Rivulet Entertainment, Inc. reported a major leadership change. On April 9, 2026, Chief Executive Officer, Interim Chief Financial Officer and sole director Walter Geldenhuys appointed Michael Witherill to the Board of Directors and then resigned from all senior officer and board positions the same day. The company states his resignation was not due to a disagreement with the company. As of this report, the company has no separate audit, nominating or compensation committees, and Mr. Witherill has not been assigned to any such roles. During the two years ended June 30, 2025, Mr. Witherill provided film production services to the company and was paid $391,000, with $86,000 still outstanding as of the filing date.
Rivulet Entertainment, Inc. entered into an addendum to its March 1, 2024 Asset Purchase Agreement with Rivulet Media, Inc. The change replaces a $3,500,000 cash purchase price with equity consideration.
Under the revised terms, Rivulet Media will receive 12,900,000 restricted shares of common stock and 1,000,000 shares of Series C Preferred stock of Rivulet Entertainment instead of the original cash amount. All other terms of the Purchase Agreement remain in effect.
Rivulet Entertainment (RIVF) filed its annual report for the year ended June 30, 2025. The company completed a reverse merger on July 7, 2024, acquiring certain subsidiaries of Rivulet Media, Inc. for 97 million shares and cash amended to $6.45 million; $2.95 million has been paid with $3.5 million recorded in other current liabilities. The auditor highlighted “substantial doubt” about the company’s ability to continue as a going concern.
Revenue was $10.0 million, driven by a single film sale, while film cost amortization was $10.468 million, producing a negative gross margin. General and administrative expense was $3.562 million; other expense totaled $1.889 million, including a $1.0 million impairment on an equity investment and $0.891 million of interest. Net loss was $5.920 million. Cash was $128,089 with negative working capital of about $23.4 million. Current liabilities included notes payable of $17.215 million and related party loans of $2.88 million. The company entered a $3.5 million credit facility at ~6.5% and disclosed $353,000 of notes in default bearing 20%–25% rates. Common shares outstanding were 109,695,876 as of October 13, 2025.