Rivulet Entertainment Files 10-K/A Amendment

TL;DR

Rivulet Entertainment (formerly Advanced Voice) filed a 10-K/A for 2022. Oil & Gas biz.

AI Summary

Rivulet Entertainment, Inc. filed a 10-K/A amendment on September 11, 2024, for the fiscal year ending December 31, 2022. The company, formerly known as Advanced Voice Recognition Systems, Inc. and Samoyed Energy Corp, is in the Crude Petroleum & Natural Gas industry. Its principal business address is in Scottsdale, Arizona.

Why It Matters

This filing provides updated financial and operational information for Rivulet Entertainment, Inc., which is crucial for investors and stakeholders to assess the company's performance and outlook.

Risk Assessment

Risk Level: low — This is a routine amendment to a previous filing and does not appear to contain new material adverse information.

Key Players & Entities

• Rivulet Entertainment, Inc. (company) — Filer
• Advanced Voice Recognition Systems, Inc. (company) — Former company name
• Samoyed Energy Corp (company) — Former company name
• Scottsdale, Arizona (location) — Business address

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock par value $0.001 per share AVOI NONE Securities reg
• $58,277 — on in voice recognition. Costs totaling $58,277 were capitalized during the third quart
• $3,365 — 1, or November 27, 2021. Costs totaling $3,365 were capitalized during the second quar
• $5,092 — 1, or November 27, 2021. Costs totaling $5,092 were capitalized during the first quart
• $21,114 — 1, or November 27, 2021. Costs totaling $21,114 were capitalized during the third quart
• $35,068 — 1, or November 27, 2021. Costs totaling $35,068 were capitalized during the third quart
• $4,575 — 1, or November 27, 2021. Costs totaling $4,575 were capitalized during the second quar
• $52,385.46 — ighty-Five Dollars and Forty-Six Cents ($52,385.46) as well as accrued interest. AVRS shal
• $1,000 — ell as accrued interest. AVRS shall pay $1,000 per month on the first day of each mont
• $6,000 — o Amend Promissory Note. AVRS shall pay $6,000 on or before August 1, 2018, shall pay
• $1,500 — on or before August 1, 2018, shall pay $1,500 on the first day of each month beginnin
• $20,000 — o Amend Promissory Note. AVRS shall pay $20,000 on or before November 21, 2018, shall p
• $11,046.74 — 9 the Company made the final payment of $11,046.74. The note is paid in full. A $1,500 gai
• $48,589 — (March 15, 1994). We had a net loss of $48,589 for the year ended Decemb

Filing Documents

• avoi-20221231.htm (10-K/A) — 478KB
• av_ex31z1.htm (EX-31.1) — 11KB
• av_ex31z2.htm (EX-31.2) — 11KB
• av_ex32z1.htm (EX-32.1) — 3KB
• 0001376474-24-000506.txt ( ) — 2042KB
• avoi-20221231_cal.xml (EX-101.CAL) — 24KB
• avoi-20221231_def.xml (EX-101.DEF) — 31KB
• avoi-20221231_lab.xml (EX-101.LAB) — 115KB
• avoi-20221231_pre.xml (EX-101.PRE) — 94KB
• avoi-20221231.xsd (EX-101.SCH) — 17KB
• avoi-20221231_htm.xml (XML) — 175KB

Business

Business 1 Item 2. Property 3 Item 3.

Legal Proceedings

Legal Proceedings 4 Item 4. Submission of Matters to a Vote of Security Holders 4 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 5 Item 6.

Selected Financial Data

Selected Financial Data 5 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Management's Discussion and Analysis of Financial Condition and Results of Operation 5 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 9 Item 9.

Controls and Procedures

Controls and Procedures 21 PART III Item 10. Directors, Executive Officers and Corporate Governance 23 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 25 Item 13. Certain Relationships and Related Transactions, and Director Independence 26 Item 14. Principal Accounting Fees and Services 26 PART IV Item 15 Exhibits, Financial Statement Schedules 28 EX 31.1 EX 31.2 EX 32.1 Cautionary Statement Regarding Forward Looking Statements The statements contained in this prospectus that are not historical are "forward-looking statements", which can be identified by use of terms such as "may", "could", "should", "expect", "plan", "project", "intend", "anticipate", "believe", "estimate", "predict", "potential", "pursue", "target" or "continue", the negative of such terms or other comparable terminology, although some forward-looking statements may be expressed differently. The forward-looking statements contained in this Annual Report are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management's assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this Annual Report are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to various factors listed in this Annual Report. All forward-looking statements speak only as of the date of this Annual Report. We do not intend to publicly update or revise any forward-looking statements as a result of

