Company: LTRYW
Filing Date: 2025-04-21
Form Type: 10-K
Source: 0001641172-25-005487
Chunk: 148

Company: Lottery.com Inc.
Filing Date: 2025-04-21
Form: 10-K
Item: Item 8
Chunk 148
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ases

  Years                    Amount               
  ending December 31,                           
 ────────────────────────────────────────────────
  2025                                 175,000  
  Thereafter                           -        
  Total                    $           175,000  

Litigation
and Other Loss Contingencies

As
of December 31, 2024, there were no pending proceedings that are deemed to be materially detrimental. The Company is a party to legal
proceedings in the ordinary course of its business. The Company believes that the nature of these proceedings is typical for a company
of its size and scope. See Part II, Item 1

Note
15. Related Party Transactions

The
Company has entered into transactions with related parties. The Company regularly reviews these transactions; however, the Company’s
results of operations may have been different if these transactions were conducted with nonrelated parties.

During
the year ended December 31, 2020, the Company entered into borrowing arrangements with the individual founders to provide operating cash
flow for the Company. The Company paid $4,700 during 2021 and the outstanding balance was $13,000 on December 31, 2024 and December 31,
2023.

During
the years ended December 31, 2021 and 2020, the Company entered into a services agreement with Master Goblin Games, LLC (“ Master
Goblin Games”), an entity owned by Ryan Dickinson, a former officer of the Company, to facilitate the establishment of receipt
of retail lottery licenses in certain jurisdictions. As of December 31, 2024, the Company had no outstanding related party payables.

Pursuant
to the Service Agreement, Master Goblin was authorized and approved by the Company to incur up to $100,000 in initial expenses per location
for the commencement of operations at each location, including, without limitation, tenant improvements, furniture, inventory, fixtures
and equipment, security and lease deposits, and licensing and filing fees. Similarly, pursuant to the Service Agreement, during each
month of operation, Master Goblin was authorized to submit to the Company for reimbursement on-going expenses of up to $5,000 per location
for actually incurred lease expenses. The initial expenses were submitted by Master Goblin to the Company upon Master Goblin securing
a lease and leases were only secured by Master Goblin in any location upon request of the Company. Such initial expenses were recorded
by the Company as lease obligations. On-going expenses were submitted by Master Goblin to the Company on a