Company: LTRYW
Filing Date: 2025-04-22
Form Type: 10-K/A
Source: 0001641172-25-005663
Chunk: 169

Company: Lottery.com Inc.
Filing Date: 2025-04-22
Form: 10-K/A
Chunk 169
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 Monthly principal and interest payments are deferred for twelve months after the date of disbursement. The loan may be prepaid at any time prior to maturity with no prepayment penalties. The Promissory Note contains events of default and other provisions customary for a loan of this type. As of December 31, 2024 and 2023, the balance of the loan was $ 150,000. As of December 31, 2024 and December 31, 2023, the accrued interest on this note was $ 6,756and $ 5,253respectively.

In August 2020, the Company entered into three separate note payable agreements with three individuals for an aggregate amount of $ 37,199. The notes bear interest at a variable rate, are unsecured, and the parties have verbally agreed the notes will be due upon a qualifying financing event. As of December 30, 2024 and 2023, the balance of the loans totaled $ 13,000, respectively.

Notes payable

On August 28, 2018, in connection with the purchase of the entire membership interest of TinBu, the Company entered into several notes payable for $ 12,674,635with the sellers of the TinBu and a broker involved in the transaction. The notes had an interest rate of 0%, and original maturity date of January 25, 2022. The notes payable were modified during 2021 to extend the maturity to June 30, 2022and change the interest rate to include simple interest of 4.1% per annum effective October 1, 2021. Each of the amendments were evaluated and determined to be loan modifications and accounted for accordingly.

As of both December 30, 2024 and December 31, 2023, the balance of the notes was $ 2,601,370. Accrued interest on these notes was $ 350,434on December 31, 2024 and $ 242,831on December 31, 2023, respectively.

Note 10. Stockholders’ Equity

Reverse Split

On August 9, 2023, the Company amended its Charter to implement, effective at 5:30 p.m., Eastern time, a 1-for-20 Reverse Stock Split. At the effective time of the Reverse Stock Split, every 20 shares of common stock either issued and outstanding or held as treasury stock were automatically combined into one issued and outstanding share of common stock, without any