Company: LTRYW
Filing Date: 2025-10-15
Form Type: 10-Q/A
Source: 0001493152-25-018121
Chunk: 34

Company: Lottery.com Inc.
Filing Date: 2025-10-15
Form: 10-Q/A
Chunk 34
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, 2021, all except
$185,095
of the series B convertible notes were converted into 488,226
shares of Lottery.com common stock [after accounting for the 20:1 reverse stock split that took place on August 9, 2023]. As of December 31, 2023, 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
March 31, 2025 and December 31, 2024 was $83,298
and $79,647,
respectively.

| F-19 |

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 are 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 March 31, 2025 and December 31, 2024, the balance of the loan was $150,000. As of March
31, 2025 and December 31, 2024, the accrued interest on this note was $7,125 and $6,756 respectively.

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 will be due upon a qualifying financing event. As of March 31,
2025 and December 31, 2024, the balance of the loans totaled $13,000, respectively.

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