Company: LTRYW
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001493152-25-024384
Chunk: 34

Company: Lottery.com Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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 and amortization in the Statements of Operations. The Company determined that there
was an impairment of long-lived assets of $412,450
during the year ended December 31, 2022, which relates to a project no longer being pursued by the Company. In connection with the
annual review of goodwill and intangibles for the year ended December 31, 2023, the Company determined that it was necessary to
write down goodwill by $5,650,000
for TinBu and $1,060,200
for Global Gaming. The total impairment charges related to goodwill were $6,710,200
for the year ended December 31, 2023. It was also determined that there was impairment of certain intangible assets related to
Global Gaming. As a result, for the year ended December 31, 2023 the Company recorded impairment charges of $488,300
to trade names and trademarks and $311,500
to technology acquired from Global Gaming. The total impairment charges to intangible assets for the year ended December 31, 2023
were $798,800.

Similarly,
the Company performed an impairment analysis for the three months ended September 30, 2024 and as a result of that analysis it was determined
that impairment charges were necessary. Impairments of goodwill for $1.6 million against Tinbu’s goodwill and $1.9 million against
Global Gaming’s goodwill were recorded and $817,000 against intangibles of Global Gaming was recorded. This consisted of impairments
against Trade Names & Technology in the amount of $547,000, Technology in the amount of $119,000, and Customer Relationships in the
amount of $150,000. There were no other impairments identified or recorded for the year ended December 31, 2024.

Estimated
amortization expense for years of useful life remaining is as follows:

Schedule of Estimated Amortization Expense 

    Years ending December 31, 
    Amount 
  
    2025 
    $1,345,969 
  
    2026 
     2,864,430 
  
    2027 
     1,665,907 
  
    2028 
     1,329,691 
  
    2029 
     1,310,608 
  
    Thereafter 
     21,591,831 
  
    Total 
    $30,108,436 

The
Company had software