SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-07-17
Accession Number: 0001493152-25-011282
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225011282/filename1.htm

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of such award, or (v) be handled in any combination of the above. If the successor corporation elects not to assume or substitute for such awards, the vesting of such stock awards will accelerate and all restrictions shall lapse. In the event of our dissolution or liquidation, all outstanding options and stock appreciation rights under the 2021 Plan will terminate immediately prior to such event. Amendment and Termination Our board of directors has the authority to amend, alter, suspend or terminate the 2021 Plan with stockholders’ approval as required by law. However, no amendment or termination of the plan may adversely affect any rights under awards already granted to a participant without the affected participant’s consent. Outstanding Equity Awards at December 31, 2024 The following table provides information with respect to holdings of options, warrants and stock awards held by our named executive officers, at December 31, 2024: Option Awards

Name Number
of shares of common
stock issuable upon exercise (#) Number
of shares of common
stock issuable upon exercise (#) Option
exercise price ($) Option
expiration date

Kirk E. Shaw

Warrant
Awards

Name Number
of shares of common
stock issuable upon exercise (#) Number
of shares of common
stock issuable upon exercise (#) Warrant
exercise price ($) Warrant
expiration date

Long-Term
Incentive Plans

currently have no long-term incentive plans.

Non-Employee
Director Compensation

be updated if and when compensation agreements with non-employee directors are entered into].

Employee
Director Compensation

Directors
who are also our employees receive no additional compensation for their service as a director.

CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS

Policies
and Procedures for Related Person Transactions

Our
board of directors has adopted written policies and procedures for the review of any transaction, arrangement or relationship in which
we are a participant, the amount involved exceeds $120,000 and one of our executive officers, directors, director nominees or 5% stockholders,
or their immediate family members, each of whom we refer to as a “related person,” has a direct or indirect material interest.

a related person proposes to enter into such a transaction, arrangement or relationship, which we refer to as a “related person
transaction,” the related person must report the proposed related person transaction to our Chief Financial Officer. The policy
calls for the proposed related person transaction to be reviewed by our Audit Committee and, if deemed appropriate, approved by our Audit
Committee. Whenever practicable, the reporting, review and approval will occur prior to entry into the transaction. If advance review
and approval is not practicable, the Audit Committee will review, and, in its discretion, may ratify the related person transaction.
The policy also permits the chairman of the Audit Committee to review and, if deemed appropriate, approve proposed related person transactions
that arise between Audit Committee meetings, subject to ratification by the Audit Committee at its next meeting. Any related person transactions
that are ongoing in nature will be reviewed annually.

related person transaction reviewed under the policy will be considered approved or ratified if it is authorized by the Audit Committee
after full disclosure of the related person’s interest in the transaction. As appropriate for the circumstances, the Audit Committee
will review and consider:

●	the related person’s
interest in the related person transaction;

●	the approximate dollar value
of the amount involved in the related person transaction;

●	the approximate dollar value
of the amount of the related person’s interest in the transaction without regard to the amount of any profit or loss;

●	whether the transaction was
undertaken in the ordinary course of our business;

●	whether the terms of the
transaction are no less favorable to us than terms that could have been reached with an unrelated third party; and

●	the purpose of, and the potential
benefits to us of, the transaction.

The
Audit Committee may approve or ratify the transaction only if it determines that, under all of the circumstances, the transaction is
in our best interests. The Audit Committee may impose any conditions on the related person transaction that it deems appropriate.

addition to the transactions that are excluded by the instructions to the SEC’s related person transaction disclosure rule, our
board of directors has determined that the following transactions do not create a material direct or indirect interest on behalf of related
persons and, therefore, are not related person transactions for purposes of this policy:

●	interests
arising solely from the related person’s position as an executive officer of another
entity (whether or not the person is also a director of such entity) that is a participant
in the transaction, where (i) the related person and all other related persons own in the
aggregate less than a 10% equity interest in such entity, (ii) the related person and his
or her immediate family members are not involved in the negotiation of the terms of the transaction
and do not receive any special benefits as a result of the transaction, and (iii) the amount
involved in the transaction is less than the greater of   $200,000 or 5% of the
annual gross revenues of the company receiving payment under the transaction; and

transaction that is specifically contemplated by provisions of our certificate of incorporation,
as amended and restated, or bylaws.

Related
Party Transactions

Promissory Note

During
the year ended December 31, 2022, the Company issued promissory notes to our related parties, totaling $334,072. The promissory notes
mature (i) when the Company gets a financing with 25% of any financing going towards loan repayment until it is all paid or (ii) December
31, 2025, and bear interest at the rate of 10% per annum.

The
promissory notes are recorded on the Company’s balance sheet under Due to related parties.

Transactions

Prior
to the year ended December 31, 2023, the Company had a liability of $367,167 from related party advances. During the year ended December
31, 2023, the Company received related party advancements totaling $774,151 and made repayments of $171,529 to related parties. Additionally,
the Company reclassified a related party loan of $75,000 to convertible debt. As of December 31, 2023, the net increase in related party
obligations amounted to $527,622, which is recorded under due to related parties on the balance sheet. The reclassification of the related
party loan to convertible debt is a non-cash transaction and has been disclosed accordingly in the financial statements.

During
the year ended December 31, 2024, the Company received $217,005 in advances from related parties, the Company made repayments of $101,572
and the Company transferred $376,890 of related party obligations as a result of corporate and membership transfer interest agreements.

During
the three months ended March 31, 2025, the Company received $130,591 in advances from related parties, the Company made repayments of

of March 31, 2025, December 31, 2024, and December 31, 2023, the Company has a liability of $740,222, $633,122 and $894,789 due to related
parties, respectively.

PRINCIPAL
STOCKHOLDERS

Security
Ownership of Management and Certain Beneficial Owners

The
following table sets forth the beneficial ownership of our common stock as of __________, 2025 by:

●	each
stockholder known by us to beneficially own more than 5% of our outstanding common stock;

●	each
of our directors;

●	each
of our named executive officers; and

●	all
of our directors and executive officers as a group.

have determined beneficial ownership in accordance with the rules of the SEC. These rules generally provide that a person is the beneficial
owner of securities if such person has or shares the power to vote or direct the voting of securities, or to dispose or direct the disposition
of securities. A security holder is also deemed to be, as of any date, the beneficial owner of all securities that such security holder
has the right to acquire within 60 days after such date through (i) the exercise of any option or warrant, (ii) the conversion of a security,
(iii) the power to revoke a trust, discretionary account or similar arrangement or (iv) the automatic termination of a trust, discretionary
account or similar arrangement. Except as disclosed in the footnotes to this table and subject to applicable community property laws,
we believe that each person identified in the table has sole voting and investment power over all of the shares shown opposite such person’s
name.

The
percentage of beneficial ownership is based on [●] shares of our common stock outstanding as of ________, 2025.

Number

Name
of Beneficial Owner Shares Percentage

Executive
Officers and Directors

Kirk E. Shaw

All
directors and executive officers as a group %

Greater
than 5% Shareholders

Less than 1%

DESCRIPTION
OF CAPITAL STOCK

The
following is a description of our capital stock and the material provisions of our articles of incorporation, bylaws, and other agreements
to which we and our stockholders are parties, in each case upon the closing of this offering.

General