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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with a par value of $0.0001 per share. The Company shall have the authority to issue the shares of Preferred Stock in one or more series with such rights, preferences and designations as determined by the Board of Directors of the Company. Series A Preferred Stock The Company has designated 1,000,000 preferred shares, par value $0.0001, as Series A Preferred Stock. Holders of Series A Preferred Stock would have the right to vote with 1 vote per common share on any matters brought before the stockholders of the Company. The Series A Preferred Stockholders are not entitled to any dividends, mandatory conversion right, or liquidation preference, however, they do have voluntary conversion rights. Series A Preferred Stock is redeemable upon the occurrence of a Liquidity Event. In such event, the Company is required to repurchase all outstanding shares of Series A Preferred Stock at a price of $3.00 per share.

Holders
of the Company’s Series A Preferred Stock shall have the right to convert at a ratio of 1 (one) share of the Company’s common
stock for 1 (one) share of the Company’s Series A Convertible Preferred Stock (subject to adjustments relating to stock splits,
distributions, mergers, consolidation, exchange of shares, recapitalization, reorganization, or other similar event).

of June 30, 2025, and December 31, 2024, the Company has 237,340 shares of Series A Convertible Preferred Stock issued and outstanding.

Preferred
Stock

Each
share of Preferred Stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of
the Company is sought.

Common
Stock

Each
share of Common Stock entitles the holder to one vote, in person or proxy, on any matter on which an action of the stockholders of the
Company is sought.

During
the year ended December 31, 2024, the Company issued 640,000
shares of common stock for services rendered in connection with stock-based compensation expense of $1,216,000.

During
the six months ended June 30, 2025, the Company issued 972,500 shares of common stock for services rendered,
resulting in stock-based compensation expense of $1,847,749, and 25,000 shares of common stock for cash proceeds of $2,500.

of June 30, 2025, and December 31, 2024, the Company had 8,437,500 and 7,440,000 shares of common stock issued and outstanding,
respectively.

NOTE
12 - RELATED PARTY TRANSACTIONS

Transactions

During
the year ended December 31, 2024, the Company received $216,805 in advances from related parties, the Company made repayments of $101,572
and the Company transferred $376,890 of related party obligations as a result of corporate and membership transfer interest agreements
(see Note 13).

During
the six months ended June 30, 2025, the Company received $352,771 in advances from related parties, the Company
made repayments of $115,396.

During
the six months ended June 30, 2024, the Company received advances from related parties totaling $46,440 and made repayments of $64,000.
In addition, the Company transferred interests in subsidiaries to related parties with a total value of $376,890.

of June 30, 2025, and December 31, 2024, the Company has a liability of $870,706 and $633,332 due to related parties, respectively.

NOTE
13 – TRANSFER OF INTEREST

Nature
of the Transactions

During
the six months ended June 30, 2025, on January 1, 2025, the Company executed an Instrument of Transfer of Limited Liability
Company Interest, pursuant to which it transferred its 100% ownership interest in FATE USA, LLC (“FATE”) to
an unrelated third-party transferee for total consideration of $10. FATE owned the film rights to FATE.

accordance with the agreement, the transferee assumed all contractual obligations of FATE, and the Company retains no further responsibility
or obligations related to the entity following the transfer.

During
the six months ended June 30, 2024, on March 31, 2024, the Company transferred its 100% ownership interests
in AMFAD and CD to Press Play Productions, LLC, a related party, for total consideration of $20. These subsidiaries owned
the film rights to All My Friends Are Dead and Cold Deck, respectively.

Also
on March 31, 2024, the Company transferred its 100%
ownership interest in Viper to an unrelated third party for total consideration of $10. Viper owned the film rights to
Viper.

January
1, 2025 – FATE USA, LLC

●	Carrying
amount of assets derecognized: $440,288

●	Carrying
amount of liabilities derecognized: $1,448,437

●	Net
liabilities derecognized: $(1,008,149)

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

●	Gain
on deconsolidation: $1,008,080

●	Portion
of gain from remeasurement of retained interest: N/A – No retained interest

●	Description
of any retained interest and accounting method: None

●	Nature
of consideration: Legal assignment of ownership; no cash received

●	Other
significant arrangements: Transferee assumed all obligations; Company retains no ongoing
involvement or commitments

March
31, 2024 – AMFAD, CD, and Viper

●	Carrying
amount of assets derecognized: $6,351,903

●	Carrying
amount of liabilities derecognized: $5,659,783

●	Net
assets derecognized: $692,120

●	Total
consideration received: $30 (non-cash)

●	Loss
on deconsolidation: $(791,140)

●	Portion
of loss from remeasurement of retained interest: N/A – No retained interest

●	Description
of any retained interest and accounting method: None

●	Nature
of consideration: Legal transfer; no cash received

●	Other
significant arrangements:

○	AMFAD
and CD were 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.

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

●	Six
Months Ended June 30, 2025: Pre-tax gain of $1,008,080

●	Six
Months Ended June 30, 2024: Pre-tax loss of $(791,140)

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 - 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 six months ended June 30, 2025, and the year ended December 31, 2024, the Company incurred rent expense of $4,423
and $12,173, respectively.

NOTE
15 – SUBSEQUENT EVENTS

May 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. As a result, the Company recorded an impairment of this investment as of June 30, 2025. Subsequent
to that date, the Company entered into negotiations to reinstate or extend these rights. Management is evaluating the
potential financial impact of such negotiations, which will be reflected in the Company’s financial statements for
the year ending December 31, 2025.

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