SCOTTSDALE, AZ - Rivulet Entertainment, Inc., a company previously known as Advanced Voice Recognition Systems, Inc., announced amendments to its corporate structure through the filing of an 8-K with the Securities and Exchange Commission (SEC) today. The company, trading under the ticker OTC:RIVF, has revised its Articles of Incorporation to introduce a multi-tier preferred stock system.
The amendments, which became effective on September 25, 2024, detail the creation of Series A, Series B, and Series C Preferred Stock. This move is part of the company's broader strategic initiatives to reorganize its capital structure. The Certificate of Designations for the Series B Preferred Stock, now a part of the company's formal charter, can be found as Exhibit 3(i) in the 8-K report.
Rivulet Entertainment, which operates in the crude petroleum and natural gas industry under the SIC code 1311, is headquartered in Scottsdale, Arizona. The company, incorporated in Nevada, has a fiscal year-end of June 30.
The SEC filing indicates that Rivulet Entertainment has not engaged in activities such as soliciting material pursuant to Rule 14a-12 under the Exchange Act or written communications pursuant to Rule 425 under the Securities Act. Additionally, the company has checked the box identifying itself as an emerging growth company according to the definitions in the Securities Act of 1933 and the Securities Exchange Act of 1934.
The President of Rivulet Entertainment, Walter Geldenhuys, signed off on the SEC filing dated today, underscoring the company's compliance with the requirements of the Securities Exchange Act of 1934.
This corporate governance update comes as Rivulet Entertainment continues to navigate the energy and transportation sector, with its prior name changes reflecting its evolving business focus. The company's previous incarnations include Samoyed Energy Corp, with a name change recorded on October 31, 2005, and Advanced Voice Recognition Systems, Inc., with a name change dated June 25, 2008.
In other recent news, Rivulet Entertainment, Inc. has made significant changes to its business strategies and corporate structure. The company recently amended its Asset Purchase Agreement with Rivulet Media, Inc., increasing the number of shares involved in the transaction to a total of 96,722,950. This amendment included additional shareholders who were not part of the initial agreement. The company has also adjusted its asset acquisition strategy to include The Dink Productions, LLC, issuing an additional 5,239,941 shares, bringing the total to 95,024,741 shares.
In conjunction with these changes, Rivulet Entertainment has also undergone substantial corporate modifications. These include an amendment to its articles of incorporation and a shift in its fiscal year-end from December 31 to June 30. The company, previously known as Advanced Voice Recognition Systems, Inc., has also merged with a wholly-owned subsidiary, resulting in a name change to Rivulet Entertainment, Inc.
These recent developments are part of Rivulet Entertainment's efforts to restructure its operations, expand its assets, and diversify its portfolio. The company's strategic pivot and rebranding efforts are now officially reflected in its corporate documentation and trading identity.
InvestingPro Insights
Rivulet Entertainment's recent corporate restructuring, including the introduction of a multi-tier preferred stock system, comes at a time when the company faces significant financial challenges. According to InvestingPro data, Rivulet Entertainment has a market capitalization of $66.16 million, but is currently not profitable, with an adjusted operating income of -$0.42 million over the last twelve months as of Q1 2024.
InvestingPro Tips highlight that while the company holds more cash than debt on its balance sheet, it suffers from weak gross profit margins. This financial position may explain the company's decision to revise its capital structure, potentially seeking new ways to attract investment or improve its financial flexibility.
The stock's performance has been volatile, with a strong return of 84.62% over the last month, but a significant decline of 28.09% over the past six months. This volatility aligns with an InvestingPro Tip noting that the stock generally trades with high price volatility, which could be of interest to investors considering the company's recent corporate changes.
For those seeking a deeper understanding of Rivulet Entertainment's financial health and prospects, InvestingPro offers 7 additional tips that could provide valuable insights into the company's situation following these corporate amendments.
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