SEC Filing Document

Company: Ambitious Entertainment, Inc.
Ticker: 
CIK: 1900851
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001493152-26-023581
Exchange: 
SIC Code: 7812
SIC Description: Services-Motion Picture & Video Tape Production
URL: https://www.sec.gov/Archives/edgar/data/1900851/000149315226023581/forms-1.htm

Chunk 33 of 57
Word Count: 1408
Character Count: 8865

Document Content:

continued service. The shares relating to the first fiscal quarter will vest on the six-month anniversary of the offering date, and shares relating to subsequent fiscal quarters will vest in full upon grant. In the event of termination prior to full vesting, compensation will be pro-rated based on days served. Each director’s initial term will be one year or until the next annual meeting of stockholders, unless earlier terminated. The agreements may be terminated upon resignation or removal, or by the Company for cause, including felony conviction, willful misconduct, material breach (uncured for 30 days), or other disqualifying events. The agreements include customary confidentiality provisions, which survive for one year following termination (and longer for trade secrets), and require compliance with the Company’s Insider Trading Policy, Code of Business Conduct and Ethics, and Clawback Policy. Directors may accept other positions with Board approval, provided there is no conflict of interest.

have also agreed to indemnify each director to the fullest extent permitted by applicable law and to maintain directors’ and officers’
liability insurance during their service. The agreements are governed by Nevada law.

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 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 any 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 a promissory note to Roots Properties Inc. (the “First Roots Promissory
Note”), a related party where Kirk Shaw, our Chief Executive Officer, serves as the President. The promissory note has a principal
balance of $211,290 and matures (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. The First Roots Promissory Note will bear interest at the rate of 10% per annum. As of December
31, 2025, and December 31, 2024, the principal balance related to the First Roots Promissory Note was $211,290 and $211,290, respectively.

December 2023, the Company issued another promissory note to Roots Properties Inc. (the “Second Roots Promissory Note”).
Pursuant to the Second Roots Promissory Note, Roots Properties will, from time to time, loan funds to the Company to cover operating
expenses and production costs. The Second Roots Promissory Note has the following terms: a principal balance of up to $300,000. The Second
Roots Promissory Note will be repaid (i) when the Company gets financing, with 25% of any financing going towards loan repayment until
it is fully paid, or (ii) by December 31, 2026. The Second Roots Promissory Note will bear interest at the rate of 10% per annum. During
the year ended December 31, 2024, Roots Properties advanced the Company $69,235, and the Company made repayments of $49,000. During the
year ended December 31, 2025, Roots Properties advanced the Company an additional $169,500, and the Company made
repayments of $24,001. As of December 31, 2025, and December 31, 2024, the principal balance related to this Roots promissory
note was $377,024 and $20,235, respectively.

December 2023, the Company issued a promissory note to JC3 Productions (“JC3 Note”), where Kirk Shaw, our Chief Executive
Officer, serves as President. The JC3 Note has the following principal balance of $25,000. The JC3 Note will be repaid when the Company
gets financing, with 25% of any financing going towards loan repayment until it is fully paid, or (ii) by December 31, 2026. The
JC3 Note will bear interest at the rate of 10% per annum. As of December 31, 2025, and December 31, 2024, the principal balance related
to the JC3 promissory note was $25,000 and $25,000, respectively.

December 2023, the Company issued a promissory note to Kirk Shaw (the “First Shaw Note”), our Chief Executive Officer. From
time-to-time Mr. Shaw will loan funds to the Company to cover operating expenses and production costs. The First Shaw Note has a principal
balance of up to $300,000 which was amended to up to $900,000 on September 30, 2025. The First Shaw Note will be repaid when the
Company gets financing, with 25% of any financing going towards loan repayment until it is fully paid, or (ii) December 31, 2026. The
First Shaw Note will bear interest at the rate of 10% per annum. During the year ended December 31, 2023, Mr. Shaw advanced
the Company $56,594. During the year ended December 31, 2024, Mr. Shaw advanced the Company $147,570, and the Company made repayments
of $52,572. During the year ended December 31, 2025, Mr. Shaw advanced the Company an additional $866,635, and the Company made
repayments of $107,262. As of December 31, 2025, and December 31, 2024, the principal balance related to the First Shaw
Note was $910,965 and $151,792, respectively.

September 30, 2025, the Company and Mr. Shaw entered into an amendment to the First Shaw Note, pursuant to which the maximum aggregate
principal amount available under the note was increased from $300,000 to $900,000. No other material terms of the note were modified.