SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2025-10-08
Accession Number: 0001493152-25-017387
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315225017387/filename1.htm

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in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland. Neither this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA). This document is personal to the recipient only and not for general circulation in Switzerland. Australia

This
prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian
Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter
6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to
whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions
set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons
as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the
offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations
Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer
to the offeree under this prospectus.

LEGAL
MATTERS

The
validity of the shares of common stock offered hereby and certain other legal matters will be passed upon for us by Lucosky Brookman
LLP, 101 Wood Avenue South, 5th Floor, Woodbridge, New Jersey. [_____] is acting as counsel to the underwriters.

EXPERTS

The
consolidated financial statements of Ambitious Entertainment, Inc. as of and for the years ended December 31, 2024 and 2023 included
in this prospectus have been audited by Bush & Associates CPA LLC, independent registered public accounting firm, as set forth
in their report, which contains an explanatory paragraph as to the Company’s ability to continue as a going concern, appearing
elsewhere herein, and are included in reliance upon such report, given on the authority of such firm as experts in accounting and auditing.

WHERE
YOU CAN FIND MORE INFORMATION

have filed a registration statement, of which this prospectus is a part, on Form S-1 with the SEC relating to this offering. This prospectus
does not contain all of the information in the registration statement and its exhibits filed with the registration statement. For further
information pertaining to us and the shares of our common stock offered by this prospectus, you should refer to the registration statement
and its exhibits. References to, and statements contained in this prospectus as to, any of our contracts, agreements or other documents
are not necessarily complete, and you should refer to the exhibits filed as part of the registration statement for copies of the actual
contracts, agreements or other documents.

You
can read our SEC filings, including the registration statement, at the SEC’s website at www.sec.gov.

are subject to the information reporting requirements of the Exchange Act, and we will file periodic reports, proxy statements and other
information with the SEC. These periodic reports, proxy statements and other information will be available for inspection and copying
at the public reference room and website of the SEC referred to above. We also maintain a website at www.ambitious.tv, at which you may
access these materials free of charge as soon as reasonably practicable after they are electronically filed with the SEC. The information
contained in, or that can be accessed through, our website is not, and should not be, considered part of this prospectus.

INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS

Page

Report of Independent Registered Public Accounting Firm (PCAOB ID: 6797) F-2

Consolidated Balance Sheets as of December 31, 2024 and 2023 F-3

Consolidated Statements of Operations for the years ended December 31, 2024 and 2023 F-4

Consolidated Statements of Changes in Stockholders’ Deficit for the years ended December 31, 2024 and 2023 F-5

Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023 F-6

Notes to Consolidated Financial Statements F-7

Condensed
Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024 F-29

Unaudited
Condensed Consolidated Statements of Operations for the three months ended June 30, 2025, and June 30, 2024 F-30

Unaudited
Consolidated Statements of Changes in Stockholders’ Deficit for the three months ended June 30, 2025, and June 30,

Unaudited
Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2025, and June 30, 2024 F-32

Notes to Consolidated Financial Statements F-33

Report
of Independent Registered Public Accounting Firm

Board
of Directors and Shareholders

Ambitious
Entertainment, Inc.

Opinion
on the Financial Statements

have audited the accompanying consolidated balance sheets of Ambitious Entertainment and Subsidiaries (the “Company”) as
of December 31, 2024 and 2023 and the related consolidated statements of operations and comprehensive loss, shareholders’ equity,
and cash flows, for the period ended December 31, 2024 and 2023, and the related notes (collectively referred to as the “consolidated
financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years
then ended, in conformity with accounting principles generally accepted in the United States of America.

Going
Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has incurred recurring losses from operations and has a net capital deficiency that
raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans concerning these matters
are also described in Note 1. The financial statements do not include any adjustments that might result from the
outcome of this uncertainty.

Basis
for Opinion

These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United
States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.

Critical
Audit Matters

Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgements. We determined that there are no critical audit matters.

Bush & Associates CPA LLC

have served as the Company’s auditor since 2024.

Henderson,
Nevada

July

PCAOB
ID Number 6797

N. Gibson Road, Henderson, Nevada 89014 ● 702.703.5979 ● www.bushandassociatescpas.com

AMBITIOUS
ENTERTAINMENT, INC.

CONSOLIDATED
BALANCE SHEETS

December 31, December 31,

ASSETS

Current Assets

Cash $	3,621 $	76,888

Cash reserve 8,735 -

Accounts receivable 290,597 5,528,441

Tax credit receivable - 973,126

Other receivable 31,396 27,024

Subscription receivable 5,000 5,000

Prepaid expenses and other current assets 116,742 357,301