Company: LTRYW
Filing Date: 2025-04-25
Form Type: S-1/A
Source: 0001641172-25-006093
Chunk: 106

Company: Lottery.com Inc.
Filing Date: 2025-04-25
Form: S-1/A
Chunk 106
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 secure the repayment of amounts owed under the Loan Agreement.

On June 12, 2023, the Company entered into an amendment of the Woodford Loan Agreement (the “Woodford Loan Agreement Amendment”). The Woodford Loan Agreement Amendment provides that Woodford shall henceforth be able to convert, in whole or in part, the outstanding balance of its loan into the conversion shares at a conversion price that represents a further 25% discount to the original conversion price of 20%. The validity and application of the Woodford Loan Agreement Amendment is disputed by the Company.

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Despite requests
from the Company, Woodford has repeatedly among other things: failed to prove the amounts borrowed by the Company or claimed to have
been advanced by Woodford to the Company; failed to indicate if it would accept accelerated payment of those verified amounts; failed
to provide an anti-money laundering acceptable account to which payment could be made by the Company and failed to explain failure to
respond to requests for other funding to be accepted in the context of the Woodford Loan Agreement; failed to respond to requests for
funding under the accordion facility of the Woodford Loan Agreement; and failed to respond to allegations of money laundering and conspiracy
to defraud the Company and the matter has been referred to the Company’s legal counsel.

Information regarding
ongoing legal proceedings with Woodford can be found in the “Legal Proceedings” section of this form.

Loan Agreement with United Capital Investments London Limited

The Company entered
into a credit facility (the “UCIL Credit Facility”), which is represented by a loan agreement, which was initially entered
into on July 26, 2023, and was amended and restated on August 8, 2023, and subsequently amended on August 18, 2023 and amended and restated
on February 16, 2024, the “UCIL Loan Agreement”). The UCIL Loan Agreement is with United Capital Investments London Limited
(“UCIL”), an entity in which each of Matthew McGahan, the Company’s Chief Executive Officer and Chair of the Company’s
Board, and Barney Battles, a former member of the Board, have a direct or indirect interest. The decision by the Company to enter
into the UCIL Loan Agreement followed an acknowledgment by the Company that it had not received the requisite funding on a timely basis
that it expected from Woodford, despite the Company making several requests to Woodford for said funding under the Woodford Loan Agreement.
Moreover, the Board of Directors determined that