Item 1.01 Entry into a Material Definitive Agreement
On each of December 16, 2021, and December 17, 2021, Rivulet Media, Inc. (the
"Company") executed a Promissory Note payable to John Morgan, pursuant to which
the Company borrowed $10,000 and $15,000, respectively. The notes are unsecured,
bear interest at the rate of 10% per annum, mature on June 30, 2022, and the
unpaid balance may be accelerated upon an event of default thereunder. Mr.
Morgan is a director of the Company.
On January 13, 2022, the Company executed a Promissory Note payable to Pingu
Inc., pursuant to which the Company borrowed $40,000. The note is unsecured,
bears interest at the rate of 10% per annum, matures on March 31, 2022, and the
unpaid balance may be accelerated upon an event of default thereunder.
Also on January 13, 2022, the Company executed a Promissory Note payable to
Daniel Crosser, pursuant to which the Company borrowed $30,000. The note is
unsecured, bears interest at the rate of 10% per annum, matures on June 30,
2022, and the unpaid balance may be accelerated upon an event of default
thereunder.
On January 14, 2022, the Company executed a Promissory Note payable to Steven
Wheeler, as trustee for the Steve and Ann Wheeler Trust, pursuant to which the
Company borrowed $75,000. The note is unsecured, bears interest at the rate of
10% per annum, matures on June 30, 2022, and the unpaid balance may be
accelerated upon an event of default thereunder.
The descriptions of the Promissory Notes are only summaries of such agreements,
do not purport to be a complete description of such agreements, and are
qualified in their entirety by reference to such agreements, a form of which is
filed as Exhibit 10.1 and incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The information set forth in Item 1.01 is incorporated by reference into this
Item 2.03.
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