Business

Item 1. Business. General Overview. Advanced Voice Recognition Systems, Inc. (the "Company", "we" or "us"), is a software development company headquartered in Scottsdale, Arizona. We specialize in creating interface and application solutions for speech recognition technologies. Our speech recognition software and related firmware was first introduced in 1994 at an industry trade show. We currently have limited capital resources. We are not currently engaged in marketing any products. We are currently engaged in discussions with a certain firm dedicated to assisting in the commercialization of intellectual assets. Our principal assets are our patents. We currently hold six issued patents. U.S. Patent #7,558,730 ("the 730") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols" discloses a system for facilitating speech recognition and transcription among users employing incompatible protocols for generating, transcribing and exchanging speech. U.S. Patent #7,949,534, ("the 534") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is an expansion of the coverage of the 730 patent and incorporates speech recognition and transcription among transcription engines employing incompatible protocols. U.S. Patent #8,131,557, ("the 557") entitled "Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is an expansion of the coverage of AVRS's 730 and the 534 patents and incorporates speech recognition and transcription among transcription engines employing incompatible protocols for generating, transcribing, and exchanging speech among users employing incompatible protocols utilizing peer-to-peer networks, node-to-node networks, and the cloud. U.S. Patent #8,498,871, ("the 871") entitled "Dynamic Speech Recognition and Transcription Among Users Having Heterogeneous Protocols," is a system for facilitating free form dictation, including directed dictation and constrained

Properties

Item 2. Properties. Our principal executive offices are located at 7659 E. Wood Drive, Scottsdale, Arizona and are provided to us free of charge by Diana Jakowchuk, our Secretary, Treasurer and Principal Accounting Officer. 3

Legal Proceedings

Item 3. Legal Proceedings. On November 6, 2017 Advanced Voice Recognition Systems, Inc ("AVRS") received notice that Meyers & 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 & 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. On August 1, 2018 AVRS and Meyers & 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. On November 21, 2018 AVRS and Meyers & 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 principle and interest on July 1, 2019. On June 7, 2019 the Company made the final payment of $11,046.74. The note is paid in full. A $1,500 gain from early extinguishment of Note Payable was reported as income on June 30, 2019. AVRS filed a Complaint in the United States District Court Northern District for Arizona (Case No. 2-18-cv-2083) on July 3, 2018, and alleges that Apple products infringe U.S. Patent No. 7,558,730 entitled "Speech Recognition and Transcription Among Users Having Heterogeneo

Submission of Matters to a Vote of Security Holders

Item 4. Submission of Matters to a Vote of Security Holders. None 4 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Commencing on June 19, 2008, our common stock has been quoted on the OTC under the symbol "AVOI". The following table sets forth the high and low bid prices per share of our common stock for each full quarterly period in 2022 and 2021. These prices represent inter-dealer quotations without retail markup, markdown or commission and may not necessarily represent actual transactions. High Low $ $ Three Months Ended December 31, 2022 0.01 0.01 Three Months Ended September 30, 2022 0.01 0.01 Three Months Ended June 30, 2022 0.01 0.01 Three Months Ended March 31, 2022 0.02 0.02 Three Months Ended December 31, 2021 0.02 0.02 Three Months Ended September 30, 2021 0.10 0.04 Three Months Ended June 30, 2021 0.02 0.02 Three Months Ended March 31, 2021 0.02 0.02 Holders As of December 31, 2022, we have approximately 76 holders of record of our common stock and 547,500,000 shares issued and outstanding. The number of record holders was determined from the records of our transfer agent and does not include beneficial owners of common stock, whose shares is held in the names of various securities brokers, dealers and registered clearing agencies. The transfer agent of our common stock is Pacific Stock Transfer, 6725 Via Austi Pkwy, Suite 300, Las Vegas NV 89119. Dividends We have not declared any cash dividends, nor do we have any current plans to do so. We are not subject to any legal restrictions respecting the payment of dividends, except that they may not be paid to render us insolvent. We currently anticipate that we will retain all of our future earnings for use in the expansion and operation of our business and do not anticipate paying any cash dividends in the foreseeable future. Unregistered Sales of Equity Securities We have not sold any equity securities during the period covered by this Annual Report on Form 10-K

Selected Financial Data

Item 6. Selected Financial Data. As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.

Management's Discussion and Analysis of Financial Condition and Results of Operation

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. This document contains certain forward-looking statements that involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations and intentions. When used in this document, the words "expects", "anticipates", "intends" and "plans" and similar expressions are intended to identify certain of these forward-looking statements. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document. Our actual results could differ materially from those discussed in this document. Results of Operation We completed a stock exchange on May 19, 2008 and changed our business model. We have not generated any revenue since inception and do not have any cash generating product or licensing sales. We have incurred losses since Inception (March 15, 1994). We had a net loss of $48,589 for the year ended Decemb

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