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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Viper to an unrelated third party for total consideration of $10. The transferred subsidiary owned the film rights to Viper. Related Party Disclosure Press Play Productions, LLC, is a related party. The president of Press Play Productions is the son of the Company’s CEO. The transfer of AMFAD and CD included provisions stipulating that the transferee assumes all contractual obligations and liabilities of the transferred subsidiaries, and the transferor retains no further responsibility for these obligations. Reason for the Transfer The transfers were part of the Company’s strategy to divest film projects once all anticipated revenue had been realized and the Company determined that there would be no further significant benefit derived from retaining the films. This strategy aligns with the Company’s focus on producing new film projects rather than managing completed ones. Accounting Treatment The transfers of interest were accounted for as deconsolidation of a subsidiaries. As a result:

pre-tax gain of $1,008,080 and a pretax loss of $891,140 was recognized in the unaudited
consolidated statement of operations under “Other Income (Expenses)” as a Gain
(loss) on transfer of corporate and member interest for the three months ended March 31,
2025, and 2024, respectively.

Financial
Impact

The
following balances were removed from the consolidated balance sheet as of the respective transfer dates:

January
1, 2025 (FATE):

●	Total
assets: $440,288

●	Total
liabilities: $1,448,437

●	Net
liabilities: $1,008,149

March
31, 2024 (AMFAD, CD, and Viper):

●	Total
assets: $6,361,903

●	Total
liabilities: $5,659,783

●	Net
assets: $692,120

Cash
Flow Statement Impact

The
transactions had no direct cash flow impact, as no cash was received.

Post-Transfer
Obligations

Under
the terms of the transfer agreements, the transferees assumed all contractual obligations and liabilities of the respective subsidiaries.
The Company retains no post-transfer obligations related to these entities.

NOTE
14 - COMMITMENT

Leases
and Long-term Contracts

The
Company has not entered into any long-term leases, contracts or commitments. The Company leases an office on a month-to-month basis.
For the three months ended and the year ended March 31, 2025, and December 31, 2024, the Company incurred rent expense of $2,212 and
$12,173, respectively.

NOTE
15 – SUBSEQUENT EVENTS

June 2025, the film rights to an investment carried on the Company’s balance sheet as of December 31, 2024, expired without the
associated project being released. Management is currently in negotiations to extend the film right and management is evaluating the
financial impact of this event, which will be reflected in the Company’s financial statements for the year ending December 31,
2025. This event does not affect the carrying value of the investment as of December 31, 2024, as no impairment indicators were identified
as of that date.

Shares

Common
Stock

Ambitious
Entertainment Inc.

PROSPECTUS

Until
__________, 2025 (25 days after the date of this prospectus), all dealers effecting transactions in these securities, whether or not
participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer’s obligation to deliver
a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.

PART

INFORMATION
NOT REQUIRED IN PROSPECTUS

Item
13. Other Expenses of Issuance and Distribution

The
following table sets forth the costs and expenses, other than the underwriting discounts and commissions, payable by us in connection
with the sale of the shares of common stock being registered hereby. All amounts are shown are estimates, except the SEC registration
fee, the FINRA filing fee and the NYSE American listing fee.

SEC registration
fee $	[●]

FINRA filing fee [●]

the NYSE American
listing fee [●]

Printing and engraving
expenses [●]

Legal fees and expenses [●]

Accounting fees and expenses [●]

Transfer agent and registrar
fees and expenses [●]

Miscellaneous
expenses [●]

Total $	[●]

To be completed by amendment.

Item
14. Indemnification of Directors and Officers

Ambitious
Entertainment Inc. is incorporated under the law of the State of Nevada. Neither our articles of incorporation nor bylaws prevent us
from indemnifying our officers, directors and agents to the extent permitted under the Nevada Revised Statutes (“NRS”). Section
78.7502 of the NRS provides that a corporation shall indemnify any director, officer, employee or agent of a corporation against expenses,
including attorneys’ fees, actually and reasonably incurred by him in connection with any defense to the extent that a director,
officer, employee or agent of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding
referred to in Section 78.7502(1) or 78.7502(2), or in defense of any claim, issue or matter therein.

Section
78.7502(1) of the NRS provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, except
an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses, including attorneys’ fees, judgments, fines and amounts
paid in settlement actually and reasonably incurred by him in connection with the action, suit or proceeding if he: (a) is not liable
pursuant to NRS 78.138; or (b) acted in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests
of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

Section
78.7502(2) of the NRS provides that a corporation may indemnify any person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses,
including amounts paid in settlement and attorneys’ fees actually and reasonably incurred by him in connection with the defense
or settlement of the action or suit if he: (a) is not liable pursuant to NRS 78.138; or (b) acted in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the corporation. Indemnification may not be made for any claim,
issue or matter as to which such a person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals there
from, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court
in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the
circumstances of the case, the person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Section
78.747 of the NRS provides that except as otherwise provided by specific statute, no director or officer of a corporation is individually
liable for a debt or liability of the corporation, unless the director or officer acts as the alter ego of the corporation. The court
as a matter of law must determine the question of whether a director or officer acts as the alter ego of a corporation.

Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by us is against public policy as expressed hereby
in the Securities Act and we will be governed by the final adjudication of such issue.