Company: LTRYW
Filing Date: 2025-04-21
Form Type: 10-K
Source: 0001641172-25-005487
Chunk: 0

Company: Lottery.com Inc.
Filing Date: 2025-04-21
Form: 10-K
Item: Item 1
Chunk 0
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Item
1. Business.

Overview
and Recent Developments

We
were originally formed as Trident Acquisition Corp., a Delaware corporation on March 17, 2016, for the purpose of effecting a merger,
share exchange, asset acquisition, stock purchase, reorganization, recapitalization or other similar business combination with one or
more businesses. On October 29, 2021, we consummated a business combination (the “ Business Combination”) with AutoLotto,
Inc. (“ AutoLotto”). Following the closing of the Business Combination (the “ Closing”) we changed our name from
“ Trident Acquisitions Corp.” to “ Lottery. com Inc.” and the business of AutoLotto became our business. Unless
the context requires otherwise, references to the “ Company,” “we,” “us,” “our,” “ Lottery. com”
and “ Lottery. com Inc.” refer to Lottery. com Inc. and its consolidated subsidiaries.

On July 28, 2022, the Board determined that the Company did not have sufficient
financial resources to fund its operations in the United States or pay certain existing obligations of the U. S. public company, including
its payroll and related obligations.

The following day, on July 29,
2022, the Company effectively ceased U. S. operations (the “2022 Operational Cessation”), furloughed the majority of its U. S.
employees and suspended its U. S. lottery game sales meaning the U. S. company would be devoid of future revenues until operations resumed
(subsidiary operations of Aganar and JuegaLotto and Tinbu LLC in the U. S. were unaffected and continued operations, including lottery
sales outside the U. S. and generation of revenue). As a result of the 2022 Operational Cessation, certain of the Company’s U. S.
employees were retained at the discretion of the Company’s then Chief Operating Officer and Chief Legal Officer of the Company
in order to provide the minimal business functions essential to the Company’s ongoing legal and compliance requirements as well
as to secure necessary funding to resume operations. Less than twenty percent of these non-furloughed employees remained active in the
efforts to restore Company’s U. S. operations and as of December 31, 2024, approximately $3.94 million in outstanding payroll and
$64 thousand in outstanding unpaid director compensation obligations remain unpaid.

   1  

Since the 2022 Operational Cessation,