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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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

December
31, 2025 and 2024

Page

Report of Independent Registered Public Accounting Firm F-2

Consolidated Balance Sheets F-4

Consolidated Statements of Operations F-5

Consolidated Statements of Changes in Stockholders’ Deficit F-6

Consolidated Statements of Cash Flows F-7

Notes to Consolidated Financial Statements F-8

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, Inc. as of December 31, 2025, and 2024, and the
related consolidated statements of operations, changes in stockholders’ deficit, and cash flows for the periods then ended, and
the related notes (collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements
present fairly, in all material respects, the financial position of Ambitious Entertainment, Inc. as of December 31, 2025, and 2024,
and the results of its operations and its cash flows for the periods then ended, in conformity with the accounting principles generally
accepted in the United States of America.

Basis
for Opinion

These
financial statements are the responsibility of the entity’s management. Our responsibility is to express an opinion on these financial
statements based on our audits. 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 Ambitious Entertainment, Inc. 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 audits 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. Ambitious
Entertainment, Inc. 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 entity’s internal control over financial reporting. Accordingly, we express
no such opinion.

Our
audits 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 audits
provide a reasonable basis for our opinion.

Substantial
Doubt About the Company’s Ability to Continue as a Going Concern

The
accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described
in Note 1 to the consolidated financial statements, the Company has incurred recurring losses from operations and has a net capital deficiency
as of December 31, 2025, that raise substantial doubt about its ability to continue as a going concern within one year after the date
that the financial statements are issued. 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. Our opinion is not modified with respect
to this matter.

Critical
Audit Matters

The
critical audit matters communicated below 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 judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation
of Convertible Debt and Derivative Liabilities

Description
of the Matter:

discussed in Notes 8 and 9 to the financial statements, the Company has issued convertible debt with embedded conversion features that
are required to be bifurcated from the host debt and accounted for separately as derivative liabilities at fair value, in accordance
with the applicable accounting guidance on embedded derivatives and convertible instruments. The fair value of the bifurcated embedded
conversion options is estimated using Black-Scholes model that incorporate significant unobservable inputs, including the expected volatility
of the Company’s common stock, risk-free interest rates, expected terms, and assumptions about the likelihood and timing of conversion
and other relevant contractual features (such as price-reset and anti-dilution provisions). Changes in the fair value of these bifurcated
conversion options are recognized in the statement of operations.

identified the valuation of bifurcated embedded conversion options and the related derivative liabilities as a critical audit matter
because of the significant judgment required by management to (1) evaluate the terms of the convertible instruments and determine whether
the conversion features must be bifurcated and accounted for separately as derivative liabilities, and (2) estimate the fair value of
those bifurcated features. Auditing these matters required a high degree of auditor judgment due to the complexity of the instruments’
terms, the use of complex valuation models, the sensitivity of the fair value measurements to changes in key inputs, and the potential
effect of the resulting fair value changes on the Company’s results of operations.

How
the Critical Audit Matter Was Addressed in the Audit

Our
audit procedures related to the valuation of the bifurcated embedded conversion options and related derivative liabilities included,
among others:

●	Evaluating
the design and testing the operating effectiveness of certain internal controls over management’s
process for identifying, classifying, and measuring embedded conversion features at fair
value.

obtained and read the relevant debt agreements to understand and evaluate the specific contractual
terms, including conversion ratios, reset provisions, redemption features, and other contingent
terms, and assessed whether management’s identification of embedded features and its
conclusions regarding bifurcation and classification as derivative liabilities were consistent
with the applicable accounting guidance.

evaluated the valuation methodologies used by management and tested the reasonableness of
significant assumptions, such as expected volatility, risk-free interest rates, expected
terms, and assumptions about conversion behavior, by comparing them to observable market
data, historical trading data, and publicly available information, as applicable.

also tested the completeness and accuracy of the data used in the valuation models and performed
independent sensitivity analyses to assess the impact of changes in key assumptions on the
fair value estimates.

evaluated the adequacy of the Company’s related disclosures in the financial statements,
including the description of the key terms of the instruments and the significant valuation
assumptions used.

Auditor’s
Evaluation:

Based
on the analysis above, we conclude that the Company’s valuation of convertible debt and derivative liabilities meet the criteria
for classification as a Critical Audit Matters. This determination is supported by the material nature of the accounts, the significant
management and auditor judgment involved, and the complexity of the audit procedures required to obtain sufficient appropriate audit
evidence.

/s/Bush
& Associates CPA LLC

have served as the Company’s auditor since 2025

Las
Vegas, Nevada

May 15, 2026

PCAOB
ID Number 6797

AMBITIOUS
ENTERTAINMENT, INC.

CONSOLIDATED
BALANCE SHEETS

December 31, December 31,

ASSETS

Current Assets

Cash $	1,070 $	3,621

Cash reserve - 8,735