Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 56

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 56
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 Agreement with UCIL, as an alternative lender to Woodford, upon receiving an event of default notice on July 21, 2023 (the
“Default Notice”) and an event of default and crystallization notice on July 25, 2023 (the “Crystallization
Notice”) from Woodford under the Woodford Loan Agreement. Neither McGahan or Battles participated in the vote on the UCIL
agreement to ensure proper independence and correct corporate governance. On July 24, 2023, the Company responded to the Default
Notice disputing that an event of default had occurred given the Company’s earlier announcement that UCIL had agreed to enter
into a funding arrangement with the Company. On July 27, 2023, the Company replied to the Crystallization Notice denying that an
event of default occurred or continued, and further asserted that Woodford’s attempt for crystallization was inappropriate and
unlawful under the Woodford Loan Agreement. Given the uncertainty of the continued financing under the Woodford Loan Agreement, the
Board of Directors sought to secure and formalize the Company’s alternative funding by entering into the UCIL Loan
Agreement.

Placement Agent Agreement with Univest Securities, LLC

As reported on form 8-K filed
with the SEC on February 6, 2024, on December 6, 2023, the Company entered into a placement agent agreement (the “Placement Agent
Agreement”) with Univest Securities, LLC (the “Placement Agent”), whereby the Placement Agent agreed to act as placement
agent in connection with the Company’s offering (“Offering”) of units (“Units”) up to $1,000,000; each Unit
consisting of a convertible promissory note (each, a “Convertible Note” or collectively, the “Convertible Notes”),
and a common stock purchase warrant (each, a “Warrant”, or collectively, the “Warrants”) to purchase shares of
common stock of the Company, par value $0.001 per share (the “Common Stock”) which include specific registration rights (“Registration
Rights”), directly to one or more investors (each, an “Investor” and, collectively, the “Investors”) through
the Placement Agent.

On February 1, 2024, the parties
agreed to increase the offering amount from $1,000,000 to $5,000,000. All other terms and conditions of the offering remained the same.
The Securities shall be offered