Company: LTRYW
Filing Date: 2025-01-16
Form Type: POS AM
Source: 0001493152-25-002444
Chunk: 198

Company: Lottery.com Inc.
Filing Date: 2025-01-16
Form: POS AM
Chunk 198
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of the series B convertible notes were converted into 488,226shares of Lottery.com common stock after accounting for the 1:20 reverse stock split that took place on August 9, 2023. As of December 31, 2023, the remaining notes comprising the outstanding balance of $ 185,095are no longer convertible and have been reclassified to notes payable. See Note 9Accrued interest on this note payable as of June 30, 2024 was $ 68,491.

| F-18 |

Short term loans

On June 29, 2020, the Company entered into a Promissory Note with the U.S. Small Business Administration (“SBA”) for $ 150,000. The loan has a thirty-year term and bears interest at a rate of 3.75% per annum. Monthly principal and interest payments were 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 both June 30, 2024 and December 31, 2023, the balance of the loan was $ 150,000. As of June 30, 2024, the accrued interest on this note was $ 5,626.

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 would be due upon a qualifying financing event. As of both June 30, 2024 and December 31, 2023, the balance of the loans totaled $ 13,000, respectively.

Notes payable

On August 30, 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