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

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Document Content:

transferred to Press Play Productions, LLC, a related party. ○ The president of Press Play Productions is the son of the Company’s CEO. ○ Transferee assumed all obligations and liabilities; the Company retains no further responsibility. August 14, 2024 – DMH Production LLC ● Carrying amount of assets derecognized: $887,535 ● Carrying amount of liabilities derecognized: $2,290,423 ● Net liabilities derecognized: ($1,402,888) ● Total consideration received: $10 (non-cash) ● Gain on deconsolidation: $1,302,898 ● Retained interest: 20% ● Fair value of retained interest: $0 ● Accounting treatment of retained interest: No asset was recognized for the 20% retained interest, as the fair value was determined to be immaterial based on the subsidiary’s negative net asset position and lack of expected future cash flows. ● Other arrangements: None; the Company does not retain any continuing involvement, control, or obligations related to DMH beyond its minority interest. December 1, 2024 – GOR

●	Carrying
amount of assets derecognized: $2,278,857

●	Carrying
amount of liabilities derecognized: $3,700,350

●	Net
liabilities derecognized: ($1,421,493)

●	Total
consideration received: $10 (non-cash)

●	Gain
on deconsolidation: $1,421,503

●	Retained
interest: None

●	Other
arrangements: Transferee assumed all obligations; Company retains no further responsibilities.

The
transfer agreements provided for nominal consideration of $10 per entity, which was non-cash in nature. The consideration amount was
contractually stated and negotiated between the parties. Because one transferee was a related party, management evaluated the transaction
under ASC 850 and concluded that the terms were consistent with the economic substance of the arrangement.

determining that nominal consideration was appropriate, management considered that the subsidiaries had no significant ongoing operations,
limited liquidity, and no probable future cash flows. Although some subsidiaries had net assets at the date of deconsolidation, those
amounts primarily related to assets for which realization was uncertain. The remaining subsidiaries had net liabilities. The transferee
assumed all known and contingent liabilities and contractual obligations. Based on these factors, management concluded that the consideration
approximated fair value and that no retained interest existed.

Reason
for the Transfers

The
Company continues to implement a strategy focused on divesting completed film projects once all anticipated revenue has been realized
and no further significant benefit is expected. These actions align with the Company’s operational focus on producing and monetizing
new film content.

Accounting
Treatment

The
transfers described above were accounted for as deconsolidation of subsidiaries under ASC 810. The following gains/losses were recognized
in the consolidated statements of operations under “Other Income (Expenses)” as Gain (Loss) on Transfer of Corporate and
Member Interest:

●	Year
Ended December 31, 2025: Pre-tax gain of $1,008,070

●	Year
Ended December 31, 2024: Pre-tax gain of $1,933,261

Cash
Flow Statement Impact

There
was no impact to cash flows during either period presented, as no cash consideration was received in connection with any of the transfers.

Post-Transfer
Obligations

Under
the terms of the respective transfer agreements, the transferees assumed all contractual obligations and liabilities associated with
the subsidiaries. The Company retains no ongoing obligations or interests in the transferred entities as of the respective transfer dates.

NOTE
14 – INCOME TAX

The income tax expense (benefit) consisted
of the following for the years ended December 31, 2025, and 2024:

December 31, December 31,

Total current $	- -

Total deferred - -

Deferred
income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes.

Tax
Rate Reconciliation

The
following is a reconciliation of the expected statutory federal income tax provision at the statutory federal income tax rate of 21%
to the actual income tax benefit for the years ended December 31, 2025, and 2024:

Year ended

December 31,

Income tax expense (credit) at statutory rate $	(270,074	) $	(273,125	)

Change of valuation allowance 270,074 273,125

Income tax expense (credit) $	- $	-

Deferred
Tax Assets and Liabilities

Significant
components of the Company’s deferred tax assets and liabilities as of December 31, 2025, and 2024, were as follows:

December 31,

Operating loss carry forward $	5,118,649 $	4,647,488

Valuation allowance (5,118,649	) (4,647,488	)

Deferred tax asset $	- $	-

Net
Operating Loss (NOL) Carryforwards

of December 31, 2025, the Company has federal net operating loss carryforwards of approximately $7.4 million available to offset future
taxable income. These NOLs expire in 2039, and their use is subject to limitations under Section 382 of the Internal Revenue Code.

The
Company has established a full valuation allowance against its deferred tax assets, including those related to NOLs, due to the uncertainty
of realizing these assets. The determination to maintain a full valuation allowance is based on the lack of sufficient positive evidence
to overcome the negative evidence of cumulative losses in recent periods.

Additional
Information

During
the years ended December 31, 2025, and 2024, the Company recognized no amounts related to tax interest or penalties associated with uncertain
tax positions. The Company is subject to taxation in the United States and various state jurisdictions, with no years currently under
examination by any jurisdiction.

NOTE
15 - 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 year ended December 31, 2025, and 2024, the Company incurred rent expense of $8,846 and $12,173, respectively.

NOTE
16 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance
sheet date through April 24, 2026, the date the financial statements were available to be issued.

April 2026, the Company entered into four Securities Purchase Agreements with accredited investors pursuant to which the Company
agreed to sell an aggregate of thirteen (13) Units (the “Bridge
Financing”). Each Unit is priced at $32,000 and consists of (i) 10,000 shares of the Company’s Series A Convertible
Preferred Stock, par value $0.0001 per share, and (ii) warrants to purchase 10,000 shares of the Company’s common stock at an
exercise price set forth in the warrant with a term of three years from the date of issuance.

The Company received $96,000 in cash from the
sale of three (3) Units. In addition, an existing note holder, Roots Properties Inc., used $320,000 of outstanding principal under a
note payable to purchase ten (10) Units, which was accounted for as a non-cash financing transaction and resulted in a corresponding
reduction of the Company’s indebtedness.

other material subsequent events were identified that required recognition or disclosure in the accompanying financial statements.

Shares

Common
Stock

Ambitious
Entertainment Inc.

PROSPECTUS

Revere
Securities LLC

Until
__________, 2026 (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 [*]

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.