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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of such award, or (v) be handled in any combination of the above. If the successor corporation elects not to assume or substitute for such awards, the vesting of such stock awards will accelerate and all restrictions shall lapse. In the event of our dissolution or liquidation, all outstanding options and stock appreciation rights under the 2021 Plan will terminate immediately prior to such event. Amendment and Termination Our board of directors has the authority to amend, alter, suspend or terminate the 2021 Plan with stockholders’ approval as required by law. However, no amendment or termination of the plan may adversely affect any rights under awards already granted to a participant without the affected participant’s consent. Outstanding Equity Awards at December 31, 2024 The following table provides information with respect to holdings of options, warrants and stock awards held by our named executive officers, at December 31, 2024: Option Awards

Name Number of
shares of
common
stock
issuable upon
exercise
(#) Number
shares of
common
stock
issuable upon
exercise
(#) Option

exercise price
($) Option

expiration
date

Kirk
E. Shaw

Warrant
Awards

Name Number
shares of
common
stock
issuable upon
exercise
(#) Number
shares of
common
stock
issuable upon
exercise
(#) Warrant
exercise price
($) Warrant
expiration
date

Plan
Category

Number
of securities to
be issued upon exercise
of outstanding
options, warrants
and rights Weighted
average exercise
price of outstanding options,
warrants and
rights Number
of securities remaining available
for future issuance under
equity compensation plans

Equity compensation plans approved
by security holders: (1) - $	- -

Equity compensation plans not approved by security holders: - - -

Total - $	- -

Long-Term
Incentive Plans

currently have no long-term incentive plans.

Non-Employee
Director Compensation

be updated if and when compensation agreements with non-employee directors are entered into].

Employee
Director Compensation

Directors
who are also our employees receive no additional compensation for their service as a director.

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 amount 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 a 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 Co-President and Interim 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 June 30, 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
three months ended March 31, 2025, Roots Properties advanced the Company an additional $159,500, and the Company made repayments of $18,001.
As of June 30, 2025, and December 31, 2024, the principal balance related to this Roots promissory note was $161,734 and $20,235, respectively.

December 2023, the Company issued a promissory note to JC3 Productions (“JC3 Note”), where Kirk Shaw, our Co-President and
Interim 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 June 30, 2025, and December 31, 2024, the principal
balance related to the JC3 promissory note was $25,000 and $25,000, respectively.