Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 124

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 8
Chunk 124
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000 that matured in March 2021. The Company used the fair value of the Secured Convertible Note
to value the debt instrument issued. In March 2021, the Secured Convertible Note was fully converted into 6,991 shares of the
Company’s common stock.

Series
A Notes

From
August to October 2017, the Company entered into seven Convertible Promissory Note Agreements with unaffiliated investors for an aggregate
amount of $821,500. The notes bear interest at 10% per year, are unsecured, and were due and payable on June 30, 2019. The parties verbally
agreed to extend the maturity of the notes to December 31, 2021. As of both June 30, 2025 and December 31, 2024, the balance due on these
notes was $771,500. The Company could not prepay the loan without consent from the noteholders. As of December 31, 2021, there were no
Qualified Financing events, that trigger conversion, this included the TDAC combination. As of both September 30, 2025, and December
31, 2024 the remaining outstanding balance of $771,500 relates to notes that are no longer convertible which have been reclassified to
Notes Payable as per the agreement. Accrued interest on the Series A notes payable was $318,909 on September 30, 2025.

Series
B Notes

From
November 2018 to December 2020, the Company entered into multiple Convertible Promissory Note agreements with unaffiliated investors
for an aggregate amount of $8,802,828. The notes bear interest at 8% per year, are unsecured, and were due and payable on dates ranging
from December 2020 to December 2021. For those notes maturing on or before December 31, 2020, the parties entered into amendments in
February 2021 to extend the maturity of the notes to December 21, 2021. The Company could not prepay the loans without consent from the
noteholders.

During
the year ended December 31, 2021, the Company entered into multiple Convertible Promissory Note agreements with unaffiliated investors
for an aggregate amount of $38,893,733. The notes bear interest at 8% per year, are unsecured, and are due and payable on dates