NOTE 7 - RELATED PARTY TRANSACTIONS |
3 Months Ended |
|---|---|
Sep. 30, 2024 | |
| Notes | |
| NOTE 7 - RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS
Rivulet Media, Inc.
As part of the merger transaction, the transferred entities had $7,888,316 of intercompany loans with Rivulet Media, Inc. as of June 30, 2024. The intercompany loans did not include a stated interest rate or due date. Further, as a result of the transaction, the loans were forgiven by Rivulet Media, Inc. as of the merger consummation date. Upon settlement of the transaction an additional $189,649 of liabilities were forgiven, resulting in total liability forgiveness of $8,077,965. The debt forgiveness was recognized as an increase to additional paid in capital.
Beneficial Owner
During the year ended June 30, 2024, the Company entered into a $2,880,000 note payable agreement with a certain beneficial owner of Rivulet Media, Inc. The notes are due on February 1, 2026 and have a stated interest rate of 15%. The balance of the loan was $2,880,000 as of September 30, 2024 and June 30, 2024.
Advances
During the three months ended September 30, 2024, the Company advanced funds to a person of Management at Rivulet Entertainment, Inc. in the amount of $127,776. The advance bears no interest and has no stated maturity date. |