Rivulet Entertainment, Inc.: auditor change — Rivulet Entertainment restates financials due to $27M merger equity pre-payment classification error

Rivulet Entertainment, Inc.

Board determined non-reliance on financial statements in Form 10-KT filed Nov 11, 2024.
Error: $27M equity pre-payment misclassified as asset purchase deposit instead of offset to equity.
Restatement reduces total assets and equity by $27M; no impact on income statement.
Company will amend the relevant filing to correct the classification.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Rivulet Entertainment, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Astra Audit & Advisory, LLC

Exact text from the filing

On May 30, 2025, the Board of Directors of Rivulet Entertainment, Inc. (the “Company”), following consultation with the Company’s management and independent registered public accounting firm, Astra Audit & Advisory, LLC, concluded that certain of the Company’s previously issued financial statements should no longer be relied upon due to a non-cash error identified in the accounting for the merger equity pre-payment.

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Source: SEC EDGAR

accession 0001376474-25-000509

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