current
LiabilitiesCurrent
166241 usd
CY2024Q1 us-gaap Revenues
Revenues
0 usd
CY2024Q1 us-gaap Escrow Deposit Disbursements Related To Property Acquisition1
EscrowDepositDisbursementsRelatedToPropertyAcquisition1
305683 usd
CY2023Q4 fil Advance From Related Party
AdvanceFromRelatedParty
123500 usd
CY2024Q1 us-gaap Stock Issued During Period Value Purchase Of Assets
StockIssuedDuringPeriodValuePurchaseOfAssets
3000000 usd
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000000 usd
CY2024Q1 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> <p style="font:10pt Times New Roman;margin:0;text-indent:0.8pt"> </p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46368 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46368 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
480 usd
CY2023Q4 us-gaap Assets Current
AssetsCurrent
480 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
480 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1051 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
175 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
876 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1052 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
123 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
929 usd
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
144241 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
219677 usd
CY2024Q1 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
48560 usd
CY2023Q1 us-gaap Other Labor Related Expenses
OtherLaborRelatedExpenses
69 usd
CY2024Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
139396 usd
CY2024Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
5000 usd
CY2024Q1 us-gaap Gain Loss On Condemnation
GainLossOnCondemnation
123827 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12976685 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
12976685 shares
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
547500000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
547500000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
5476685 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
5476685 shares
CY2024Q1 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 usd
CY2024Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
0 usd
CY2024Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
0 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2024Q2 us-gaap Subsequent Events Date
SubsequentEventsDate
2024-05-02
CY2024Q2 us-gaap Subsequent Event Description
SubsequentEventDescription
Company filed an 8-K disclosing that on March 28, 2024, the Company filed a DEF 14C disclosing that the Board of Directors of both the Company and its wholly owned Subsidiary and its majority shareholder agreed to merge the Company into the Subsidiary with the Subsidiary surviving
CY2024Q2 us-gaap Subsequent Events Date
SubsequentEventsDate
2024-05-07
CY2024Q2 us-gaap Subsequent Event Description
SubsequentEventDescription
Company filed an 8-K disclosing that it had dismissed BF Borgers CPA PC (“BF Borgers”) as its independent registered public accounting firm
CY2024Q2 us-gaap Subsequent Event Description
SubsequentEventDescription
Chung Cam resigned as the Issuer’s Chief Financial Officer
CY2024Q2 us-gaap Subsequent Events Date
SubsequentEventsDate
2024-05-17
CY2024Q2 us-gaap Subsequent Event Description
SubsequentEventDescription
Company disclosed through its 8-K filed that date, that it has engaged Astra Audit and Advisory, LLC as the independent registered public accounting firms

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