Company: LTRYW
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001641172-25-024882
Chunk: 33

Company: Lottery.com Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 1:20 reverse stock split that took place on August 9, 2023.   December 31, 2021, the remaining notes comprising
the outstanding balance of $185,095 were no longer convertible and were reclassified to notes payable See Note 9. Accrued
interest on this note payable as of June 30, 2025 was $86,990.

     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 30thirty-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, 2025 and December 31, 2024, the balance
of the loan was $150,000. As of June 30, 2025, the accrued interest on this note was $7,499.

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, 2025 and December 31, 2024, the balance of the loans totaled $13,000.

Notes
payable

On
August 28, 2018, in connection with the purchase of the entire membership interest of TinBu, the Company entered into several notes payable
for $12,674,635 with 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, 2022 and 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 and accounted for accordingly.

As
of both June